Interest from Russians for properties on the Bulgarian black sea coast

I evaluate the 2009 as a hard but better than expected forecasts for dramatic decrease in the building sector. This was announced by Valentin Valev - chairman of the building chamber - Varna.

The situation indicates some slow development but still development, despite the dark forecasts, that everything will be over - said Valentin Valev. He added that the decrease is different with the different building companies in Varna. The construction companies survive by participating in contests for building projects. In most of the cases the assignors are the municipalities and the government and they do not pay on time because they do not have financial resource. Many of the building companies in Varna have stopped working, they let their employees in vacation and if things go well in the future and in case of good circumstances they will recover their work.

In any case we can not talk about bankrupted companies - commented Valev and added that the resource of most of the building companies are the finished residential buildings and apartments and when they sell them they will be able to start their business again. There was a high demand for purchasing residential apartments during 2009 from Russian buyers only, after the alleviation in the visa regime and with the new charter flights the Russian investors already express interest in buying a property in Bulgaria. This is the reason for a lot of companies in the branch to indicate equal property sales over the past two years despite the financial and economical crisis.

Everything is a question of the price because even in this hard time the people have needs, the banks also started giving loans and mortgages for buying properties in Bulgaria, and I think that the decrease in the property sales in Bulgaria is not that dramatic as it looked in the beginning of 2009 - said Valev.