Property in Bulgaria - Tips, Guides and Advice
By Nicholas Marr
The Bulgarian property market is producing some fevered activity amongst European overseas property buyers. Examine the Bulgarian housing market and it's easy to see why this region is causing so much excitement. Low prices and rental opportunities that cover both summer and winter periods makes Bulgaria attractive for overseas property investment.
Overseas property investors initially concentrated in the coastal beach resorts of the Black Sea. The Bulgarian housing market has developed and matured an ever increasing variety of property has become available catering to the differing interest and needs of international buyers. Bulgarian property buyers can now choose between mountain ski resorts, historic villages, apartments in Sofia the capital or coastal properties.
Bulgarian weather has a Mediterranean influence in the country's southern regions. The average annual temperature is 10.5°C. The average January temperature is around O°C. Average summer temperatures rarely exceed 30°C.
Buying property in Bulgaria means in most cases that overseas property buyers will need to set up a limited company. The exception to this is when a buyer purchases a leasehold property such as an apartment. In this case you do not own the land and therefore foreign buyers can buy Bulgarian property without the need to set up a Bulgarian registered company.
How to set up a Bulgarian company
Setting up a limited company in Bulgaria is such a normal process that it is now a relatively easy process. Many Bulgarian estate agents will do this for you as part of the service. After all it is to their benefit as buyers cannot proceed without the creation of the company. You will need to consider the cost of this service and like most things it varies from agent to agent.
Once registered your company gives you bargaining power it can put you in an excellent position as you are ready to buy. It demonstrates to the seller that you are a serious buyer that can buy a Bulgarian home relatively quickly.
Your ownership rights are the same as if you bought the property as an individual. Whoever owns the company also owns the land.
These rules are set to change in 2007 after Bulgaria joins the European Union
Popular regions to buy Bulgarian property
Bansko and St Vlas remain popular areas to invest in Bulgarian property.The majority of demand for Bulgarian property currently originates from investors in overseas property from the UK and Ireland.
Bulgarian quck facts Government type: Parliamentary Democracy Capital: Sofia Independence: 22 September 1908 from Ottoman Empire Legal system: Civil and criminal law based on Roman law
The author Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd. His company is responsible for one of Europe's fastest growing overseas property web sites at http://www.homesgofast.com
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Buying Process In Bulgaria
By Jolis Eltilib
Our team in Bulgaria is available to assist English speaking buyers in person, showing properties, areas and providing valuable information about the country and its residential tourism market. We work with English-speaking lawyers and leading banks to assist our clients during the purchasing process, whose main characteristics can be summarised as follows:
The total purchase cost should not exceed 5 %( including lawyers fees), except in the case of older and/or cheaper properties.
Under Bulgarian law a foreigner cannot own land. If you wish to buy land or a house with a plot you can circumvent this law by forming a Bulgarian company through which you can legally own the property. However, you do not need to form a company to purchase an apartment.
We advise buyers to always use a lawyer
The purchase process consists of the following steps:
A reservation deposit is paid to hold the property usually 1,000 Euros.
If the property consists of land or an existing re-sale property a Bulgarian company must be set up through which it can be legally bought and owned.
An initial private purchase contract is signed (after having been thoroughly checked by your lawyers) and an initial payment is due usually about 10% to 40%, depending on whether it is a re-sale or off-plan property.
Stage payments are paid throughout the building process for most off-plan property.
The Notary Act is then signed in front of a Bulgarian notary. In the case of an off-plan development, the Notary Act is signed once the building is completed.
The time scale of each of the steps depends upon the type of sale. In the case of an off-plan development, the preliminary contract is usually signed within weeks of the reservation.
http://www.britishdevelopments.com
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Golf Course Construction Swings Into Action on the Bulgarian Coast
By Ian Hunt
There has been much interest in the high plateau area overlooking the northern coast at Topola just north of Balchik in Bulgaria. Investors who have bought land in this location have enjoyed substantial gains in the value of their Bulgarian property investment, but will this continue?
For the most part of 2005 there was little activity on the golf course construction site. This lead to speculation that the golf course may not actually be built. However, in recent weeks there has been a flurry of building activity and visitors to this attractive location on the Black Sea Coast can now visualize that this really will be an exemplar property development in Bulgaria.
The 18 hole golf course will also offer clubhouse facilities, restaurants, bar, swimming pools, tennis courts and volley ball. Luxury villas in this fabulous development will be available and top prices will be up to £300 000.
Ian Hunt at Best Bulgarian Estates Ltd, a UK based Bulgarian property agency, said,
'The development of the golf course at Balchik is great news for people who have invested in land and property adjacent the golf course. The ongoing construction will now prompt more land owners and developers to build properties at Topola. But it is still good news for people considering investing in Bulgaria. Building plots at Topola can still be purchased for around £15 000.
