Sale of Properties by Russians on the Bulgarian Black Sea Coast

In recent years, there has been widespread talk that Russian citizens are selling off their properties en masse along the Southern Black Sea coast. Media reports, social networks, and word-of-mouth stories periodically paint a picture of a panic-driven exodus expected to dramatically affect the real estate market and property prices.
This analysis takes a closer look at that narrative in its historical context, supported by data on actual transactions and expert opinions. It aims to determine whether there is truly a systematic sell-off by Russians, or whether we are dealing with an exaggerated myth. In conclusion, we argue that while individual sales do occur, there is no evidence of a large-scale withdrawal by Russian property owners that could dictate the market.

Historical Context: 15 Years of Rumors About “Mass Exodus” of Foreigners

Claims about a mass exodus of foreign property owners from the Bulgarian Black Sea coast are nothing new – similar stories have circulated for nearly 15 years. Here is a brief overview of developments over that period:

• The Boom and Bust of British Buyers (2005–2010):
  In the mid-2000s, British and Irish nationals flocked to buy holiday properties in Bulgaria, attracted by the low prices ahead of the country’s EU accession. But after the global financial crisis of 2008, the market quickly turned. Many British investors began selling, often at a loss, and left Bulgaria.
  For real estate agents, that period was marked by a wave of British sell-offs – “in 2008, after the crisis, we were literally flooded with offers from departing Brits.”
  This real and notable British withdrawal, particularly from rural houses inland and some resorts, likely seeded the idea that “foreigners are fleeing” the Bulgarian property market.
• The “Russian Wave” on the Coast (2010–2014):
  Meanwhile, Russians replaced the British as the dominant buyers. Between 2010 and 2014, thousands of Russian citizens purchased apartments in resorts around Burgas, Nesebar, Sunny Beach, Sveti Vlas, Pomorie, and others.
  Russian demand is considered to have significantly stimulated new construction along the coast during this period. The peak year was 2012, when the number of Russian buyers reached its highest point.
  Official data shows that from 2006 to 2016, just over 73,500 Russian citizens (and 30 Russian companies) bought real estate in Bulgaria – mainly holiday apartments around Burgas.
  These figures are far more modest than sensational claims. For example, in 2016, a Russian MP dramatically declared that “Russians have already bought half of our coastline,” while a Russian deputy minister even claimed there were “300,000 Russian properties” in Bulgaria.
  The reality, however, is different: even assuming multiple properties per buyer, such numbers are unrealistic. These early exaggerations helped create the myth of a huge Russian market share – a myth easily flipped into a narrative of a mass Russian exit.
• First Signs of a Russian Retreat (2014–2019):
  After the annexation of Crimea in 2014 and the ensuing Western sanctions, the Russian ruble devalued sharply. This weakened the purchasing power of the average Russian property owner in Bulgaria – while 1 euro cost ~40 rubles in 2014, by 2019 the rate hovered around 70–80 rubles, effectively halving their foreign purchasing power.
  Many Russian families who had previously managed their holiday properties with ease suddenly faced higher expenses. During this period, the number of new Russian buyers dropped significantly – by 2018, purchases were down 75% compared to the 2012 peak.
  Isolated cases of Russians selling began to appear, mainly due to financial difficulties. However, this trend was gradual, not massive.
  According to the National Real Estate Association (NSNI), Russians were indeed selling, but “there’s no sense of panic or a rush to offload property,” as stated by the association's chairman Dobromir Ganev.
  Brokers on the ground confirmed that Russian sales were steady, not a flood. Importantly, “the market doesn’t tolerate a vacuum” – Russian withdrawals were quickly offset by new buyers (mainly Bulgarians, but also Ukrainians, Poles, Romanians, and even other Russians).
  Around 2018–2019, the rumor of a “mass Russian sell-off” gained traction – triggered by a misinterpreted market analysis by a real estate agency, which through a game of “broken telephone” became sensational news.
  In reality, the study was far more measured: it noted that the share of Russian sellers was increasing (logical, since they had been dominant buyers for years), but the overall number of holiday properties on the market had not surged.
• Pandemic, War, and the Revival of the Myth (2020–2023):
  The global COVID-19 pandemic in 2020 further complicated the situation. Many Russians were physically unable to visit their properties due to travel restrictions.
  In the municipality of Nesebar, which includes Sunny Beach, Sveti Vlas, Ravda, and others, authorities recorded thousands of locked apartments with unpaid taxes and delayed maintenance – owners simply couldn’t come.
  This “frozen” status continued after 2022, when the war in Ukraine led to even stricter sanctions and visa restrictions for Russian citizens.
  It was in 2021–2022 that the media once again sensationalized the story of a “mass Russian sell-off.”
  In 2021, Trud and Bulgaria On Air quoted brokers saying “90% of Russian-owned apartments on the coast are locked and being sold.” Headlines like “Russians Are Selling Off Their Properties in Droves” flooded news websites.
  These claims, however, were not backed by official statistics – they reflected isolated observations (e.g., in Pomorie, where many Russian apartments were indeed temporarily vacant).
  At the start of the war, the decline in Russian activity intensified, but it still fell far short of mythic proportions.
  The trend was more about Russians stopping new purchases and, in some cases, trying to sell existing properties. At the same time, there was no panic – many chose to wait rather than sell at a loss.
  As we will see further on, by 2023 the holiday property market is dominated by Bulgarian buyers, and the “mass Russian sell-off” turns out to be more noise in the system than a defining market force.

