Property in Bulgaria - Huge Investment Potential
Bulgaria is a truly magnificent country, located in Eastern Europe with an amazing coastline that stretches over 340km along the Black Sea, with a backdrop of one of the world’s most magnificent mountain ranges and the beautiful and historic capital city of Sofia.
Today Bulgaria not only offers one of Europe’s most attractive and unspoilt holiday destinations it is also host to what will be one of the most dynamic and as of yet relatively untapped property and real estate markets.
Bulgaria has been invited into the EU and it is almost certain that full membership will start in 2007 creating yet another huge surge in the Bulgarian property market. If you’re looking for an excellent investment or a home in the sun then Bulgaria may be a perfect choice for you.
Getting to BulgariaIf you live in the UK travel to Bulgaria over the past few years has become ever easier. Currently there are a range of direct flights from UK airports flying directly to Sofia in 2.
5 hrs. The flights are run by the low cost operators and are priced extremely competitively.
Foreign Ownership of Bulgarian PropertyThe current property laws may at first seem a little confusing with a ban on foreign ownership of land but an OK to own buildings! Before you start to worry about needing helium filled balloons to hang you property from avoiding the need for any land, there is a solution.
The solution to current property laws in BulgariaIt is possible to by land via Bulgarian company incorporation. Currently incorporation costs approximately 650.00 GBP. Also other points to note are as Bulgaria prepares to become a full EU member in 2007 it will begin to harmonise its property laws with the EU and also if you decide to by a new property off plan then you will not require company incorporation.
Property prices in BulgariaOlder properties and especially those in need of restoration seem to have quite a varied pricing structure and if this is what you want then the best bet is to fly over, get your haggling skills up to scratch and you should get a bargain. New off plan costs currently start at around 20,000.00 GBP for a small studio apartment to 120,000.00 for a large luxury 3 bed apartment with best views, facilities and build standards. Chances are that prices will rise significantly between now and 2007, therefore if you’re serious about Bulgaria there’s no time to loose if you want the best from your investment.
Be quick but don’t rushActing quickly to get the best property investments is one thing, not taking the time to get full legal advice and understanding of every aspect of the contracts you sign is another. I would always advise you to be careful when purchasing abroad, make sure that you fully understand contract details, payment details and land ownership. If contracts are produced in a language that you don’t understand then insist on getting them translated before signing.
Buying overseas can be an exciting and profitable experience by taking your time to understand the buying process you will ensure that your property purchase in Bulgaria is a happy and enjoyable experience.
Rhiannon Williamson is an experienced publisher who has produced articles for leading travel and tourism guides and financial magazines. Her specialist knowledge about both travel and finance gives her site Shelter Offshore the unique ability to literally cover every single aspect of moving & living abroad - including the often less discussed offshore tax advantages that can be available when leaving our homeland. Check out her website to find out how you can escape from the rat race, relocate overseas, and profit from your move!
Rhiannon Williamson
