Bulgarian Property & Real Estate News

The Eastern and Southern Europe has always been an interesting location for foreign investors due to the continuously growing economy. It is obvious these countries are still far from the Western Europe, but they are in a state of continuous growth. At the same time, the financial crisis has not touched them as bad as it touched “higher” countries. Bulgaria is one of these places. It is located in a great area, with a proper climate that is warm, but also with snowy winters. It is at the junction between Europe and Asia, and borders the Black Sea. Its economy is also stable and the restrictions for foreign investors are not that severe, especially when it comes to Bulgarian properties. Once you decide you want to invest in the Bulgarian real estate system, you need an assistant to guide you throughout the laws and regulations of the country. When the decision is made, all you need is to find the right place and deal with the buying process for property transfer.

First of all, you must pick the Bulgaria property you want and “reserve” it. You can do it with a small deposit that ranges from one buyer to another. It is about 5% to 20% of the total value. The deposit must be paid and then the Bulgarian property is taken off sale and removed from the ads. It is then associated to the customer. This down payment is made within the first month and comes with a contract that describes all the conditions and terms and doesn’t really require a notarial legalization. A notary is mandatory in Bulgaria to conclude the final property transfer, but at the preliminary contract and deposit stage this is not necessary. The preliminary contract covers the detailed description of the property, the price, the payment terms and the final day for the property transfer to take place. Although you don’t need a notary now, you will need one when the final contract is signed. It requires the presence of both the seller and the buyer.

Once the contract is sent to a judge for approval and inclusion in the state registries, you can congratulate yourself for being the new owner of a Bulgaria property. The new owner should register for the local institute of statistics within a week. You will get an account number to deal with any upcoming transaction regarding your new Bulgarian property. Besides, you got two months to register for a local tax office too. Read more…

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. Read more…