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Bulgarian Property & Real Estate News

Bulgarian properties for sale – look online for the best bargains

The Bulgarian real estate industry has made major leaps in terms of investments and provision of infrastructure to make dealings in real estate not only more transparent, but also efficient and effective. This is one of the reasons for the continued increase in the amount of foreign investments flowing into the country. One of the things that have spurred the growth in the real estate industry is the availability of most of the companies and agencies dealing in Bulgarian properties for sale online. This makes it very easy for investors, both local and international, to easily get information on the available pieces of real estate and the various prices with which they can be able to get to own properties for sale in Bulgaria.

However, this does not mean that the fact that one uses the online services that are available to an investor or to a seller that he or she is guaranteed to get better deals as opposed to the ones who do not. Using online services can be disastrous for an investor if one does not go about the process of looking for Bulgarian properties for sale, properly. He or she might easily fall to the many fraudsters in the internet or may end up overpaying for any property for sale in Bulgaria.

One of the things that one has to do is to ensure that the site he chooses as a base for his online investment activities has a good reputation. This is essential especially considering the fact that there are many fake sites on the web that purport to carry out Bulgarian property sales but which actually are not. These sites are usually designed to con many unsuspecting investors and thus one should be wary when going online. It is always important to remember that the fact that a site exists on the internet does not mean that it is safe. One should also look at the paying system available and security guarantees that the particular site offers so as to ensure that all his or her financial and private date is safe. Read more…

Steps to Buy a Bulgaria Property

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…

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. Read more…

Bulgarian commerical property sector starts to recover

There are signs that Bulgaria’s commercial and retail property markets are starting to recover. Several new entrants into the local property market have shuck things up and revitalized interest.

In Sofia the arrival of the Ikea furniture store has certainly increased competition in the furniture segment. As a result of Ikea arrival several other furniture retailers are modifying their offers and in some cased relocating their retail premises in order to compete better. Some existing shop simply cannot compete with the new entrants and will most like close down their operations.

The main new commercial property projects that are planned for Sofia in the next 12 months are Bulgaria Mall, Sofia Ring Mall and Paradise Center. Together these developments will bring almost 200,000 m2 of new commercial and retail property onto the Sofia property market. Read more…

Bulgarian properties down but not out

The latest report from the Bulgarian Properties real estate agent in Sofia shows that prices for holiday properties across the country have dropped in 2011. The largest drops were in Sunny Beach and Bansko where prices are now less than 50% of the level they were in 2008. In terms of the ski resorts there is still a large over supply of properties in the Bansko area and this is forcing prices lower. Average prices in Bansko are now around 400-460 euros per m2 however there are still many properties available on the market so buyers must be cautious. Prices for Borovets properties are stronger as there is very little supply in the area.

UK holiday home purchasers have been replaced by Russians as the largest purchasers of Bulgarian holiday properties. Investors from Ukraine, Greece and Serbia are also showing interest in Bulgarian properties. Read more…

Property in Bulgaria still popular with overseas investors

The latest survey from overseas property specialist TheMoveChannel has highlighted property in Bulgaria as still in the top 10 property locations for overseas investors.

The information was extracted from the overseas property enquiries  received by the website during 2011. Almost 3% of enquiries related to Bulgarian property meaning property in Bulgaria was the 8th most popular choice for British buyers.

The website director Dan Johnson also mentioned that Bulgaria property sales have been increasing throughout 2011, with low prices for winter ski property attracting most investors. In his opinion it is easy to understand the increased demand as prices are now at their lowest level in many years and offer an attractive location to place funds in the current uncertain banking environment.
He expects that the trend will continue in 2012 with the focus remaining on cheap ski property in the winter resorts.

Bulgarian properties expected to stay flat

Bulgarian properties have dropped in price by 5-10% during 2011 according to the latest data released this week. Most Bulgarian real estate brokers are predicting flat property prices for 2012 but with an increased number of property deals.

In Sofia the Bulgarian property prices remain around 920 euros/m2 which is reduced from 1100 euros/m2 in 2010.

Prices for Black sea coast properties are at an average of 860 euros/m2 while in the Bulgarian city of Plovdiv the average level is around 770 euros/m2. The Bulgarian properties in the ski resort of Bansko have suffered in excess of 25% falls during 2010. According to local Bansko real estate agents the market is very quiet and there is still a large over supply of properties both for sale and rental. Read more…

Bulgarian properties in ski resorts expected to attract more Russians

Bulgarian real estate agents are involved this week in one of the largest international property exhibitions in Moscow.  They are presenting the latest Bulgarian properties to Russian investors interested in investing in Bulgaria.

With the ski season quickly approaching there is a focus on ski properties in Bulgaria. Agents are hoping to repeat the success they have had in attracting Russians to invest in the Bulgarian Black Sea coastal regions.

Attractive property prices are hoped to increase the number of Russian investors in the country’s ski resorts. Read more…

Increased financing helps the Bulgarian property market

The small increase in Bulgaria’s real estate market has been accompanied by an improvement in mortgage financing according to several banks active in the Bulgarian property loan sector.

This trend has been encouraged by the stabilizing of Bulgarian property prices, which have already reached a floor. Buyers are now ready to buy and see good value in the market.

Property prices reduced just 1.5% between July and September in quarterly terms and are starting to level out. The lower rates of interest on financing and mortgages is also helping to support the market.  Statistics from UniCredit Bulbank show that the Bulgarian property market is recovering the increased numbers of sales are being completed. They show that the recovery is beginning first in the luxury sector which has a smaller supply of property.

Bulgarian properties start to stabilise

The price of properties in Bulgaria are stabilizing, according to the latest results data from Bulgarian real estate agency Bulgarian Properties.  Hypocredit Group are also seeing the same outcome from their recent surveys of the Bulgarian property market.

One of the reasons for the leveling off in prices is the reduced amount of new construction being released on the market. Data from the National Statistics Institute shows that construction permits for Bulgarian properties have decreased by 30% in the last 12 months. The increased availability of mortgages and credit is also helping to put a floor under the property market.

Read more…

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