Buying a property in Bulgaria? This useful guide contains an insight into the Bulgarian property market and the process followed to successfully purchasing a property in Bulgaria.

Guide to Buying Property in Bulgaria

Overview

Successfully looking for Real Estate in Bulgaria

As it emerges from years of semi-isolation behind the infamous Iron Curtain, Bulgaria is becoming a more and more attractive place for foreign nationals to make investments of different types in the real estate market. (With that said, and as will be discussed thoroughly later, a foreign national cannot presently directly own real estate in Bulgaria. The prohibition against direct ownership should be changed within the coming decade. And, in the interim, there are ways in which a foreign national can take title to real estate in a more indirect manner — which will also be discussed in detail shortly.)

Presently, the biggest demand made by foreigners when it comes to real estate in Bulgaria involves residential property. Many Europeans and individuals from some other countries around the world are buying Bulgarian residential property to establish holiday or vacation retreats.

Additionally, more and more savvy investors from different countries around the world are becoming more involved in the ownership of business or commercial real estate in some of the major cities in Bulgaria, most particularly in Sofia, the Bulgarian capital and Varna on the coastal regions of the Black Sea

Population: 7.97mCurrency: Bulgarian Lev Capital:Sofia Flag of BulgariaFlag of the European Union

Investment Property in Bulgaria

As mentioned, more and more international investors are putting money into real estate in Bulgaria for investment purposes. For example, these investors are buying real estate that is being developed for business and commercial purposes — especially in and around Sofia. (Once again, an investor needs to keep in mind that a foreign national cannot own real estate directly in Bulgaria at this time. Again, there are mechanisms available to deal with this prohibition that will be presented and discussed later.)

Another area in which foreign investors are becoming more active is in the purchasing of apartments or apartment complexes which are then being rented and leased to the influx of people that have taken to coming to Bulgaria to participate in the burgeoning economy of that country since it has become more fully integrated into the overall European community of nations.

Residential Bulgarian Property

As referenced, there are a significant number of overseas buyers who have taken to buying residential property in Bulgaria for holiday or vacation purposes. This includes people who have purchased elegant and substantial villas in different parts of the country as well as the more affordable and less costly apartments. In any case, Bulgaria is proving to be experiencing a sharp increase in the number of residences that are being sold to people who are looking for second homes for retreats, vacations or holiday homes in Bulgaria.

Finally, with many people moving to Bulgaria from other countries around the world, a great demand has been placed for the development of single family homes and houses as well as apartments in many parts of the country.

Residential Real Estate – Apartments in Bulgaria

Due to the prohibitions against foreign ownership of land in Bulgaria that likely will remain in place for approximately ten more years, many people are opting to purchase apartments. Because apartments normally are sold as units and without the conveyance of any actual land, a foreigner directly can purchase and own an apartment.

Throughout Bulgaria, apartment sales have been brisk with many people buying holiday apartments in the Black Sea resorts of Sunny Beach, Golden Sands, Nessebar as well as the Ski Resorts of Bansko, Borovets and Pamporovo. In addition, each year a significant number of new apartment complexes are being developed in all of the major cities in Bulgaria and in many more rural communities as well.

Again, due to the prohibition against the direct ownership of land by a foreign national, many people are opting for apartment ownership at this juncture.

Holiday Property in Bulgaria Resorts

As mentioned earlier, many foreign buyers have taken to seeking and purchasing real estate in Bulgaria for vacation or holiday purposes. One of the most interesting trends in the Bulgarian real estate market at this time involves the renovation of substantial residents — including breathtaking and historic villas and chalets — in different parts of the country. These magnificent properties are being restored to immaculate condition and are then, in many instances, being purchased (indirectly) by foreign nationals to be used as retreats, vacation or holiday destinations.

In addition to the trend towards the rehabilitation of older properties in Bulgaria, a significant number of new and off plan residential developments are under construction in many resort communities in Bulgaria. Bulgaria has worked diligently, through its government and through the private sector, to attract tourists and tourism money into that country over the course of the part five to ten years. Indeed, an ever growing number of people are finding themselves attracted to Bulgarian resorts and have begun to purchase (again, indirectly unless the residence is an apartment) real estate and residences being developed in this various resort communities in Bulgaria. Most Bulgarian real estate market analysts expect the trend towards the development of vacation-style residences to continue well into the next decade as an ever increasing number of people begin to discover Bulgaria and its resort destinations.

Specific Steps to Buying a Property in Bulgaria

Overview

Since it has emerged from behind the Iron Curtain, Bulgaria through its government has worked to bring that nation into the mainstream of international commerce. However, and with that said, Bulgaria remains in a period of transition when it comes to some commercial matters. This particularly is the case when it comes to the ownership of real estate by a foreign national within the borders of Bulgaria.

At the present time, the Bulgarian national constitution actually prohibits foreign nationals from directly owning land in Bulgaria. With that said, the governmental leaders in Bulgaria are in the process of changing the country’s constitution to allow for the direct ownership of land in Bulgaria by foreign individuals. The proposed constitutional changes likely will not be in effect until 2014 or 2015.

Understanding that a foreign national cannot directly own land in that country at the present time, this does not mean that a foreigner cannot own property in Bulgaria “indirectly.” In other words, if a person is interested in owning land in Bulgaria, there is an additional step that he or she will need to take in advance of making such a purchase and of assuming such ownership of real property.

