Completed holiday complexes, met new challenge – the Condominium Law, regulated with the Floor management Act 2009. Foreign apartment owners realized that they have to organize the legal relations among them in relation to maintenance and keeping buildings in proper condition; where to communicate with each other and to form General Meetings. I personally have performed legal work in relation to management, performance and registration of General Meetings and entities formed by the various apartment owners in such holiday complexes.
So with reduced prices, newly built apartments in the resorts became attractive for one new group of buyers – the Russian buyers. Such properties answered their needs for holiday home on the seaside in a cheap country with direct flights and easy visa obtaining; a gate to the EU. In my opinion there was a huge difference between the type of the previous Western investors and the Russian buyers – while the first ones looked for off-plan bargain with the goal to acquire profit (via renting out or re-sale, that barely succeeded, unfortunately), the Russian real estate buyers were interested in long-investment purchase of holiday home and not for quick-resale investment. More than 300 000 have bought apartments, rumors say. It affected the tourism a little bit, because it was understandable that people, who buy their own holiday apartments here, won’t be attracted by offered vacation packages any longer. Now Bulgarian tourism and real estate market meet the affection by the pending conflict in Southeast Ukraine.