Industry News

Russia, Bulgaria have highest real estate transaction costs

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Home purchases in Europe by an out-of-country buyer are subject to the highest transaction costs in Russia, according to a report this week by Global Property Guide, an international real estate research firm. Transaction costs are about 25 percent of the property value in Russia, 24.9 percent in Bulgaria, 19.7 percent in Monaco, 17.9 percent in Belgium, 17 percent in Italy, and 16.3 percent in France, the company reported. The report is based on the total cost of buying and selling a property, including taxes and fees, for the purchase of a property by a European buyer who is not a resident in the country where the property is purchased. Also, the sample is based on the purchase of a condo in a major city that is worth about 250,000 Euros, or about $339,500 in U.S. dollars based on the current exchange rate, and served as the seller's principal residence for the past 10 years. "Residential investments in Europe incur punitively high roundtrip transaction costs in many countries, excee...