Recently, we have noticed a trend where many of those who were interested in real estate in Bulgaria or in Crimea? have decided to shift their investment interest to the peninsula. Their reasoning is quite understandable: why should one buy property in another country and go through the process of obtaining a residence permit when you can buy real estate in Crimea with the same Black Sea, decent beaches, beautiful landscapes, and no need for a visa?
However, the reality is that real estate in Crimea is only a tempting option at first glance. The peninsula suffers from significant drawbacks, which is why investors still prefer to invest their savings in resort properties in Bulgaria!
PROPERTY PRICES
Property prices in Crimea are comparable to those in Spain or France, and for this reason alone, Crimea is not a competitor to Bulgaria.
Crimea
The highest prices are, of course, associated with properties in Yalta, where a square meter in a new building can cost from $2,000 to $5,000 (in the city center or with a sea view) and $1,500 on the outskirts, while a square meter in the secondary market in the city center can go for up to $1,500. In Sevastopol, the average price per square meter is around $850, in Yevpatoriya – from $690, in Koktebel – from $800, and on the Tarkhankut Peninsula – from $700!
Bulgaria
In the third quarter of 2015, average property prices in major Bulgarian cities were as follows: Varna - €700 per sq. m., Burgas - €510, Plovdiv - €505, and Sofia - €720.
CONCLUSION:
With a budget of up to €50,000, in Bulgaria, you can buy modern apartments in a residential complex with good infrastructure, while in Crimea, you might only get a run-down apartment in a Soviet-era building!
INFRASTRUCTURE
As experience has shown, many who seriously considered buying real estate in Crimea lost interest when they learned about the real state of the peninsula's infrastructure: unstable water and power supply since the 1950s, poor road conditions, and beaches that have not been renovated since the Soviet era.
In Bulgaria, beaches are actively being improved, new parks are being built, cars are being repaired, new highways are under construction, and wastewater treatment facilities are being modernized.
Yes, Crimea does receive significant investments for its modernization, but it will take many years for its infrastructure and services to reach the desired level. It's important to consider that real estate buyers in Crimea want to enjoy comfort and a high level of service right now, not in the distant future!
"POTENTIAL PITFALLS"
In the legislation of one country, the concept of a coastline remained quite vague, leading to construction on coastal territories. Meanwhile, in the legislation of another country, there was a clear rule of a 500-meter setback from the coastline, meaning that properties built closer to the sea could lose their ownership status. This is why residents of this territory tried to sell their real estate and land to unsuspecting buyers. Compared to this, the "potential pitfalls" when buying real estate in Bulgaria seem like minor issues!
In conclusion, perhaps it is reasonable to answer our question: "Where is it better to buy real estate, in Bulgaria or in Crimea?" It will take years until real estate in Crimea will be able to truly compete with real estate in Bulgaria!
