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Bulgarian Property & Real Estate News


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Is there hope for the Bulgaria Real Estate market?


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According to the market analysis reports, in 2011, the property prices in the Bulgaria real estate market dropped by an average of 8% as against the drop of 8.3% in 2010. With this report, it was concluded that the decrease of the prices of real estate in Bulgaria is slowly decelerating. Therefore, the concerned agencies are in a hope that this trend will stop in 2012.

According to the survey of real estate agency Bulgarian Properties, this decrease in prices of the Bulgarian real estate for sale has attracted an increasing number of settled deals in the nation. The statistics reveal that this rise is almost of 15% considering the prices of 2010 as the base. In 2011, the paid average price for a one bedroom apartment in any of the big cities ranged from 20,000 to 60,000 Euro.

This Bulgaria real estate agency also surprisingly noticed that only the properties in the beach resort of Sveti Vlas have sustained relatively high prices despite the falling trend. To buy Bulgaria real estate in this area before three years, one had to pay even less than 1,000 euro per sq. m., but today, the prices are even higher than those in Varna and Sofia. According to the Chief Operations Manager of Bulgarian Properties, Polina Stoykova; Sveti Vlas has now become an exception as a resort with stable real estate prices.

She further commented that 2011 was not that good year for ski resort holiday homes, especially for those in Bansko, as the apartment prices since 2010 fell by 25%, which was significant. In 2011, the average price of the apartments sold in this area was 35,000 Euro, which was lower than the price of 42,800 Euro in 2010. Even the number of deals has decreased in 2011 for this area. She highlighted that prices for property in Borovets have held up much better due to the lack of development in the area and as a result a shortage of suitable properties for sale.

Polina also discussed about the rural Bulgaria real estate. She said that following stabilization in the interest for rustic options as well as a hike in the deals in 2010, the price levels were almost similar in 2011 with a minor fall in the number of sales. This was because the buyers were more interested in costly houses that were fully furbished to live in. As a result, there was a hike in the average prices of settled deals in most areas in 2011, particularly in the regions of Veliko Tarnovo and Varna. Cheap Bulgarian Properties in rural villages are no longer as popular as they were. This is due to the high cost of renovating and maintaining such properties. It is often cheaper in the long run to buy a newly completed property.

However, on the other hand, the prices of rural Bulgaria real estate in the areas of Stara Zagora and Bourgas have almost been identical to those in 2010. But in a few areas such as Yambol, Plovdiv, Pleven, and Kardzhali, the prices have dropped. This indicates that the interest in the rural properties of Northwestern Bulgaria is not that high. According to the Forton international, with 200 million Euro as the total volume, the nation has become one of the Europe’s Top 10 destinations for investment in 2011. Even the research shows that the investment deals in the continent increased by 7.8% in 2011. So, a wave of optimism has stated to show its effects on Bulgarian real estate prices.

Since the start of 2012 EU citizens have been able to purchase land and properties in Bulgaria without the need to setup a company. This has made the whole process for buying real estate in Bulgaria much easier and it is hoped that this will also increase the demand and sales.


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Bulgarian Real Estate 2012 – market advice


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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. Read more…


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How to Invest In Bulgaria Apartments for Sale


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When thinking to invest in Bulgarian apartments, you are clearly about to make a good move. Bulgarian apartments represent an excellent opportunity due to multiple factors these days. First of all, the country has been accepted in the European Union a few years back, therefore the border limits have been removed, opening a lot of doors for growth and improvements. On a different note, the climate is temperate and has hot summers and snowy winters, therefore it has a bit of everything. The wide opening to the Black Sea is another great advantage, not to mention about the immediate proximity to Asia. The financial crisis has also touched Bulgaria gently, without any major problems. All in all, it is a great market to invest in, whether you want a home for your vacations or you plan to move along with your family.

While looking for Bulgaria apartments for sale, you will be hit by a wide offering at some very affordable prices. For a foreign citizen, the prices may come as bargains. The best news is that there are not too many restrictions either. In an attempt to raise the local economy, the authorities have given green light to all the investments and businesses. You may even purchase apartments in Bulgaria and rent them later. Whether you hope to start a real estate business in the country or you get a home for the summer vacations and you rent it for the rest of the year, such procedures are more than welcome. The real income when renting out your new home may range between 3% and 10%.

Read more…


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Steps to Buy a Bulgaria Property


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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…


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Buying Bulgarian Properties – things to consider


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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…


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New metro stations increase demand for Sofia properties


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The opening of several new Metro stations has had a significant impact on the Sofia property market. Buyers in the Bulgarian capital are focusing their property buying in the area around the new metro stations.

Research from the Bulgarian property website imoti.net, has showed that demand for previously popular areas like the upmarket location of  Ivan Vazov, Iztok and the City Center, has decreased recently.

Instead Sofia property buyers  who were looking for real estate in the regions of  Mladost, Darvenitsa and Krasno Selo. The Bulgaria real estate agents believe that the change in demand is being driven by the new metro stations and improved infrastructure in these areas.

It is evident from recent property buying patterns that buyers are increasingly considering the local services and metro station when deciding where to buy properties in the Bulgarian capital. this pattern is also affecting the price of properties in these areas.


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Bulgarian real estate agents to set new standards


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Over the next six months, new European standards, regulating real estate agencies, are to be adopted by all Bulgarian real estate agents, according to Maya Staneva, Director of the Bulgarian Institute for Standards. Staneva spoke during a national conference-discussion covering the current issues in the Bulgarian real estate sector.

The new real estate standards have been worked on for the last three years and they are currently at the final ratification stage in all member countries of the European Union, including Bulgaria. Read more…


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Focus remains on luxury Bulgarian properties


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The continuing adjustment in the Bulgarian property market is started to impact all but the nest quality Bulgaria apartments, with good location, infrastructure and services a must according the Bulgarian property experts.

The demand for quality Bulgarian properties for sale still exists but cheap purpose built apartments in locations like Sunny Beach and Bansko are seeing substantial price drop due to a huge oversupply in these areas and also a lack of quality and variety. Read more…


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Commercial Property in Bulgaria remains stable


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New business property in Bulgaria has increased by a minimal amount in the first half of 2008. However several large scale office development are expected to enter the market over the next two years according to Raiffeisen Bulgarian Real Estate.

The market for retail and commercial Bulgarian properties remains stable and should see strong growth in the medium and the long term. It is estimated that foreign direct investments in the Bulgarian real estate market have declined by over 30% in the first six months over the year. Read more…


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Construction costs of Mall Bulgaria increases


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The construction cost of the Mall Bulgaria retail centre in Sofia is expected to be almost twice as much as was first planned two years ago. The cost of the commercial and retail development is estimated at close to €220 million.

The retail complex is a joint venture between Bulgarian property developer LSProperty and the international real estate group Salamanca Capital. The Mall Bulgaria is managed by Eli Egosi, who were part of the team that worked on the Mall of Sofia project. Read more…

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