The Bulgarian Property Market

The Republic of Bulgaria(more than in any other country) with a
Bulgaria is located in southeastern Europe. Situatedstaggering jump of 48 percent.
in the east-central portion of the Balkan Peninsula,Property developers believe that the peak is yet
bordering the Black Sea. Covering an area ofto come as there are still many undiscovered
42,823 square miles and is almost rectangular inplaces of beauty in Bulgaria as well as untouched
shape. Its position making it a natural crossroadproperty ready to make it's first entrance into
between Europe and Asia.the property market. Buying Bulgarian
It became a communist country at the end ofPropertyCertain constitutional restrictions on
World War II but communist domination ended inforeign investment in Bulgarian property
1990. Bulgaria joined NATO in 2004 and is set topresented some impediments for inward
join the European Union on January 1, 2007.investment. The Bulgarian Property Law was
Foreign Interest in Bulgarian Propertyamended in July 2000 which removed such
Foreigners, especially the British, have shown arestrictions. The only requirement left was the
special interest in Bulgarian property. There areregistration of the investor or investing company
two main reasons for this ever increasing interest.in Bulgaria.
The first reason is the country's climate andEssentially, the process of purchasing a property
natural surroundings. The second reason is morein Bulgaria necessitates the incorporation of a
obviously, the low cost of living in comparison tolimited company which can be set up through a
Western Europe.solicitor.
Overseas buyers can generally be classified intoThere is a requirement to own the land on which
three groups: those looking to purchase a secondthe property is situated, before it can be
or permanent home; those looking for a holidaypurchased by a foreign national. Property checks
home with the option of renting it out (buy to let);can be done by a reputable Bulgarian solicitor. The
and those purchasing for purely business purposesbuyer will receive an initial contract of sale which
for renovate and resell (speculative purchase).would require a deposit and the contract of
Purchase trends show that most buyers arepurchase should then be signed before a Bulgarian
interested in Bulgarian property for sale in thenotary. An independent translator must be
rural areas or apartments situated in popularprovided by the buyer for this transaction.
beach or mountain resorts.Notwithstanding tales of complicated legal battles
The Bulgarian Property Marketand claims of long-lost relatives as highlighted in
Bulgarian property is extremely good value andthe UK media, developers are quick to defend
foreign investors may stand to profit substantially.Bulgaria as having very strict land registry laws
In recent years, foreign capital has been a majorthereby making chances of such claims very rare.
component in the Bulgarian real estate boom.Potential buyers of homes in Bulgaria are
Although there are admittedly other factorsencouraged to at least visit the country first and
causing the boom such as the low interest rates,make the final decision themselves. A checklist of
the continuous and intensifying flow of capitalpossible pitfalls is provided by the developers to
deserves the bulk of the credit.ensure complete satisfaction on the property
The interest in property in Bulgaria is steadilypurchased.
increasing and is expected to further increase asIn conclusion Bulgaria is proving to be the hotspot
the impending acceptance of Bulgaria in thefor European property and it is advised to make
European Economic Community draws near.your moves while the prices attract. If you do so
According to a Wall Street Journal report, Bulgariayou will certainly realise how wise your
registered the highest rise in its real estate pricesinvestment will have been.