Ownership and Sales Data: What Does the Statistics Say?

To determine whether there is truly a systematic sell-off, we need to look at objective data: how many properties Russians own in the region, and how many of them have actually been sold over the years.

How many properties do Russians own on the Southern Black Sea coast?

An exact figure is difficult to pinpoint, as there was no official register by nationality for many years. However, according to estimates by local authorities and agencies, the highest concentration is found in the municipalities of Nesebar and Pomorie.

Investigative reporting has shown that around 5,000 properties in Pomorie are officially owned by Russian citizens—so much so that one neighborhood has been informally dubbed “Little Russia” or “the Russian quarter.”

In the municipality of Nesebar, the number is even more impressive—nearly 50,000 properties registered to Russians (mostly holiday apartments in complexes in Sunny Beach, St. Vlas, Nesebar, etc.).

These numbers, however, reflect the total number of owned properties, not those that have been sold. For context, by 2019, overall data indicated that about 81,114 Russian citizens had acquired property in Bulgaria over the past 20 years.

Most of them are families who purchased a single apartment (rarely more) – typically around Burgas and the resort areas. In other words, the total "stock" of Russian-owned holiday properties in Bulgaria amounts to tens of thousands, concentrated along the Southern Black Sea coast.

What portion of these properties are being sold?

This is where the myth of a “massive sell-off” is most clearly debunked.

Official statistics from the Bulgarian Registry Agency tell a very different story: out of all Russian citizens who have acquired property in Bulgaria over the years, only around 636 (less than 1%) had sold their properties by 2019.

In other words, by that point, under 1% of Russian buyers had parted with their real estate – the rest remained in Russian ownership.

Even if we assume that this number grew after 2019 due to the pandemic and the war, it remains a small fraction of the total.

For instance, in 2022 – a year marked by war and sanctions – Russian citizens sold property in Bulgaria worth a total of €22 million (according to the Bulgarian National Bank).

Assuming an average price of €40,000–€50,000 per holiday apartment in those years, this amounts to roughly 400–550 properties sold during the year – a drop in the ocean compared to the tens of thousands of Russian-owned units.

In the first 9 months of 2023, Russian property sales even declined – totaling around €12.7 million (i.e., roughly 250–300 properties).

This data reflects a controlled pace of sales, not a panic-driven flight.

Who is buying these properties?

It’s important to note that when a Russian owner decides to sell, there are buyers on the market – the properties don’t vanish, they simply change hands.

Data since 2020 shows that Bulgarian buyers are now the main driving force of the holiday property market.

Their share has surged, and as of 2024, they make up around 90% of all buyers on the Southern Black Sea coast.

