EasternEuropeanMarkets EnticeSecond-HomeBuyers

Apied-à-terre in Paris or a villa in Tuscany may still top the wishlists of many luxury buyers,but some are expanding their horizons

?From what we have seen in the past year,there is rising interest in emerging European countries for secondary residences,?says

Hristo Angelkov,owner,Bulgaria Sotheby?s International Realty ?There are an increasing number of transactions in Bulgaria?s capital city Overall residential prices registered a 52% increase in the first quarter of 2022, according to JLLResearch,compared with the previous quarter,leveling at an average of EUR?1,700 per square meter?

Interest in second homes? both in the city and country? has increased in recent years in Serbia,the Czech Republic,Montenegro,and Romania,as well as Bulgaria u g a r i a S o t h e b y ? s n t e r n a t o n a R e a l t y , R o m a n i a S o t h e b y ? s I n t e r n a o n a R e a l t y

Serbia

Second-home buyers in Serbia tend to be local residents or people from the Serbian diaspora who live in Sweden, Switzerland,Germany,Austria,and the US,says Nikola Nedeljkovic,managing director,KADENASotheby?s International Realty in Serbia

?We observed an increase in buyers of second homes in Serbia since the pandemic began,?Nedeljkovic says ?The initial shift was a result of lifestyle changes related to the pandemic,but recently we are seeing a wave of investors who are seeking prime real estate as a hedge against inflation?

The mountain resorts in Kopaonik and Zlatibor,which are increasingly popular,appeal to both investors and vacation seekers,Nedeljkovic says

At the top end of the market,?we are seeing a new trend of branded residences,?Nedeljkovic says Hotel brands such as the Residences at St Regis Belgrade and Grand Residences at Hotel Kopaonik are leading the branded category,but we would expect non-hotelier brands to enter the market at some point,too?

The 14th floor duplex in the Residences at St Regis Belgrade,for one? with three bedrooms and four-and-a-half bathrooms? is listed at approximately EUR?15 million

Bulgaria

Second-home buyers in Bulgaria are purchasing property for vacations and investments,Angelkov says ?Buyers who are making investments mostly buy in new developments,because the average two years?time it takes for the project to be fully developed and ready,they will have gained an estimated 20% to 30% margin,?says Angelkov

Houses and chalets around prominent winter resorts are popular for second-home buyers in Bulgaria,along with beachfront property on the Black Sea,he says

?Bulgaria has the lowest average price per square meter in Europe now,which is expected to grow,?Angelkov says ?In 2024?25 we will convert the lev to the euro,which is expected to increase property prices?

Bulgaria is popular with retirees and with people working from home ?In 2021,prices for resort real estate on the sea began to grow,?Angelkov says ?This is due to unprecedented activity of Europeans and Bulgarians who are looking for profitable investments Also,there is limited supply?

The number of buyers from Russia,Greece,Croatia,and Belarus also increased,?Angelkov says

As such,a stone mansion nearly surrounded by water,with unobstructed views of the Black Sea,is asking EUR?45 million