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Real Estate Investors Weaned off Russia, Head for Bulgaria
Updated: 2007-12-05

Real Estate Investors Weaned off Russia, Head for Bulgaria

Business

Tight conditions for mortgage loans and high interest rates are making Russia's property market less attractive, pushing investors to Bulgarian property, Cyprus, Greece and Montenegro, Russian daily Kommersant reported.

The article describes the local Bulgarian property market as heaven for investors, who can expect high returns, an average of 20%-30% annual rise in property prices and low interest rates on mortgage loans.

"Renting out makes it easier to pay off the credits," the article adds.

Russians' interest in Bulgaria's property market is fuelled by the country's good reputation as traditional destination for the summer holidays.

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