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Bulgarian Real Estate 2012 – market advice

The Bulgaria real estate industry currently has a lot of investment opportunities which many investors are rushing to take advantage of. This is especially so given the recent steps the industry has made in ensuring that the service delivery and transactions in the sector are streamlined. The regulations have over the years been streamlined, removing any unnecessary bureaucratic requirements while putting in place ones which ensure that a person seeking to buy Bulgarian real estate is well protected and encounters no obstacles in acquiring Bulgaria property. Having decreased over the last 2 to 3 years investment in property in Bulgaria is once again picking up.

The March 2012 market data from the National Statistics Institute in Sofia revealed that activity in the construction sector increased almost 2% over the February figure. In the civil engineering sector the increase was even greater and reached over 3% growth. The Bulgarian Economic ministry points to the data indicating an increase in demand for real estate from overseas as well as a surge in local demand recently. Credit conditions have improved recently and local Bulgarians are gradually dipping their toes back in the property market.

While exports have decreased marginally in the January-February 2012 period the reduction in GDP has been offset by a surge in tourist numbers. An increase in tourists from Greece and Russia has resulted in a record winter tourist season. Local hoteliers and tourist companies are gearing up for a busy summer as tourist numbers are expected to grow across the country. Over 1.5 million tourists are expected from Romania according to the latest information from the Institute for Tourism. This reflects an over 10% increase on the previous year.

As much as there is a lot of real estate for sale in Bulgaria, there are basics that one needs to cover before taking the step of making an investment into the country. The first thing is for the person to familiarize himself with the existing rules in country which relate to real estate. This is necessary so as to properly now what is expected of the person, the various professional services that the person will need and the relevant permissions that he or she will need to buy Bulgaria real estate. This is also important as he or she will be able to familiarize himself or herself on the various restrictions that are in place on matters relating to real estate in Bulgaria.

The other thing important thing that any person should do before going to invest into any area of Bulgaria real estate is to make a proper budget. This budget should include the necessary timelines that he or she is to meet the various requirements required by law. This is the reason why it is important for one to familiarize with the system before making the decision on which Bulgarian real estate for sale to settle for.

There is also the issue of the anticipated or projected costs that the whole process of buying real estate in Bulgaria. One should properly budget the anticipated costs so that he or she can be able to get property that he or she is comfortable with. This is important so as to avoid any undue delays due to insufficient funds or even in some cases unnecessary suits. To be able to properly get the best estimate, it might be necessary to seek the help of a real estate agent, for whose services you will have to incur some expenditure.

One should also try to establish if there are ways to minimize the costs of acquiring particular property such as savings which could be made by avoiding tax. This may be done, for example, by buying the piece of Bulgarian real estate as an individual as opposed to buying it as an incorporated entity, since the rules were modified to allow for this.

The next thing that one should do is to consider what type of Bulgaria real estate he or she really wants so as to avoid wasting a lot of time shopping around during the actual buying process. This will ensure that the investor’s time during the actual buying of the particular Bulgarian real estate is well utilized since he or she will know exactly what they want.

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