Bulgaria: Whole Districts for Sale along Black Sea Coast

Brokers in the Black Sea city of Burgas report mass sales of apartments and retail outlets by the sea. Most of the listings for sale are by Russian owners, who years ago bought homes on the Black Sea coast, Nova TV reported.

Burgas saw in the new year with quite a number of closed outlets that are for sale or rent. In the seaside city there are more than 15 listings of iconic sites in the center - among them a piano bar, restaurants until recently working, cafes, sweetshops. Experts of the guild expect that private bailiffs will put for sale hotels and even a private clinic in Sunny Beach resort because of bankruptcies.

"The sales of retail outlets, hotels and restaurants including, are definitely on the rise", says broker Nikolina Dimitrova.

However, there are no buyers for these sites, industry reports. The Russians who bought properties on the Black Sea coast are now selling their homes en masse. Their withdrawal, however, is not because of the coronavirus, but for economic reasons, brokers say.

"Some of these people took loans at home to buy here. And when you calculate the loan's worth through ruble-euro ratio it becomes unprofitable. And Russians are somewhat deluded thinking that with these apartments here they will be able to profit", says Petya Simeonova, resident of Pomorie.

Nearly 90% of the apartments are currently locked and are for sale, and a probable reason for the ebb besides the lockdown is the collapse of the Russian ruble.

"Over 5,000 apartments were purchased by Russian citizens, but in this situation an ebb is evident as the Russian citizens are already announcing their apartments for sale. But more importantly, there is interest from Bulgarians who want to buy property in Pomorie, because the town,...

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