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Once again, Russian buyers have confirmed that Bulgarian property is their top target for property in 2011. A recently published survey indicated that Russian buyers say that Bulgaria is their top destination when it comes to international property investment.

The survey showed that, once again, Bulgarian properties are the favourite option for Russian buyers, with Spain and Turkey in second and third place. This confirms patterns and trends from 2009 and 2010. In this latest survey, most Russian buyers were seeking apartments rather than houses or land, and their purchase was primarily for lifestyle purposes, rather than investment. In other words, they are buying Bulgarian holiday homes.

Worldwide Group’s Evin Quigley said ‘We are selling Bulgarian properties to Russians almost every day. The Russians are now our most significant group of buyers. This survey is in line with our experience of dramatically increased property sales in Bulgaria – particularly holiday apartments in the resort areas such as Sunny Beach and Golden Sands. However in the ski resorts, the number of Greek buyers has also increased in 2011 – with Greek nationals buying ski properties in Bansko, Borovets and Pamporovo.’

The survey questioned 499 visitors to the Moscow International Investment Show (March 2011). Of those questioned, half said they planned to buy within twelve months. 53% reported their purchase was for leisure use, while 27% reported they were buying property for investment purposes.

Russians have long been visitors to Bulgaria’s resorts – beach and ski alike. In fact they were visiting Bulgaria in large numbers even before the arrival of the British and Irish after Bulgarian independence. However it is only in recent years that they have been purchasing Bulgarian property in significant numbers. Despite the worldwide downturn, they appear to be pressing to make up for lost time. Having missed out on the first wave of off-plan development along Bulgaria’s coast and in the major ski resorts, they are now buying properties from British and Irish re-sellers, through well-established agencies such as Worldwide Group.