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Bulgaria Property Buying Process
It is well known that Bulgaria is one step away from Joining the EU, so Bulgaria is doing nothing but align its policies, laws to those of other EU member states.
At this moment, due to strong media advertising, Bulgaria is one of the best investment property markets, very popular with the Brits.
Bulgaria is not considered only a great place to have your holiday home, but also a great opportunity for long term investment.
The process of buying a property in Bulgaria is much easier than in other countries which prove the willingness of the government to allow foreign investors in search of a holiday home or a high R.O.I.
There are few things one should know before buying property in Bulgaria.
A foreign national is not allowed to buy land or any other building where land is part of the property. So, the only kind of property that can be bought is an apartment. The law is expected to change as soon as Bulgaria is to enter the European Union in 2007
However in order to buy land or any other kind of property where the land is included one should establish a company in Bulgaria with the purpose of buying land. This is very easy and will cost no more than 500 Euros. When establishing the company, a deposit of around 2500 Euros is required. This can be withdrawn after the company is formed. This it will not take longer than few weeks. The company exists from the moment it is added to the Commercial Register of the district court of where the company will be based.
After finding the suitable property that meets the investor needs, and after the price of the property has been agreed upon by the vendor and buyer, a deposit is required in order for that particular property to be taken of the market.
A preliminary contract has to be signed.
The property investor must hire a solicitor in order to do all the legal searches and checks, such us title deeds, permissions, building license…
When closing the sale, the final contract has to be signed in front of a notary and the remaining balance for the property will be paid.
Also state and municipal taxes must be paid and the title deed transferred
Usually the real estate agents charge around 3% of the purchase price.
There is an annual property tax which is around 0.15% of the property value
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Property Price Guide
A studio near the beach can be bought form around 25,000 Euros
In Elhovo, a small flat will cost from around 18,000 Euros
In Kavarna, an small apartment with sea view will cost from around 40,000 Euros
1 Bedroom Apartment (60 sq.m) in Bansko will cost you from around 54,000 Euros
1 bedroom apartment in Aheloy - from 30,000 Euros
In Borovets, near to the ski resort, a 1 bedroom flat (70 sq.m) will cost you from around 80,000 Euros
1 bedroom apartment in Burgas(85 sq.m + garden) will cost you from around 120,000 Euros.
In Pamporovo, 1 bedroom apartment(60 sq.m) will be from around 50,000 Euros
In the capital, an apartment can be bought for as little as 50,000 Euros.
In the heart of the capital a one bedroom apartment (70 sq.m)can be bought for around 90,000 Euros.
A detached house(70 sq.m +land) near Veliko Tarnavo can be bought from around 25,000 Euros
A rural property(120 sq.m+land) near Plovdiv can be bought from as little as 14,000 Euros.
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Real Estate Agents
Deja Vu
Varna,46 Maria Louiza Blv.
Fax: +35952619700
Phone: +35952619500
GSM +35988 / 625 0025
Email: office@dejavu-bg.co
Golden Eye Real Estate
28,"Knyaz Boris I" blvd. Floor 1
9000, Varna, Bulgaria
Telephone :+359 (0)888 749 556
E-Mail:goldeneye@tcinbg.net
Mareli Properties
98 "Tzar Asen" str., fl.1, ap.1
1463 Sofia, Bulgaria
office: +359 2 951 5360
mobile: +359 878 73 73 78
E-mail: info@mareliproperties.com
Pamporovo Real Estate
Phone: ++359 (0) 301 68578
Mobile: ++359 (0) 897 988 786
Balkan Dream Properties
MLS Quay House
2 Admirals Way
Canary Wharf
London E14 9XG
United Kingdom
Tel.: +44(0)20 71903390
Fax: +44(0)20 71903388
Mob.: +44(0)79 03313239
e-mail: office@bd-properties.co.uk
Bulgaria Property
24 Sheinovo Str., 1st floor
9000 Varna
phone 00 359 (52) 627002
fax 00 359 (52) 627002
mobile 00 359 (89) 9185918
varna@bulgaria-property.co.uk
ICB Properties Ltd.
26 A Tsar Samuil Str.
3rd floor, ap. 8
Sofia 1000
Bulgaria
tel/fax: +359 2 986 69 19
mobile.: +359 886 66 20 30
e-mail: info@icbproperties.com
Ares-1
Varna
Benkovska str. 9
Tel./fax: +359 52 633 784
+359 52 642 120
+358 878 988 801
+358 878 988 803
Sofia
N.Rilski str. 70
Tel./fax:+359 2 988 37 27
+359 2 989 54 54
+359 2 989 74 74
+358 878 988 804
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