Buying Property in Bulgaria

Property in Bulgaria - Tips, Guides and Advice
By Nicholas Marr

The Bulgarian property market is producing some fevered activity amongst European overseas property buyers. Examine the Bulgarian housing market and it's easy to see why this region is causing so much excitement. Low prices and rental opportunities that cover both summer and winter periods makes Bulgaria attractive for overseas property investment.

Overseas property investors initially concentrated in the coastal beach resorts of the Black Sea. The Bulgarian housing market has developed and matured an ever increasing variety of property has become available catering to the differing interest and needs of international buyers. Bulgarian property buyers can now choose between mountain ski resorts, historic villages, apartments in Sofia the capital or coastal properties.

Bulgarian weather has a Mediterranean influence in the country's southern regions. The average annual temperature is 10.5°C. The average January temperature is around O°C. Average summer temperatures rarely exceed 30°C.

Buying property in Bulgaria means in most cases that overseas property buyers will need to set up a limited company. The exception to this is when a buyer purchases a leasehold property such as an apartment. In this case you do not own the land and therefore foreign buyers can buy Bulgarian property without the need to set up a Bulgarian registered company.

How to set up a Bulgarian company

Setting up a limited company in Bulgaria is such a normal process that it is now a relatively easy process. Many Bulgarian estate agents will do this for you as part of the service. After all it is to their benefit as buyers cannot proceed without the creation of the company. You will need to consider the cost of this service and like most things it varies from agent to agent.

Once registered your company gives you bargaining power it can put you in an excellent position as you are ready to buy. It demonstrates to the seller that you are a serious buyer that can buy a Bulgarian home relatively quickly.

Your ownership rights are the same as if you bought the property as an individual. Whoever owns the company also owns the land.

These rules are set to change in 2007 after Bulgaria joins the European Union

Popular regions to buy Bulgarian property

Bansko and St Vlas remain popular areas to invest in Bulgarian property.The majority of demand for Bulgarian property currently originates from investors in overseas property from the UK and Ireland.

Bulgarian quck facts Government type: Parliamentary Democracy Capital: Sofia Independence: 22 September 1908 from Ottoman Empire Legal system: Civil and criminal law based on Roman law

The author Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd. His company is responsible for one of Europe's fastest growing overseas property web sites at http://www.homesgofast.com