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Apartments in Bulgaria – new procedures for foreigners buying Bulgarian apartments

Investing in real property is one of the oldest and safest ways of investing hard earned money. It is important that you invest at the right time and price. Now is the time to consider investing in Bulgaria as prices are at record lows. More and more people are yearning to own a piece of land in Bulgaria. This is usually by owning apartments in Bulgaria. Bulgaria is known as a great tourist destination. It is known for its historic importance and its scenic landscape.  Bulgaria also attracts many investors because there are many cheap Bulgarian apartments for sale. Apartments in Bulgaria have the potential of high returns for investors as they can be leased out to the many holiday makers in the country. Due to the increase in demand many property developers are moving towards developing properties in the form of apartments.

However despite the increase in demand for apartments in Bulgaria, a great deal of potential investors, are barely informed of the procedural law involved in buying apartments in Bulgaria. This article seeks to shed some light into the procedure of acquiring Bulgarian apartments for sale. The procedure for acquiring an apartment property in Bulgaria is a simple and straight forward one. First and foremost it is important that every foreigner should know that the Bulgarian law allows foreigners to own buildings in Bulgaria but until recently foreigners were not allowed to own Bulgarian land. However this law has changed since Bulgaria joined the EU and now in 2012 it the possible for foreigners to buy land in Bulgaria without setting up a company. This is an important new fact that makes it much easier and securer to buy apartments in Bulgaria.

Previously when a person identifies apartments for sale in Bulgaria, he or she should then proceed to seek an appointment to inspect the apartments he or she is interested in. When the potential buyer has inspected the apartment and is satisfied that it is in good condition and meets his taste and desired property, the purchaser then has to determine whether he or she wishes to purchase the property with or without land. The procedure to be followed and costs incurred differ depending on whether land is part of the sale.

Where a buyer decided to purchase an apartment in Bulgaria without purchasing the land on which they stand own, the buyer proceeded to contact the seller of the property and begin the negotiation process. The length of the negotiations would be determined by the buyers and thus can vary from weeks to even minutes. Once the parties have reached a consensus, they sign a preliminary sale agreement for the Bulgarian apartments for sale. The buyer proceeded to pay a ten percent deposit. Thereafter the buyer should engage the services of a solicitor who inspects the sale and title documents to ensure that everything is in order. At this stage taxes are paid for the sale and the new seller is registered as the owner of the apartments after payment of the balance.

Previously when the buyer wished to buy the apartments in Bulgaria with land, there is an additional step that has to be followed in light of the Bulgarian constitutional provisions prohibiting land ownership by non-citizens. The buyer had to form a company and register it under Bulgarian law. The company then purchased the land on behalf of the investor.

It is important to note that as of 2012 it is now possible for foreign investors to purchase an apartment in Bulgaria and also to purchase the Bulgarian land in their own name. It is no longer necessary to setup a company in order to own land in Bulgaria. This is an important new law that makes it much easier for foreigners to buy Bulgarian apartments.

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