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Sell your Bulgarian property to Russian investors

Friday, March 12, 2010

Catherine Deshayes

During the overseas property boom, Bulgaria was seen as a major hotspot, with thousands of British investors buying property along the Black Sea and its renowned ski resorts. However, without an established second-hand resale market, there are few options for owners who want to sell their properties.

This is where niche Investment Company Appreciating Assets have been making their name helping British and Irish property owners sell their properties into the booming Russian market, who are one of the few nationalities who are still buying property in Bulgaria.

Originally from Ireland, Appreciating Assets has just opened an office on London's Oxford Street in order to cater for the growing demand for their services from British property investors. The company first made their name developing warehouses and industrial sites along the Trakia Highway, Bulgaria's equivalent of the M1.

Their approach is simple: they match willing sellers with buyers who are still seeking to purchase property there - which in Bulgaria's are the Russians. They are the first company in Britain providing a real exit strategy for property investors in Bulgaria.

Appreciating Assets' Managing Director, Dylan Cullen says: "The big problem with the property market in Bulgaria is that these days the buyers are mostly Russian and the sellers are mainly British or Irish; the Russians don't buy off plan as they see it as too risky and with no established second-hand resale market it is difficult for buyers to find sellers and vice versa. So we're helping solve this issue by connecting British sellers to Russian buyers."

This practical approach is showing results, they have helped sell over 200 properties in the last year.

Cullen, talks about the natural affinity Russian investors have always had with the Black Sea: "Bulgaria is to Russia what Spain is to Britain. Whilst the famous oligarchs are known for their lavish lifestyles not all Russians can afford to spend the winter on the ski slopes of Courchevelle or lounging on San Tropez's Plage de Tahiti. For most Russians, affluent enough travel abroad, Bulgaria is their natural choice. Only three hours flight from Moscow, and with Russian widely spoken, the Bulgaria provides both snow and beach breaks for the many Russians who spend their holidays there."

Bulgaria's relationship with its nearby giant bodes well for future economic success, Russia has a very robust economy that has not slipped into recession; so Russians are still holidaying abroad and still very active in the Bulgarian property market.

The IMF has forecast that by 2013 Russia will be the second largest economy in Europe in terms of purchasing power - making it one of the world's fastest growing economies in the world. Our links with the Russian market make us the best placed Irish company to help property owners take full advantage of the opportunity this growth presents.

Appreciating Assets also offer British and Irish investors property insurance and finance packages to help investors furnish their properties. With offices in Dublin and Sofia and now London, and their website also in Russian, Appreciating Assets Ltd can be contacted on 0207 903 5093 or via www.appreciatingassets.ie.

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