The remaining 10% are from other countries – including Germany, Poland, Israel, Romania, etc. – but Russians are no longer a significant force among new buyers.

For example, in Pomorie, as some Russians exit the market, a wave of Bulgarian buyers with savings is actively purchasing those homes.

As a result, the departure of some owners is balanced by the arrival of others.

In short: there is no vacuum where properties remain unsold – quite the opposite. During 2021–2022, the holiday market was rather active, as the low prices attracted Bulgarian buyers.

Regional differences:

Russians dominate among foreign owners specifically in the Burgas–Nesebar–Pomorie–Sveti Vlas area.

As of 2023, the Burgas region officially has the highest number of Russian-owned properties – 5,298 properties (based on the updated nationality registration rules introduced in 2018).

For comparison, in the Varna region, Russian-owned properties number under 1,000, and in all of Sofia – just around 214.

This explains why the myth is focused specifically on the Southern Black Sea – that’s where Russian ownership is concentrated.

But even there, not all Russians are rushing to sell.

The mayor of Burgas notes that in the city of Burgas itself, Russians are reluctant to part with their apartments – to them, owning property in a major city remains a long-term investment and potential base for business or living, quite different from a purely resort-focused property.

Likewise, in Nesebar, around 3,000 Russian citizens live year-round and have formed a local community – these people are more likely to hold on to their homes.

The retreat is most noticeable in smaller holiday villages and rural areas – such as the villages of Dimchevo and Marinka near Burgas, where just a few years ago there was a wave of Russian buyers, but now properties are being vacated.

Overall, though, data does not indicate systematic pressure even in these hotspots – rather, there are isolated pockets of weak demand (e.g., small villages) and a dynamic market in the big resorts, where Bulgarian buyers are replacing Russians.

Conclusion from the Statistics:

There are tens of thousands of Russian-owned properties along the Southern Black Sea coast, of which only a small percentage are listed for sale at any given time.

There is no avalanche of offers – quite the opposite: as of 2019, officially less than 1% of Russians had sold their properties.

Even accounting for the increase post-2020, the share of sold units remains limited.

The market self-regulates naturally – new buyers fill the space left by sellers, without any price crashes or collapse in demand.

Why Are Russians Selling? – Factors and Motivations

It is important to understand the reasons why some Russian property owners are deciding to part with their holiday homes in Bulgaria. These are factors that explain individual cases of sales, but as we’ll see, they do not lead to a collective, panic-driven sell-off. Here are the main motivations, as outlined by analysts and the sellers themselves:

• Sharp Ruble Devaluation and Financial Hardship:
  As mentioned earlier, after 2014 the ruble lost significant value against the euro. This means that the costs of maintaining a property in Bulgaria (fees, taxes, utilities, upkeep) became much higher when converted into rubles.
  Many Russian families purchased homes here with partial loans from Russian banks. With a weaker ruble, the burden of these repayments effectively doubled.
  Additionally, maintenance in closed holiday complexes is not cheap – annual service charges range from €300 to €1,000 or more.
  For pensioners and those on fixed incomes, this is a serious expense.
  As a result, some Russians – especially those with more modest means – “prefer to get rid of their properties” rather than bear the ongoing costs.
  In short, financial pressure pushes some owners to sell.
• Travel and Residency Restrictions (Sanctions and Visas):
  Following the start of the war in Ukraine in 2022, the EU imposed strict restrictions on Russian citizens – limited or expensive access to tourist visas, banned flights to many countries, restrictions on money transfers abroad, etc.
  Bulgaria, while traditionally welcoming to Russian tourists, also complies with these regimes.
  The ability of Russian property owners to visit their homes has been significantly reduced.
  Simply put, if a Russian citizen can no longer freely vacation in their apartment, it becomes increasingly meaningless to hold onto it.
  These geopolitical limitations are gradually pushing some Russians out of the market.
• Inability to Use the Property in Practice:
  Even before the war, the COVID-19 pandemic (2020–2021) prevented many foreign owners – including Russians – from visiting the Bulgarian coast for two consecutive summers.
  Apartments remained locked up, while taxes and maintenance fees accumulated.
  Some Russian families, especially retirees who traditionally spent their summers in Bulgaria, suddenly lost access indefinitely.
  This naturally discouraged them.
  Added to the uncertainty after 2022, the idea that the property might remain unused for years became a real concern.
  For some owners, this tipped the scales toward the decision to sell, rather than maintain an empty home abroad.
  (Note: Others chose a different path – they rented their apartments out to Ukrainian refugees or to Bulgarians long-term, generating income and allowing them to keep the property without significant losses. This also helped prevent panic-driven sales.)
• Political and Legal Restrictions from Russia:
  Though less frequently mentioned, there are also internal political factors at play.
  Back in 2012, Russian authorities debated a law that would prohibit government officials and their families from owning property abroad.
  While the law was not officially passed, a requirement was introduced for officials to declare any foreign properties, and they were also banned from holding funds in foreign banks.
  This climate of increased scrutiny prompted some high-ranking individuals to proactively divest their overseas assets.
  Additionally, the Russian state has encouraged citizens to repatriate their savings – for example, through so-called “capital amnesty” initiatives and similar measures.
  These factors affect a relatively limited group (wealthier or politically connected owners), but they contribute to the overall picture of a gradual withdrawal.

