Bulgarians increasingly buy affordable Greek property, while wealthy investors acquire luxury hotels amid rising Bulgarian real estate prices.
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Bulgarians are increasingly purchasing property in Greece due to falling real estate prices there, contrasting with a booming and potentially overheated housing market in Bulgaria. Many Bulgarians vacation in Greece, which remains their preferred foreign destination alongside Turkey, benefiting from proximity and good value for money. Since Bulgaria joined the EU in 2007, Bulgarian tourist arrivals in Greece have quadrupled. Property purchases include both middle-class individuals and wealthy businesspeople and politicians who are investing in luxury hotels; some notable investors include family members of former athletes and high-profile figures like Lukan Lukanov. In response to increased foreign property acquisitions, the Bulgarian National Revenue Agency has begun targeted tax controls on these transactions.
