General Facts about Bulgaria
Bulgaria is located in the south-eastern part of Europe with borders to Romania, Serbia, Greeceand Turkey. They have a very diverse geography and climate with mountains dominating the western part of the country where it gets very cold during the winter and a more flat and southern climate in the east part of the country next to the Black Sea.
The population of Bulgaria is around 7.5 million and the official language is Bulgarian (using the Cyrillic alphabet for writing) but since the fall of the communism in 1989 English has become more and more popular amongst the population and is spoken by the majority (at least in the more popular tourist areas and in the capital, Sofia).
Bulgaria just entered the European Union in the beginning of 2007 and the economy is one of the fastest growing in Europe.
The Property market
The growing economy, the recent membership into the EU and, especially, the attractive property prices are the main reasons why Bulgaria is becoming one of the most popular places for foreigners to buy real estate abroad.
Although the property prices in Bulgaria have been increasing up to 40% during the last years, the price level is still far below the property prices in northern Europe and also much below other popular and more traditional destinations for foreigners to buy property such as Spain, France or Italy.
The average price for property in Bulgaria, per square meter, is approx. 500Eur and in popular tourist areas the average price is about 800Eur (compared to 1500Eur in Spain and approx. 2700Eur in the UK).
The economic forecasts still predict that the property prices over the next 5 years will at least double the current level, which also makes the Bulgarian property market attractive from an investment point of view.
The general price level in Bulgaria (seeing as a meal, with wine, for two will cost approx. 10Eur/6-7 Pounds) is another reason why Bulgaria is appealing for foreigners. The tranquil atmosphere, friendly and open minded people and nice climate only makes it more popular.
The majority of foreigners that buy property in Bulgaria are British but it is also very popular among Scandinavians and Dutch and so, far more than 30.000 Brits have purchased property in Bulgaria.
Foreign investment in property has increased from approx. 100 million Euro in 2003 to more than 700 million Euro in 2005 and is expected to reach about one billion Euro in 2007.
Initial Steps to Take - Before Buying Property in Bulgaria
Before you rush into buying a property abroad you will have to make clear with yourself what type of property you are looking for, the reasons you want to buy the property (holiday home, settle down, investment, renting out the property) and where you are interested in buying. Setting a realistic budget is also very important initially as there is nothing more disappointing than setting expectations too high to find out later on that you can’t afford your dream house.
For the initial research both guide books and the internet can be very helpful but we highly recommend to spend some time in the area where you plan to purchase (and preferable at different times of the year) especially if you are buying the property as a holiday home or to settle down.
Getting in contact with both a good solicitor and a good estate agent (see this section for more information about
My Bulgarian Dream Home) can also be recommended from the beginning as they can help answering many of the questions you might have.
Properties for Sale in Veliko Turnovo, Bulgaria. Houses, apartments, OFF-Plan, Land. Real estate agency based and specialized in Veliko Tarnovo, Bulgaria.
Information included in this online guide;
- Where and What Property to Buy in Bulgaria - with information about the most popular areas in Bulgaria to buy Property.
- Financial Issues - this is a short introduction to the financial elements of buying a property in Bulgaria including what to be aware of, initial and annual costs and information about how to finance the purchase.
- Legal Matters - an introduction to the most important legal things to be aware of before you sign any contract.
|
