BUYERS GUIDE - BULGARIA

Why Bulgaria  Bulgaria is a quiet, and largely rural country in SE European about the size of England but with a population of only around 8 million. For years Bulgaria has been a favoured holiday destination for Eastern Europeans, but only in recent years has it opened its doors to the rest of the world. Its mountains, beaches and old-fashioned rural tranquillity offer a glimpse of Europe which has long since disappeared.

Property prices in Bulgaria

Property in Bulgaria offers excellent value for money, currently one of the cheapest places in Europe. It also offers a good investment considering the long-term prospects for the country and an annual increase of 20-30%. An average beach side apartment can be purchased for around £30,000 with rural properties being offered for even less. Whatever your budget, Bulgaria offers considerably better value for money than other  European destinations. Bulgaria offers properties to suit any requirements whether it be coastal, ski, rural or city.

Restrictions on foreigners

According to the Bulgarian Constitution, foreign individual persons can buy buildings but not land. Therefore the most common method for foreigners buying property in Bulgaria is to set up a company which then owns the land and the buildings. This law is expected to change within the short to medium term as Bulgaria opens its doors fully in line with its expected entry into the European Union (Jan 2007). This historic restriction is one of the reasons why property in Bulgaria is so competitively priced compared to Western and Central Europe.

Buying a property

The first stage is to arrange to view properties through an agent. When you find something you like it is likely that whilst you are in Bulgaria you will have to start signing some paperwork that will allow the deal to be completed in your absence. The signing of these documents takes about half a day. Once you have returned home you can expect the deal to take about 4-6 weeks to complete.

Choosing a lawyer

A Lawyer will provide the legal guarantees for the purchase of the property ensuring that Bulgarian legal requirements are met and that the property is bought free of encumbrances, charges, liens or debt and up to date in all its payments of local contributions and community charges etc.

The Transaction

According to the Bulgarian Real Estate law, transactions have to be executed before a Notary.  The Notary is an official figure whose participation in the transaction of the property ensures the observance of all the legal requirements.  After the transaction the Notary is obliged by law to register the transaction with an official Real Estate Register, thus making the ownership rights of the buyer defendable against any third parties.

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