These reasons outline the logic behind the sales we’re seeing. The key point is that these factors act gradually and differently for each individual owner.
There is no single event that suddenly forces all Russians to sell at once. Instead, each decision matures based on personal circumstances.
Many owners try to keep their properties as long as possible, hoping the situation will improve – the ruble will strengthen, the war will end, visa regimes will be eased, etc.

That’s why we didn’t witness a mass sell-off at fire-sale prices – rather, we are seeing a controlled increase in supply, with sellers aiming to get the best possible price for their property.

A clear piece of evidence lies in the behavior of the Russian sellers themselves: instead of slashing prices drastically, they often aim to turn a profit, or at least avoid losses.
This shows that they are not desperate – if they were, they’d sell at any price.
Instead, they’re waiting for a buyer who will pay the desired amount.
This market behavior contradicts the image of a panic-driven exodus.

Expert and Industry Observations: Between Reality and Media Sensations

Statements from real estate professionals add depth to the numbers and bring nuance to the bigger picture. It's important to listen to the sober assessments of experts, which often differ from flashy media headlines.

Some agents along the Southern Black Sea coast confirm the Russian withdrawal — but with important qualifications. For instance, brokers in Pomorie note that “over 5,000 apartments (owned by Russians)” were purchased in the area, and many of them are now listed for sale. However, at the same time, there is strong interest from Bulgarian buyers in these properties.
In other words: there is an outflow, but also an inflow — the market is being reoriented toward local buyers.

Other, more extreme statements — such as “90% of Russian apartments are locked and for sale” — likely reflect a moment in time (for example, during the peak of COVID-19 restrictions) and should not be taken literally as a lasting trend across the entire market.
Indeed, in 2020–2021, most holiday properties stood empty (due to the lack of tourists), but that didn’t mean they were all for sale.

This is where we must distinguish between "unused" and "on the market" — two very different things that are often conflated in sensational reporting.
It is a fact that in 2020, thousands of Russian-owned properties were locked up, and some media outlets portrayed this as a "mass exodus" — when in reality, the owners simply couldn’t travel, not that they had given up on their properties.

The expert consensus is as follows:
Yes, there is a visible withdrawal of Russian buyers and an increase in Russian sellers, but it falls far short of a "mass sell-off."
There is no panic, and no dumping of properties at half price to the first bidder.
The market remains balanced.

The myths of “empty planes arriving, full ones leaving” or “entire neighborhoods going vacant” contain a grain of truth as imagery, but they are temporary and local phenomena.

For example, the mayor of Pomorie shared that the number of year-round Russian residents has declined — which is a social reality — but this does not mean that these people have rushed to sell off their homes. In fact, most have simply returned to Russia temporarily.

