Bulgaria is located in South Eastern Europe, and is bordered by Greece and Turkey to the South, Romania to the North and Macedonia and Serbia to the West, while it's Eastern Border is formed by the beautiful Black Sea Coast. This is a country of outstanding natural beauty, the environment remains unspoiled and is incredibly varied, and since it is relatively small country, a few hours drive will take you from the snow covered central Pirin mountain Ranges to the long sandy beaches of the Black Sea coast. Those who has visited Bulgaria for the first time will be surprised by its diversity and its stunning natural beauty. For years a real effort has been made to preserve the country's rich and unspoiled flora and fauna, so as a result, Bulgaria is ecologically one of the purest countries in Europe, with exceptionally clear air and water resources. There are 7 national parks, more than 3000 protected natural sites and 17 bio-spherical reserves (the greatest recorded number in Europe), and there are also 419 protected animal species and 63 protected types of plant. The 380 kilometers of beaches are amongst some of Europe's cleanest and safest, many of which have been awarded with the prestigious "Blue Flag" status.
Bulgarian Property SelectionThere are several things you have to consider after deciding to buy a property, and the first one is the allocated funds. Though the property prices in Bulgaria are quite low compared to most of the other European countries, there is still a wide variety of prices depending on the property type and location. For example, the properties in Sofia and at the Black Sea are more expensive compared to the other parts of the country, so you will have to figure out is how much you can afford to spend and thereafter to determine the price range for your purchase. Apart from the actual price of the property, there are a lot of other one-off costs you have to consider, like this that there are some differences in the property-buying process in Bulgaria from those in the UK, so it is advisable always to take all eventualities into account when making your estimates.
Bulgaria Inspection TripsInspection trip is optional, but highly recommended to all potential buyers - after all, what could be more exciting than an organized viewing trip to see your dream Bulgarian house or apartment? Most of the real estate agencies offer you the opportunity to go to the site of the property and see it with your eyes, in which case you may have to pay the trip or not, but the agent will organize everything concerning your stay in Bulgaria.
Buyers Guide - Hire a SolicitorAs in most other countries, you will need to employ a local solicitor, who speaks English, for all the legal aspects of buying a property, so if you are unable to attend the Notary Act in person, your legal representative may attend in your place. You will need to hire solicitor, who have to be be qualified in procession of a "Power of Attorney" agreement. However, some Bulgarian solicitors charge a flat rate (fees vary widely from around 220 euro to 1200), others a percentage of the property price (most often 1%). That tasks of your solicitor will include:- initial check of the documents of the seller,- check and conclusion of the preliminary contract,- last check of the ownership in the property register before the conclusion of the final sale contract,- preparation and conclusion of the title deeds,However, it usual in Bulgaria, one solicitor to represent both sides of a transaction, but they are legally obliged to be diligent and fair.
Bulgaria Property Land OwnershipBefore 2007, Bulgarian Act on Foreign Investment stated that, foreigners can buy buildings but not land, and therefore the most common method for foreigners was to set up a company which then owns the land. However, after the country has joined the European Union in Jenuary, 2007, the law has changed, so now Bulgaria has opened its doors fully.
Bulgaria Real Estate Preliminary ContractsAfter the verbal agreement, draw up the initial contract and get the property removed from the market, which is very similar to "Sold subject to contract" in the UK. Most often you would receive the receipt of the holding deposit payment together with the copies of the preliminary contract of sale for signatures with the further instructions. It is very important that the preliminary contracts have to be written in English, and before you sign it, do the standard checks on:1) Title Documents2) Licenses and Permissions3) Debts on Title4) Terms of contract
Properties in Bulgaria - Notary ActsYou would be required to travel to Bulgaria to sign the final contract of sale at the Notary Public in the district where you bought the property, unless you issued your solicitor with power of Attorney, but it is however advisable to travel to Bulgaria at this stage. Sign the Notary Act (contract of purchase) and confirm in front of Bulgarian Notary Public that you buy the property, but know that there are Notary and Land Registry fees - both based on a sliding scale of charges according to the purchase price. The whole transfer process of the Bulgarian property should not take more than 3-4 working days.
Buyers Guide - MaintenanceMany building companies offer the possibility for maintenance,which include the maintenance and repairs. All types of repairs of already built property, reconstruction and modernization of buildings, which includes construction works on room expansion or superstructures and new construction.
Buyers Guide - SecurityThere are Bulgarian real estate companies will assist you in buying furniture, finding insurance, security, bank accounts, renting, cleaning your property and so on. If your property is in a resort area or in a big city, you can easily find services as 24-hour security year around, and also you can think about purchasing an alarm system.
Bulgarian Properties Buy Taxes1. According to the Bulgarian laws, all foreign citizens, who acquire property in Bulgaria after 11,08,2005 need to apply for a BULSTAT number (something like a taxpayer ID number) within 7 days of registering the title deed(s). For this purpose, a Power of Attorney will be mandatory, but we can arrange these at the time of completion. The above change in the law was published in the Bulgarian State Gazette No 39 of 10,05,2005 and became effective on 11,08,2005. However, there are other taxes and expenses - 2% (of the taxable base) property transfer fee is due to the Bulgarian tax authorities 0,1% (of the taxable base) local court fee for registering the notary act notary fee, approximately 1% of the property price (proportional to the taxable base) according to the chart of the Notary's Fee Tariffs.
