As the global credit crunch tightens, British and Irish home buyers, who drove the development of Bulgaria’s Black Sea coast, are being replaced by cash-rich Russians and Romanians.
A sharp fall in demand for smaller studio and one-bedroom apartments of between 40 and 60 sq m in established resorts, has pushed down prices by between 8 and 12 per cent in the past six months, according to estate agents. Prices now range between €800 ($1,185) and €1,200 ($1,777) a sq m in new developments, depending on proximity to the beach.
