Bulgarian properties

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[edit] Bulgarian properties

The Bulgarian property market is experiencing a large boost since the mid 1990s. Both foreign and local citizens are increasingly buying apartments and houses in the country, making the world's strongest property market in 2007 with an estimated turnover of 11.36 billion euro.

Buyer's main reasons for investment choice are its excellent climate, unique nature, encompassing both Beach and Ski resorts, growing economic and political stability of the country and the low, but growing property prices. Many low-cost and holiday charter airlines offer cheap flights to the largest cities in Bulgaria, which are increasing its accessibility.

When choosing a property in Bulgaria one has to consider factors such as location, type of property, legal and financial issues, etc.

Location

The very diverse and unspoilt Bulgarian landscape offers rich choice of locations. The country is one the most sparsely populated countries in Europe, with great scenes of unspoilt nature which varies from mountains pine forests, great flat prairie lands, to a Mediterranean/ subtropical influence on the Black Sea Coast. The country has long hot summers, with one of the highest sunshine hours in Europe.

The Beach and Ski resorts are the most popular locations to buy, because of the renting incomes. The same is valid for the apartments in the centers of Bulgaria's larger cities, such as Sofia and Plovdiv in which the living standard is higher.

On the other hand, the British market is still most dominant in rural areas, around villages in more remote locations, which are very quiet, laid- back and prices remain very low.

Type of properties

The most common type of real estate property sold in Bulgaria are apartments. There is a boom in the apartment development in Beach and Ski resorts in Bulgaria, due to the increased interest in these properties. Houses and land are usually sold in the countryside, where property prices are still quite low.

Legal issues

The most important thing one should know about the Bulgarian property market is that foreigners are not allowed to purchase land in Bulgaria. There is a legal walk around for this impediment, however - the legislation allows a foreigner to open a company in the country, and this company can buy the land. That is the most common way that foreigners purchase property in Bulgaria. The Real estate agencies would consult the buyer on these matters. Financial issues

Foreigners can establish mortgages over their Bulgarian properties both in Bulgaria or in their own countries.

Prices

The prices of properties in Bulgaria are still the lowest in the European union. That is why the interest in this country is very large. The prices per square meter for apartment property in the large cities are between 700 and 1500 Euro. House in the countryside are much cheaper.

The living standard in the country is also very low, with average monthly salary of 350 Euro for 2006.