Advice on buying Bulgaria Property

You've found a Bulgaria property what next?

Bulgaria Property Buyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.

Below are some brief points in purchasing property in Bulgaria.

Under Bulgarian law a foreigner cannot own land.
If you wish to buy land or a house with a plot in Bulgaria then you can circumvent this law by opening a Bulgarian company.
The land (and house) can be owned by this company and a foreigner can have outright ownership of the Bulgarian company.
The cost for setting up a company in Bulgaria is relatively low (under 1000 Euros).
With new, off-plan Bulgaria property developments it is not necessary to own part of the land or set up a company as buildings can be owned by foreigners.

Bulgaria Property hotspots

The Black Sea Coast
With a climate similar to northern Spain and golden sandy beaches aplenty, the Black Sea coast is a popular destination with holiday makers and Bulgaria property buyers alike.
Bulgaria Property prices along the coast have increased rapidly over the past 12 months and continue to do so.
However, 65,000 euros will still be enough for a one-bedroom apartment on the Bulgaria coastal strip of Sunny Beach, less popular resorts.

Sofia
Bulgaria's capital is where those with an eye on making a profit will undoubtedly find themselves drawn.
New one-bedroom apartments can be bought from 55,000 euros, while on the city's outskirts, prices are closer to 20,000 euros.
However, the cost of Sofia apartments are almost certain to rocket in the coming year, as a member of the European Union.

Bulgaria Ski Resorts
About 30 per cent of Bulgaria's territory is occupied by mountain areas. Of these, the Rhodope, Rila and Pirin Bulgaria mountain ranges all offer fantastic ski resorts between October and March, one of which could be in the running to host the 2014 Winter Olympics.
Prices of apartments in Bulgaria's ski resorts vary from between 40,000 euros for one bedroom, to 75,000 for two bedrooms.

Plovdiv
Bulgaria's second biggest city behind Sofia, Plovdiv has slowly started to generate a trickle of interest with British buyers.
Property prices are still extremely cheap - a two-bedroom house in Bulgaria could cost as little as 15,000 euros.

Legal fees & costs of buying property in Bulgaria
Legal fees & costs on the property purchase price totals around 5%
This includes
Bulgaria Solicitors fees usually 1% of the purchase price
Notary expenses are approximately 2%
Notary fees varies, but usually are less then 0.5-0.8%
Stamp duty of 2%
Bulgaria Land registration tax of 0.1%
Time scale for the entire process of buying a property in Bulgaria is around 30/40 days.

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These guidelines are meant for guidance only and describe a straightforward properties purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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