Innovative property investments
Investment Property in Bulgaria
Buying Guide
Property Overview
Changing laws
The first thing to be aware of before embarking on a Bulgarian property purchase is that at present foreign individuals cannot own land in the country.
This will change as a result of Bulgaria's accession to the EU but not for several years - indeed, not before 2014 - and at the time of writing it is still necessary to form a Bulgarian limited company through which to purchase any type of home other than an apartment freehold.
The procedure is outlined in greater detail in the Buying Process section; suffice it here to say that this is a lot less complicated than it sounds and can be done relatively quickly and inexpensively.
Dramatic price rises
Bulgaria is definitely still an immature emerging market; the flood of buying interest and consequent dramatic price rises which have characterised the last few years are indicative of that immaturity and it is certain that the future will see a number of price corrections as the market finds its natural level.
Prices in the coastal hot spots now regularly exceed 1,000 GBP per square metre while in some ski areas buyers can expect to pay even more; this is on a par with or even exceeding prices for central Sofia and the general consensus is that this is hardly sustainable in a country where the average monthly wage remains below 200 GBP.
On the whole prices are still being set by developers and agents rather than by the market itself and this will only change when the many thousands of new properties which have either been completed or are in the process of completion come up for resale and find their natural price level.
Key facts
- An immature emerging market that has experienced a flood of interest and dramatic property price rises
- Prices in the coastal hot spots now regularly exceed 1,000 GBP per square metre and can cost more in some ski areas and Sofia
- EU accession will eventually remove the need for foreign individuals to form a Bulgarian limited company to purchase a property with land
Downloadable Reports and Documents
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