Russians search for Bulgarian luxury holiday properties
Bulgarian property will keep on attracting foreigners, because prices are lower compared to other EU countries and investors expect that real estate prices will catch up with levels in other EU states at some point.Valeri Kroushovliev, manager of Veko Estate, said in an interview with Monitor daily that Russians are currently actively seeking holiday estates in Pamporovo .
They are snapping up accommodation for personal use, unlike the British and Irish who have tended to buy into the Bulgarian market for speculative purposes. However, Kroushovliev commented that these types of buyers have been replaced by more sophisticated and discerning investors.
It remains to be seen whether their needs will be met, Kroushovliev added. He also believes that the forthcoming winter season will provide clues about future foreign investment in Pamporovo. Entrepreneurs will see whether maximum occupancy is reached in tourist developments and, if so, whether existing infrastructure is sufficient to meet demand. If ski pistes, ski lifts and gondolas cannot meet tourist needs this may alarm investors.
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