It is possible to build a good standard Bulgarian villa for around £30 000. In light of the golf course construction many people, now looking for potential investment opportunities will be attracted to the area. We think the price of land in this area will rise significantly over the next few months. This is currently an excellent investment opportunity'
View golf course plots and other Bulgarian property
Ian Hunt
Best Bulgarian Estates Ltd
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Has The Bulgarian Bubble Burst?
By Mawuena Dotse
Given the current position of the world's leading financial markets, many people who might have been interested in investing in Bulgaria have been put off.
Has the bubble burst? Well that depends who you speak to.
Bulgaria is full of success stories involving foreign investors but these successes are over shadowed by the inherent problems with buying a property in Bulgaria as well as a great deal of 'scare mongering'.
Despite the rumours that Bulgarian property prices are falling due to over development and a decreased demand in property, there are still opportunities for investors to make a good return on their investment, albeit over a longer time frame than was initially intended (3-7 years is a more realistic time frame for flipping the property).
City properties are being hotly tipped as the best investment opportunity in Bulgaria. Investing in a city such as Bulgaria's capital, Sofia, with its millions of 's of European investment it makes sense to consider it as a suitable and practical investment opportunity.
Over development and saturation in some of the resort areas, in addition to the effects of the global credit crunch the attitude of Bulgarian lenders is seen to be more risk averse and wary of lending and hence lower valuation results might be received.
Due diligence is the key; research all you can about your investment and if in any doubt speak to a professional who can help you.
There are several Establishments that are able to advise you on what options are available, search on your favourite search engine for terms relating to Bulgarian Finance or Bulgarian Mortgages and there are several companies that can help
Are you Looking for finance to purchase your property in Bulgaria? Let Bulgarian Home Loans find the perfect finance options for you. Or if you haven't found your property yet... Simpligroup Property have a selection of properties that may interest you.
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Worldwide Holiday Villas & Cottages:
www.worldwidecottages.com
Pay Off Your Mortgage in Less than a Year from Cheap Bulgarian Property
By Andrew Herbert
Have you ever dreamed of being able to pay off your mortgage early, even in one year? If so, then reading this article may just turn your dreams into reality.
For £6000 you are still able to purchase a good sized house with land attached in Bulgaria which can be renovated utilising the amazingly cheap Bulgarian labour force for a small amount of money and resold on the open property market for up to £50,000 in only short amount of time. If you were to buy two similar properties and renovate them, you could be looking at nearly £100,000 profit in less than a year.
This exciting profitable venture was recently broadcasted on a popular television programme called buying property abroad which followed a uk investor who bought three properties,renovated them and made an astonishing £130,000 profit in less than a year.
Seek out Cheap Bulgarian Property
The Bulgarian property market is now reachable by using many of the reputable online Bulgarian property websites to seek out property bargains. Bulgarian property can be purchased for as little as £6,000 at present but with all property markets, a sudden interest in overseas investment tends to push property prices sky high so it is recommended to do your research now before it might be too late and prices rise.
Purchase a Bulgarian Property
Once you found a cheap Bulgarian property, set up viewings with the estate agents of choice on any selected properties in your interest. This will obviously mean that you may want to visit Bulgaria but if you dont want to, then the whole process of purchasing a cheap Bulgarian property can all be done by email via the agents. All property agents can arrange any works required on your property for you by using good reputable bulgarian builders,they will do the hard work for you for no extra cost as you have purchased the property through them. All you will need to do is send the agents a deposit which will be in the region of 5% of the total purchase price and your property will be removed from the market and reserved under your name.
Engage the services of a Bulgarian Property Lawyer
As with all property purchases at home or abroad, we would recommend strongly you always engage the services of a reputable Bulgarian property lawyer to deal with your legal property purchase. Properties other than apartments will require you under Bulgarian law to set up a Limited company in your name so you can officially purchase the land the property sits on. This will cost in the region of £500 including all legal services. This is essential as the property deeds and relevant searches will be preformed to ensure the property you wish to buy is legally correct.
Sell on your property
Selling your property is much easier then purchasing a property in Bulgaria. The estate agent you purchased from will sell your property for you using the internet to reach foreign investors. The buyer pays all estate agents costs involved in the transaction. So 100% profit goes straight into your pocket from the sale. If you want to make even more profit then maybe consider renting your property which will bring in a regular income and then sell in a few years time when you can even more maximum profit.
If you would like to know more about cheap Bulgarian Property, we offer tips and advice at our website, visit us today by clicking on the link or find us in the resource box below.
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