From a transactional perspective, there is no avalanche of listings — sales are spread out over time, and prices are actually rising, which leads us to the next key question…

The “Price Drop” Myth – and Why the Market Isn’t Crashing

Alongside claims of mass sell-offs often comes the assumption that “prices will drop” or “the market will crash.”
The logic behind these rumors is that if many foreign owners sell at the same time, it would lead to an oversupply and a collapse in coastal property prices.
However, reality has once again disproven this pessimistic scenario.
Holiday properties along the Southern Black Sea coast not only did not crash — in recent years, prices have actually shown steady growth.
Here’s what the trends show, and why doomsday predictions never materialized:

• Prices Had Already Bottomed Out (~2010–2015):
  The biggest decline in the holiday property market actually happened over a decade ago, following the exit of British buyers.
  The 2009 global crisis triggered a sharp downturn that continued for years, with a brief revival around 2012–2013 during the peak of Russian demand.
  By 2015, coastal apartment prices were already much lower than their pre-2008 levels.
  Due to oversupply and weak demand, prices remained at rock bottom — averaging €400–500/sq.m in mainstream resorts by 2019.
  In other words, the market had already absorbed its downturn.
  So when people claim Russians are selling at “half price,” it’s important to clarify: they’re selling at half the price they originally paid, not at half of the current market value.
  For example, if a Russian owner bought in 2012 at €1,000/sq.m and now sells at €500/sq.m — yes, it’s 50% lower for them, but €500/sq.m was the market norm at that time for all sellers, not just Russians.
  There was no additional "crash" caused by Russian sales — the market had already reached a low base and has since been slowly rising.
• Low Prices = High Interest (Prevents Further Decline):
  When prices hit bottom, demand naturally returned.
  Many Bulgarians, as well as foreign buyers from other nationalities, saw a great opportunity to acquire a low-cost “second home” by the sea.
  Agents note that the secondary market on the coast has never been as active as it has been in recent years — precisely because of the attractive pricing.
  Deals happen daily, and inventory is being absorbed rather than piling up.
  So, if a Russian owner offers a two-bedroom unit at or slightly below market price, a Bulgarian (or Polish or Israeli) buyer is often quick to step in.
  This balance between supply and demand actually stabilizes prices.
  Some analysts even predicted as early as 2019 that the slump was ending, precisely due to the strong demand for bargain properties.
  That prediction came true — since 2020, prices have been trending upward.
• Growth During 2021–2023:
  Despite widespread concerns (pandemic, war), Bulgaria’s real estate market — including the holiday segment — has seen price increases over the past 2–3 years.
  According to agencies, by 2023–2025, apartments in larger coastal resorts are selling for around €1,000–1,200/sq.m, significantly higher than the €400–500 levels of just a few years ago.
  Of course, prices vary by location: the most prestigious complexes and southern towns (e.g. St. Vlas, Pomorie, Sozopol) now reach €1,300–1,800/sq.m, while less developed or inland areas (3–8 km from the sea) may still fall below €1,000/sq.m.
  But the overall trend is clearly upward.
  One construction-investment company noted that holiday property prices are growing moderately, and even expected to accelerate in the coming year, since they still "lag behind price growth in Sofia" — coastal properties are on average ~30% cheaper than in the capital.
  These are the market realities: appreciation, not collapse.
  Clearly, if Russians were flooding the market with fire-sale listings, we wouldn't be seeing the current price growth.
• No Oversupply:
  One reason the market remains stable is that supply is not dramatically outpacing demand — in fact, we’re seeing a reverse trend: demand is now starting to outpace supply (as of 2025).
  Russians haven’t flooded the market (as we clarified, many are holding or selling gradually).
  Furthermore, new construction of holiday complexes has dropped significantly since 2015 — very few new projects were launched because the market was saturated.
  This means there is no large influx of new inventory pressuring prices downward.
  In some segments, there’s even a shortage — for example, demand for houses near the sea increased during the pandemic, but supply remains limited.
  Under such conditions, prices don’t collapse.
• European and Macroeconomic Context:
  Bulgaria is now fully integrated into the European economy, the lev is pegged to the euro, and inflation (especially in the past two years) has pushed up the prices of almost all assets — including real estate.
  Let’s not forget the bigger picture: property prices across Europe have risen sharply over the past decade.
  Bulgarian holiday homes remain significantly cheaper than comparable properties in Greece, Spain, or Italy.
  This automatically attracts buyers once prices hit a certain low — if Bulgarian prices dropped too far, foreign investors would quickly step in.
  In other words, there is a natural price floor, driven by the international appeal of Bulgarian properties.
  Example: a coastal apartment in Bulgaria for €70,000 (2025) has no equivalent on the Mediterranean — there, prices are multiple times higher.
  So it’s unlikely such a property would fall much below that point — if it did, it would look like “the deal of the century” to someone from outside Bulgaria.
• Higher Construction Costs:
  Another macro factor — the cost of building materials and labor has increased.
  Constructing a new apartment in 2025 costs far more than one built 10–15 years ago.
  This supports the value of existing, second-hand homes — no one will sell long-term below the replacement cost.
  If Russian Seller X lists a property cheaply, Bulgarian Buyer Y may buy it and resell at a profit, because building a similar unit today would cost more.
  In an inflationary environment with rising incomes, the economic logic is that prices in Bulgaria will converge with European levels, not crash to zero.

