There are now a lot of foreigners buying cheap property in bulgaria investment property, and overseas property real estate. After reading this information we suggest you contact us to discuss your requirements and arrange a visit.
Foreigners can own property in Bulgaria but they can not currently own land. This situation will probably change in the next year or so as Bulgaria prepares for entry to the EU in 2007.
For the time being foreigners wishing to purchase property (and the land it is on) in Bulgaria need to set up a Bulgarian Company to own the land. This is a relatively simple and inexpensive process.
As Bulgaria prepares for EU membership in 2007 the visa restrictions are likely to be relaxed. At the moment a European citizen automatically gets a 1 month visa. This can be extended while in Bulgaria.
Bulgaria and the EU are spending millions upgrading the Bulgarian infrastructure, roads, health care, airports etc.
Tourism is also getting a lot of attention and investment with a major initiative - the Beautiful Bulgaria Project - refurbishing and restoring historical monuments, buildings, site of special interest and the tourist resorts.
Property prices in Bulgaria are considerably lower than in many other European countries. This has attracted holiday home seekers and also property investors interested in Bulgarian buy to let property.
Property prices in Bulgaria are now increasing very rapidly due to foreign buyers flooding into the market. If the Bulgarian economy grows as it is expected to do with EU membership Bulgarian real estate will also face upward price pressure from the domestic market.
There is a very wide variety of new and resale property available in Bulgaria from new luxury beach apartments to inland traditional Bulgarian property. The prices of new Bulgarian apartments on the Black Sea coast can be many times that of an inland large detached villa or a property in the Bulgarian mountains.
Based on a property price of £50,000, the following costs will apply:
Legal fees c £300
Country Tax (Stamp Duty) £1,000
Notary Fees, translation fees £250
Taxes for each property depend on its price. The combined state and local taxes will usually be around 3.5% of the purchase price.
Mortgages in Bulgaria are only just starting to be made available to foreigners. The number of products on offer is expected to dramatically increase over the next year or so as the financial institutions start offering services similar to other European Countries.
The GPG can help clients arrange Bulgarian mortgages.
Most Bulgarians speak English as their second language. Almost all Bulgarians who live and work in the major tourist resorts will speak a selection of foreign languages; the most common being, English, German, Russian.
The Bulgarian currency is the Lev.
The Lev is now linked to the Euro and most transactions are now done in Euros.
Real estate property is priced in euros.
The cost of living in Bulgaria is one of the lowest in Europe.
The cost of a 10 minute taxi journey will be around £1 GBP.
A day out to the museum or theatre will cost around £2.
Restaurant prices in busy resorts are much higher than in less popular areas but it is still possible to get a good meal for 2 including wine for about £10.
The summer good weather usually lasts from around May to October and the temperatures are similar to a very good English summer’s day.
The Bulgarian winter climate in the mountains is perfect for winter sports enthusiasts with ski resorts being fully open from December to March.
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