The population of Bulgaria has fallen by almost 600,000 people in the last decade whilst demand for property in the country is being led by Russian investors. Recent census figures show an alarming population decline in many Bulgarian towns meaning the demand for property is being supported by foreign investors.
Russians the leading foreign property buyers in Bulgaria
Quest Bulgaria reports that 2010 showed a significant reduction of British investors in Bulgaria, previously the most prolific overseas property buyers. The new leaders are the Russians who have purchased 200,000 properties in the country since 2007.
The influx of Russian buyers is credited with helping many Bulgarian estate agents survive as domestic demand has reduced over recent years. Property prices in the country have been stagnant over recent years with only the capital Sofia showing any sort of price stability.
Population of Bulgaria falls by 582,000 since 2001
According to preliminary census results from the National Statistics Institute, the population of Bulgaria has fallen by 582,000 people in the past decade. In 2001, there were 7.932 million in the country, and this number had fallen to 7.351 million in the 2011 census.
The population decline was equivalent to the disappearance of 28 medium-sized Bulgarian towns.
According to official statistics based on address registration, there were 1.27 million people living in Sofia; one of only two locations which saw positive population growth in the last decade because of migration.
Plovdiv was still Bulgaria’s second-largest city with 332 000 residents, with Varna in third place with 330,500, according to the census.
The large reduction in population in Bulgaria has weakened demand for property in the country which has had a knock-on effect on house prices. A fall in demand from British buyers since the global financial crisis has also weakened the property market resulting in real estate agents welcoming Russian buyers.