Bulgarian Real Estate InsuranceIn case you are the new owner of a real estate in Bulgaria, or you have just paid the deposit for a new development due to be ready in several months, then it is advisable that you insure the property against loss/damage from specific events, like for example fire, theft, storm and flood or your home contents.
Bulgarian Property SelectionThere are several things you have to consider after deciding to buy a property, and the first one is the allocated funds. Though the property prices in Bulgaria are quite low compared to most of the other European countries, there is still a wide variety of prices depending on the property type and location. For example, the properties in Sofia and at the Black Sea are more expensive compared to the other parts of the country, so you will have to figure out is how much you can afford to spend and thereafter to determine the price range for your purchase. Apart from the actual price of the property, there are a lot of other one-off costs you have to consider, like this that there are some differences in the property-buying process in Bulgaria from those in the UK, so it is advisable always to take all eventualities into account when making your estimates.
Bulgaria Inspection TripsInspection trip is optional, but highly recommended to all potential buyers - after all, what could be more exciting than an organized viewing trip to see your dream Bulgarian house or apartment? Most of the real estate agencies offer you the opportunity to go to the site of the property and see it with your eyes, in which case you may have to pay the trip or not, but the agent will organize everything concerning your stay in Bulgaria.
Buyers Guide - Hire a SolicitorAs in most other countries, you will need to employ a local solicitor, who speaks English, for all the legal aspects of buying a property, so if you are unable to attend the Notary Act in person, your legal representative may attend in your place. You will need to hire solicitor, who have to be be qualified in procession of a "Power of Attorney" agreement. However, some Bulgarian solicitors charge a flat rate (fees vary widely from around 220 euro to 1200), others a percentage of the property price (most often 1%). That tasks of your solicitor will include:- initial check of the documents of the seller,- check and conclusion of the preliminary contract,- last check of the ownership in the property register before the conclusion of the final sale contract,- preparation and conclusion of the title deeds,However, it usual in Bulgaria, one solicitor to represent both sides of a transaction, but they are legally obliged to be diligent and fair.
Bulgaria Property Land OwnershipBefore 2007, Bulgarian Act on Foreign Investment stated that, foreigners can buy buildings but not land, and therefore the most common method for foreigners was to set up a company which then owns the land. However, after the country has joined the European Union in Jenuary, 2007, the law has changed, so now Bulgaria has opened its doors fully.
Bulgaria Real Estate Preliminary ContractsAfter the verbal agreement, draw up the initial contract and get the property removed from the market, which is very similar to "Sold subject to contract" in the UK. Most often you would receive the receipt of the holding deposit payment together with the copies of the preliminary contract of sale for signatures with the further instructions. It is very important that the preliminary contracts have to be written in English, and before you sign it, do the standard checks on:1) Title Documents2) Licenses and Permissions3) Debts on Title4) Terms of contract
Properties in Bulgaria - Notary ActsYou would be required to travel to Bulgaria to sign the final contract of sale at the Notary Public in the district where you bought the property, unless you issued your solicitor with power of Attorney, but it is however advisable to travel to Bulgaria at this stage. Sign the Notary Act (contract of purchase) and confirm in front of Bulgarian Notary Public that you buy the property, but know that there are Notary and Land Registry fees - both based on a sliding scale of charges according to the purchase price. The whole transfer process of the Bulgarian property should not take more than 3-4 working days.
Buyers Guide - MaintenanceMany building companies offer the possibility for maintenance,which include the maintenance and repairs. All types of repairs of already built property, reconstruction and modernization of buildings, which includes construction works on room expansion or superstructures and new construction.
Buyers Guide - SecurityThere are Bulgarian real estate companies will assist you in buying furniture, finding insurance, security, bank accounts, renting, cleaning your property and so on. If your property is in a resort area or in a big city, you can easily find services as 24-hour security year around, and also you can think about purchasing an alarm system.
Bulgarian Properties Buy Taxes1. According to the Bulgarian laws, all foreign citizens, who acquire property in Bulgaria after 11,08,2005 need to apply for a BULSTAT number (something like a taxpayer ID number) within 7 days of registering the title deed(s). For this purpose, a Power of Attorney will be mandatory, but we can arrange these at the time of completion. The above change in the law was published in the Bulgarian State Gazette No 39 of 10,05,2005 and became effective on 11,08,2005. However, there are other taxes and expenses - 2% (of the taxable base) property transfer fee is due to the Bulgarian tax authorities 0,1% (of the taxable base) local court fee for registering the notary act notary fee, approximately 1% of the property price (proportional to the taxable base) according to the chart of the Notary's Fee Tariffs.
Bulgarian Real Estate InsuranceIn case you are the new owner of a real estate in Bulgaria, or you have just paid the deposit for a new development due to be ready in several months, then it is advisable that you insure the property against loss/damage from specific events, like for example fire, theft, storm and flood or your home contents.
