The Black Sea coast, Bulgaria Photo: Rubber Dragon
Russian buyers are often associated with prime real estate in London‘s property market, villas in Spain and Portugal or Golden Visa schemes in Europe. Algarve property website Meravista, though, reveals that Russian buyers are not looking to invest in Portugal very much at all. Their number one target? Bulgaria.
Indeed, despite widespread perception that Golden Visa schemes are helping to entice Russian investors to European property markets, Meravista reveals that 95 per cent of purchases by Russian buyers involve the buyer keeping their main house, suggesting that citizenship is not a main objective.
Holidays homes are the priority instead, although economic sanctions against Russia following the Ukraine crisis have prompted some wealthy Russians to consider relocating to the UK. The majority of Russian investment, though, is a significant departure from the mansions many might picture: the average holiday home purchase price is between €100,000 and €200,000.
Where are Russians buying property? Portugal’s Algarve region is far from the most popular destination, with the majority of agents telling Meravista they had received “few or no enquiries”.
Indeed, according to the Portugal Agency for Foreign Investment and Commerce, Russia is 21st …read more
Source: The Movechannel