During the past couple of years Bulgarian real estate market has become an appealing investment opportunity. The great natural resources - the famous Black Sea resorts, resorts for winter activities, year-round hiking and nature observation opportunities make Bulgaria a popular destination for people seeking active holidays. The general environment is peaceful, safe and friendly. Business prospects are unique as Bulgaria will join the European Union on 1 January, 2007.
The trend for the real estate market is - rising prices which are expected to last till 2014, when EU accession is finalized. In 2014 citizens of other EU countries will be legally entitled to own land in Bulgaria.
At present, non-Bulgarians cannot own land in the country directly; this means that for almost all purchases a buyer must first set up a limited liability company in whose name the purchase may be made. This can all seem to be a pretty daunting prospect at the outset but, provided that you have access to the necessary local expertise, it is actually a surprisingly simple procedure. Companies can be set up and registered at a total cost of app. ?600 (including registration with the National Tax Registry, the Companies Register and the Social Security Institute), a process which requires the owner of the company to set up a bank account (for a nominal fee) and place a deposit of 5000 Leva, refundable once the company becomes a legal entity. A limited liability company set up in this way can own more than one property. Furthermore, ownership through a limited liability company entitles the buyer to a substantial degree of legal protection.
Having selected a property, the buyer will instruct a lawyer to draw up a preliminary contract after which the buyer is asked to pay a deposit of 10% and the agency commission (usually around 3%) of the property's value while the lawyer or lawyers check title. Once satisfied that all is in order, the lawyer informs the buyer to that effect; the buyer then pays the balance of the purchase price, along with a combined land tax and notary fee. In fact, it's so simple that the entire purchasing package - from flights, car hire, accommodation and English speaking staff for your viewing trip, through the set-up of your business, the translation and registration of documents, to the transfer of title deeds - can usually be completed in just 4 to 6 weeks.
Discover Bulgaria Properties Ltd. readily offers support for buyers through our network of trusted partners. Our services include:
With Discover Bulgaria Properties Ltd. the process of property searching, selecting and purchasing is fairly streamlined. Next to purchase support we offer diverse and high quality
Once you have bought in Bulgaria, managing your property becomes quite important. Keeping your property in a sound condition can ensure both high rental income and your comfort. In this respect we offer the following services:
Bulgaria is the perfect destination for business travel, offering a rich variety of first class hotels, resorts and conference facilities, as well as convenient transport to major cities inside the country and around the world. Further advantages include beautiful sandy beaches, refreshing mountain centers, ancient historical places, a perfect climate, and lower prices compared to alternative destinations. Finally, traditional Bulgarian hospitality and opportunities for entertainment, recreation, and excursions guarantee your satisfaction in Bulgaria. We can help to ensure your comfortable stay in Bulgaria. For more information about booking a hotel visit our online hotel reservation system.
