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Buying Bulgarian Properties – things to consider

These days, Bulgaria is extremely attractive for the foreigners who look for a place to live or a vacation house far from their countries. The climate is temperate and extremely comfortable, while the country is rich in history and culture, therefore it provides a lot of touristic attractions. As well as this, it has a stable economy, which is excellent compared to other European countries. All these aspects attract more and more foreign tourists. While taking this aspect in consideration, the laws allow the foreign acquisition of real estate Bulgarian properties, but only under particular regulations.

A foreigner – physical or judicial individual – may acquire a Bulgaria property without any major restrictions. When it comes to an apartment, the new owner also gets the property rights over a part of the common areas in the building, such as the stairs or halls. The legislation doesn’t forbid the registration of a company either, in case the new owner is interested in starting a business. The apartment itself can be used as an office without too much hassle or bureaucratic work.

The foreign buyers can acquire various forms of Bulgarian properties, including Bulgarian houses or commercial property units. Besides, it doesn’t matter what the buyer’s status is. However, there is one little aspect a potential buyer should consider before investing in a Bulgaria property – the land the building is located on and the surrounding area cannot be sold to a foreign physical individual, but only to a judicial one. Therefore, the foreign citizens must create a company to buy the property and make the transactions through it.

This is not quite a very important problem. With all these, there are multiple solutions out there. For instance, when about to invest in a Bulgarian property, the foreign physical citizens may come up with a longterm rental contract. The minimal period is four years. When the building is sold, its value also includes the cost of the land, which usually ranges between 1% and 10% in Bulgaria. This option is appropriate when you plan to buy a house for a limited period of time. For instance, it is the best idea if you plan to use this new home for the summer vacation only.

When the buyer plans to actually relocate to Bulgaria and buys the home for a permanent use, the property may be acquired by a physical citizen, but the land should be taken over by a company. This way, the notary will release two papers – on the land and on the construction. All these procedures might be quite discouraging for someone who has nothing to do with the real estate market. However, the Bulgarian real estate industry is very attractive and the prices are also very affordable compared to Western Europe. At the same time, if you plan to buy Bulgaria property for personal use, take some time and analyze the country, as there are a lot of lifestyle differences between most provinces.

Many tourists orientate towards the eastern side of the country due to the attractions of the Black Sea. At the same time, the area around Sofia and the Rila mountains is just as interested. Here you can find both city properties and ski resort properties. After all, it is all your decision. The Bulgarian properties are varied and provide a lot of opportunities. Get an expert to assist you in the process and it is piece of cake.

If you are looking for Bulgarian real estate or off plan property in Borovets look no further than Concept Bulgaria.
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