Foreigners willing to invest in real estate will find more than one good business opportunity to do so in the capital or other Bulgarian real estate investment hotspots. Traditionally, foreign interest has been concentrated on commercial properties or holiday homes at the seaside, in the top ski resorts and mountain villages with cultural, historical and natural landmarks and developed rural tourism. In addition, the Bulgarian real estate market offers a great variety of more unpretentious properties in the picturesque rural countryside, where one can find a romantic holiday escape or a cozy retirement home.
If you intend to buy a property in the capital of Bulgaria - Sofia for residence or for investment, you should know that there are certain quarters that are considered more prestigious than others due to their prime location, good infrastructure, more green areas, proximity to state institutions, public conveniences, etc. In case you are buying an apartment, the centre of Sofia is of course one of the most attractive places. Next come the neighbourhoods of Lozenets , Ivan Vazov , Strelbishte , Iztok . If you want to buy a house, you should look in the fashionable lately exurbian neighbourhoods of Boyana , Dragalevtsi and Simeonovo .
Bulgaria offers excellent opportunities for investment in holiday property. If you prefer the sea, we recommend investing in Varna and Bourgas - the sea capitals of Bulgaria, Sozopol and Nessebar - sea towns famous for the preserved authentic architecture, Sunny Beach and Golden Sands - the largest and the most popular beach resorts on the Black Sea coast. Not to be underestimated is Albena - the oldest sea resort located at the northern seaside where three new golf courses are under construction. Rich in high mountain ranges, Bulgaria has many ski resorts with first-class ski facilities and tracks. Bulgaria's ski resort No.1 is of course Bansko , located at the northern foot of Pirin Mountain. The other ski hotspots are Borovets in Rila and Pamporovo in Rhodope.
Holders of valid ordinary passports from the countries of the European Union and some other countries (USA, Australia, Japan, etc.) do not need a visa to visit Bulgaria for up to 90 days within each period of six months. Such passport holders need a visa only if their stay in Bulgaria will exceed 30 days, if they need to enter the country a number of times for a longer period of time, or if they need a long-term visa. More detailed information on visas and staying in Bulgaria can be read here .
There are no restrictions on buying property without land in Bulgaria for a foreign national. You can buy as many apartments in Bulgaria as you can afford! However, if your intention is to purchase and own land (including building plot, house with garden, summer house, apartment with accruing shares of the land on which the apartment building is built), you will have to be permanently staying in the country. For further information on the regulations related to the acquisition of land by foreigners you can see here and on acquiring permanent residence status check here .
Bulgarians are warm and friendly people despite the challenges of life imposed by the economic situation. They are usually very tolerant and open-minded and genuinely interested in different religions and cultures. Bulgarians are happy to see people bringing wealth and foreign investment to their communities and enjoy the internationalization of the country.
Absolutely not! The prices of real estates in Bulgaria at the moment, a member of the European Union since January 2007, are still quite low compared to other European countries. At the same time, Bulgaria is holding a leading position on the list of preferred Balkan tourist and investment destinations, and the resulting steady increase in the prices witnessed in the recent years is expected to continue well into 2007. So, do not hesitate - now is the right time to invest!
Properties in the prestigious residential areas of Sofia sell at about EUR 1,000-1,200 per square metre (roughly £67-£82 per square foot).
To give regional comparisons, the best residential properties in Zagreb, Croatia sell at EUR 2,200-2,500 per square metre, in Belgrade, Serbia EUR 2,000-2,200 per square metre, in Romania for over EUR 1,500 per square metre and in Athens, Greece for EUR 7,600-8,800 per square metre.
As for the UK, London properties in a number of residential areas (such as Knightsbridge, Kensington and Chelsea) can sell for approximately EUR 16,000 per square metre (£1,000 per square metre). See how competitive the prices of Bulgarian properties are by checking our statistics based on realized real estate deals.
Complementary to your own research on the issue, a simple "yes" answers the question perfectly.
Bulgarian economy is developing steadily, the strong growth in industrial production, employment and credit resulted in high GDP growth over the last few years. Bulgarian high-class property prices are still relatively low and there is good investment return.
Bulgarians forever moan about petty crime, yet crime levels in most towns and cities, Sofia included, are incredibly low in comparison to some major cities of the world.
