A guide to buying property in Bulgaria

Property prices in Bulgaria are rising significantly in the more desirable and established tourist hotspots, particularly sea, coast and ski resorts. There are some radically cheap properties on the market, but do not be tempted to rush in – the prices are not guaranteed to increase. Cheap properties are often cheap for a reason – the infrastructure and services may not be very good and there is no guarantee that these will improve in the near future.

Buying in the more established locations such as Varna, Sofia or Barovets may seem more expensive but in the long-run, it will probably be a better investment. Remember that buying a cheap property will have extra expenses – you may need to renovate, there will be language difficulties and it may be difficult to rent out if it isn’t in a tourist hot spot. Eco-tourism is a growing market in Bulgaria, so this is possibly one of the things you might like to keep in mind when buying a property and marketing it.

The actual buying process

Preparation
When buying your property, it is advisable to also buy the land that the property stands on. Ensure you know the procedures and legislation from the Bulgarian National Constitution of 1991 which allows foreigners to buy land legally. Acquaint yourself with the Bulgarian property law details and their buying procedures.

Viewing
Viewing the property in Bulgaria is strongly recommended. Organized 4/5 days trips are ideal as you can check out not only the house, but the surrounding area.

Deposits
When you are completely satisfied that the house is in order, you can place a deposit on your house. You will need a signed receipt for this deposit amount. The deposit should ensure that the house is taken off the market.

You will not be able to finalize your property transaction until all documentation has been signed and is in place. When you sign documents, make sure it is in the presence of a good, fluent translator so that you understand what you are signing and you have complete understanding of every stage of the process.

If you like to see a list of properties for sale in Bulgaria, please click here

2 Trackback(s)

  1. From Bulgaria prices continue to rise - Buying Foreign Property | Aug 1, 2007
  2. From Sofia: The cheapest European capital city - Buying Foreign Property | Oct 8, 2007

RSS Feed for This PostPost a Comment

css.php