All these factors explain why the predicted "crash" never occurred.
The myth of falling prices is as old as the myth of mass Russian sell-offs — both reappear periodically, and both fail to materialize in reality.
In fact, anyone who waited for the coastal property market to "collapse" in order to buy at bargain-basement prices is now seeing prices steadily rise.

Conclusion: No Mass Sell-Off – The Market Follows Normal Logic

Summary Conclusion:

Available data and expert analysis do not support the claim of a mass, panic-driven sell-off of properties by Russian citizens along the Southern Black Sea coast.

Yes, there is a real trend of gradual withdrawal — Russians are buying much less, and some of the existing owners are choosing to sell. But this process is unfolding slowly and naturally, not chaotically.

Rumors of a “mass exodus” are greatly exaggerated, just like the earlier myth that “half of Bulgaria” had supposedly been bought by Russians — both extremes are far from factual.

The market is rebalancing:

Where 10 years ago the typical buyer was Russian, today that role is largely taken by Bulgarians.

Properties previously owned by foreigners (Russians, Britons, etc.) are changing hands, but they are not left vacant.

There is no indication of overwhelming “pressure” from unsold housing inventory dragging the market down.

Prices are not collapsing — they’re actually rising, which is the clearest proof that there is no panic-induced oversupply.

A parallel with the British withdrawal post-2008:

Yes, Britons did leave certain segments en masse, but the market survived — prices adjusted and new buyers came in (the Russians).

Now, as the Russians withdraw — much more moderately than the British did — prices had already adjusted in previous years, and new buyers arrived (Bulgarians, Ukrainians, other Eastern Europeans).

Life goes on.

The real estate market — especially in attractive regions like the Bulgarian Black Sea — has an inherent resilience and a broad demand base that does not rely on a single nationality.

Ultimately, the thesis is confirmed:

We are witnessing individual cases and a gradual trend of Russian owners selling their properties, but there is no evidence of a systematic or mass sell-off that dictates the market or drives pricing.

The myths spread through media and social networks remain just that — myths, built on isolated facts and amplified by speculation.

The reality is different:

The holiday property market along the Southern Black Sea is adapting to a changing buyer profile — without disruption.

The last 10–15 years have taught us that such sensational predictions (yesterday about “buying up the coast,” today about “selling it all,” and tomorrow about “market collapse”) should be taken with a critical eye.

The current data and expert opinions point to stability — there’s no reason for panic, neither among sellers nor buyers.

The Southern Black Sea coast remains an attractive destination for both investment and leisure, and its property market is mature and deep enough not to be shaken by any single group of participants.

Sources:

• Official data from the Bulgarian Registry Agency and Bulgarian National Bank (as cited in Capital, Webcafe, Flagman, etc.) on the number of Russian owners and the volume of their transactions.

• Journalistic investigations and media reports (Actualno, Trud, Investor.bg, 24 Chasa, and others) on the state of the Black Sea property market.

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