And last but not least, the currency risk is very low. Bulgaria's stabilization programme, which included the introduction of a currency board on July 1, 1997, marked the end of a period of economic turmoil and near-hyperinflation. Bulgaria's exchange rate is fixed to the euro at 1.95583 BGN to 1 euro and all Bulgarian currency in circulation has been backed 100% by the foreign exchange reserves of the Bulgarian National Bank. The rate is unlikely to change before the lev's retirement.
Buying a Bulgarian property off-plan means reserving a property on a new development before its completion and often before construction has started. The developer is keen to sell as many properties as early as possible in order to raise capital for construction and minimize the risk to themselves and the borrowed funds from banks and that is why properties that are marketed by estate agents at this early stage are usually discounted by around 10 to 15% below market value.
Another reason for buying off-plan in Bulgaria to be more attractive is that the new apartments and residential complexes are built to higher standards with more facilities appealing to foreign buyers and holiday makers, and this option is more convenient if you require additional extras for the interior or the room disposition of your apartment.
You can of course try to find your Bulgarian property on your own but before doing that ask yourself whether you have the ability to do the necessary research as regards actual prices, market availability and the legal aspects of property purchase, time to view the properties and skills to negotiate with prospective sellers. If you are not sure you can handle all these things and don't want to face the inherent risks, MIRELA can ensure a quick and trouble-free buying process for you. Using the search engine in our web sites you can easily browse all the properties offered by the agency by type, by location, by price or other criterion. Contact our brokers for any further details and questions without hesitation. The only thing you have to do is to choose, leave the rest to us – we will arrange all the tedious formalities.
Common practice shows the process of the real estate property purchase in Bulgaria takes about a month. The first thing you will have to do is to conclude an order-contract with MIRELA, then we will arrange viewing trips so that you can choose a property that suits your needs. When you have made a decision, you will have to pay a deposit to reserve your property until a preliminary and a final contract of purchase is signed. Read further details on how to buy property in Bulgaria .
The notary will register the notarized deed at the registration office with the respective district court. This can be done by the parties too, but it is most common for the notary to do it. Registration usually takes from 1 to 3 days. Read more info here .
According to the Bulgarian legislation every foreigner who does not possess a Bulgarian personal identity number or a foreigner's identity number and owns a real estate property in Bulgaria has to be entered into the BULSTAT Register at the Registry Agency, Ministry of Justice within 7 days of the purchase.
The amount of taxes and fees varies according to the location of the property.
There are two kinds of tax for the property owners to keep in mind:
- property tax, paid annually, based on 0.15% of the tax value of the property (calculated by the respective tax department and different from the market price)
- refuse fee, paid annually, based on the property value, varying from 1.6 to 5 per 1000 according to property location and municipality.
Further info on taxation related to property ownership here .
Bulgaria is a full member of the EU since January 2007 and has been working hard towards the levelling of its standards of living with those of the Union. The prices of consumer goods are comparable to the ones in other EU countries; while services remain cheaper.
House insurance ranges depending on the type and location of the property and amounts to EUR 100-200 annually.
Example: a property priced EUR 30,000 is insured against theft, flood and fire costs for EUR 125 per year.
The gasification network in the country is still at an initial phase of development with the central heating system dominating as the basic heating means. Central heating monthly expenses for a 2 bedroom apartment come up to about EUR 70. Villas and country houses still use wood and coal, which is a cheaper way to keep a house warm. Electricity used for heating purposes is more expensive than gas or central heating.
The annual taxes for owning a property depend, it goes without saying, on the location and the type of the real estate. The most expensive estates are in the capital and the famous tourist destinations - about EUR 150 for a 2 bedroom apartment (EUR 80 for the countryside).
Hiring a gardener, maintenance man or a construction worker is not expensive in view of the fact that the average salary in Bulgaria is around EUR 200.
Yet another positive answer should be given to such a question. A good quality ski chalet or a seaside villa can generate excellent seasonal yields. Commercial and office space in prime locations have been traditionally regarded successful investments. The same can be safely said about high-quality residential estates in Sofia. MIRELA Real Estate Agency offers excellent property management services, including renting out, maintenance, renovation, etc. For a complete list of our services click here .
If you didn't manage to find the answers to your questions here, you can submit an enquiry here .