Even the COVID-19 pandemic in recent years has proven favourable for vacation properties. Demand for housing outside major cities grew early on and, as the trend continues, has continued as many people in digital professions have continued to work remotely. Many of them have adapted to this regime and prefer to buy vacation properties along the southern Black Sea coast and mountain resorts in order to escape from the city routine.
However, another factor has emerged with the war in Ukraine to increase demand for Black Sea holiday properties.
After the start of the war in Ukraine and the accommodation of Ukrainian refugees in the resorts, including in Primorsko, many of them stayed permanently finding work in the already increased demand for cheap labour. The more affluent among them began to quickly look for properties to buy and the rest to rent all year round. This has boosted demand even more against expectations of lower prices due to higher interest rates, as both digital nomads and our Ukrainian counterparts pay with ready cash regardless of central bank policy of high rates.
All these factors remain active to this day. However, the fear of higher interest rates on loans managed to tame the market enough to find a property at a good discount. Another negative factor for the market is the withdrawal of many Russian owners from selling their holiday properties due to the imposed sanctions. However, this is not a new phenomenon, it has been going on since 2015 and such deals are rare, but they are still possible and should be looked for.
Investing in an apartment, house, villa or holiday property in a seaside resort is among the most profitable as it can be rented out during the summer season and earn income from it.