What is the situation with the Russian-owned properties on the Bulgarian Black sea coast?

Thousands of Russians own properties in Bulgaria, with highest percentage being on the Bulgarian Black Sea coast. What is happening with all this housing against the backdrop of the sanctions imposed on Russia and restricted travel to Bulgaria?

Nina Puntusova from Moscow has owned a small apartment in Pomorie seaside resort for almost 4 years. She does not intend to sell it as there are ways to travel from Russia to Bulgaria despite the sanctions.

"The situation, of course, is complicated because of the sanctions. The way to get here from Russia is via Istanbul and from there to Varna or Sofia, but the tickets are very expensive. Friends of mine paid nearly 2000 BGN for the whole trip and this is making some Russians sell their apartments, says Nina.

Some properties just remain unoccupied, and others are rented out.

"They rent them out through websites, as far as we have information, Russian websites, and through friends in Bulgaria, but how they get the money from the rent is another matter because there is a ban on receiving money in Russia," explained Elena Toncheva, manager of a real estate agency in Nessebar.

There is no boom in property sales by Russians, property agents say, as it is not profitable at the moment.

"The ruble has risen on international markets, artificially. So if before that rise, hypothetically, a property cost 40 thousand euros, which meant the money from the sale was 4 million rubles, now the apartment would cost 2 million rubles," says Albert Dimitrov, a property agent.

However, Russian-owned properties are still being sold, like in Pomorie for example, but for lack of funds.

"This happens in most cases when they have a second property, and are pressed by various circumstances," said Elena Markova, an agent in Pomorie.

The only thing left of what was known as the "Russian quarter" in Pomorie is the sign. According to locals, it is now a myth as most of the properties have been bought by Bulgarians and foreigners.

"There are Spaniards, Germans, Bulgarians, all kinds of nations here in Pomorie," said Rosen Popov, a Pomorie resident.

"And there are Russians who live year-round in Pomorie, but we lose them as tourists," adds Stefka Stefanova.

Against this backdrop, despite the sanctions, the Tourism Ministry announced that the number of Russian holidaymakers in the country has increased four times compared to last year.