Keep in mind that if a foreign national is interested only in purchasing an apartment — to which no land will be involved, to which any land outside of the apartment unit will be conveyed to the foreign national — direct ownership is, in fact, permissible.

If a person is interested in buying or investing in land in Bulgaria, and if that person is not a Bulgarian citizen, he or she will need to establish what is known as a Bulgarian Limited Company through which land in Bulgaria can be purchased and legally owned. In order to set up or establish a Bulgarian Limited Company, a person will need to plan on spending just under one thousand Euros. In most instances, a qualified real estate agent in Bulgaria should be able to offer this service to a foreign national.

Once this Bulgarian Limited Company has been established, the hunt for land/property to purchase can begin in earnest. At the time that a piece of property has been identified that a person is interested in buying, an oral offer to purchase is made to the seller. If the seller orally accepts a buyer’s offer, the next step in the purchasing process is the preparation and signing of what is known as a preliminary contract.

Customarily, in Bulgaria, at the time the preliminary contract is executed, a 10% deposit is placed or made by the buyer. Generally speaking, the deposit is non-refundable unless the seller withdraws from the contract or cannot, in the end, provide a clear conveyance of the property in question to the buyer. In other words, if the buyer pulls out of the deal, he or she will lose his or her deposit money. In Bulgaria, perhaps more so than in many other countries in Europe and elsewhere in the world, it is imperative that a very thorough title search be undertaken. In addition, an independent survey of the property subject to the sale should be taken to ensure that the legal description of the property is, in fact, correctly stated. Unfortunately, Bulgaria has somewhat of a reputation of being a country in which titles to real property and survey descriptions are rather muddled in more than a few instances.

Once the title to the real estate is deemed clear, and once all other inspections and evaluations have been completed, the time will arrive for the signing of the final contract. This must take place in the office of a notary public. When the final contract is signed, all state and municipal taxes will need to be paid as well as the remaining balance due and owing on the real estate. After the final payment is made, the deed will be transferred into the buyer’s name, which in the case of a foreign national will be the Bulgarian Limited Company.

How to buy property in Bulgaria:

Bulgaria is one of the new boom countries for property investors – property is relatively inexpensive compared to neighbouring countries and certainly much better value than the developed economies of Western Europe.

Buying property in Bulgaria is a relatively straightforward procedure. We’ve broken the process down into a few simple steps – follow these and you’ll soon be the proud owner of a new property in Bulgaria!

1. Find your property

OK this is the fun bit – at www.property-abroad.com you can find an amazing range of Bulgarian property on offer from budget apartments to grand residences. Browse our site to find the property that suits your needs best but bear in mind the following:

If the property seems cheap by UK standards, it may indicate that it:

o Requires significant refurbishment.o Is built in an older styleo It’s located in a remote areao Only has an outside toilet

Many new developments, especially on the coast, are sold “off plan” which means that they are currently under construction. You need to ensure that the relevant terms and conditions are included in the preliminary contract – ask your legal advisor for assistance.

2. Set up a limited company:

Foreigners are permitted to buy buildings in Bulgaria but not land. If you are not a Bulgarian national, we recommended setting up a limited company that will then own both the real estate and the buildings on the land. If you are buying an apartment, it may not be necessary to form a limited company – check with the property agent whether a direct purchase is permitted.

While this law is expected to change when Bulgaria enters the EU in 2007, it is also the reason why Bulgarian property is currently so inexpensive compared with other European countries.

What is a limited company?

As shareholder in a limited company you are liable for the company’s financial commitments up to the value of your share in the company’s registered capital ie: if the company incurs any expenses or debts your liable is limited to the full amount of your investment in the company.

Who can set up a limited company?

Essentially anyone can form a limited liability company in Bulgaria – you do not have to be Bulgarian to do so. This enables foreign nationals to purchase Bulgarian property indirectly.

How do I set up a limited company?

Before signing any agreement you should agree with all the other shareholders what commercial activities the company will be involved with and agree the structure of the company.

Once you have all agreed on the nature of the business, the relevant documents for incorporation will be prepared by your legal advisor and signed by all the shareholders.

Next you will need to open a dedicated company bank account to collect all share capital.

The minimum share capital necessary to form a limited company is 5000 leva, of which a minimum of 70% (3500 leva) is required at the time of registration. As well as your share capital you will be required to pay administration costs for the registration. Don’t forget you will still have the money in the company.

Your limited company will officially exist as soon as it is added to the Commercial Register of the district court, in the region where the company will be based.

This entry is made as soon as the district court make a decision to permit the incorporation of your company.

When you submit your registration application you will need to provide the following documentation:

o Proof that each shareholder has paid into the company at least one third of the total amount of his or her financial interest, amounting to no less than 10 leva.o Proof that at least 70 per cent of the registered capital has been paid.o Articles of incorporationo A memorandum relating to the appointment of directors

In order for any law to take effect, all Bulgarian legislation has to be published in the official Bulgarian state newspaper, the Bulgarian State Gazette. Publication of your company’s entry in the commercial register is a public declaration of your formation.

Finally, you will need to register your company with the National Tax Register Authority to complete the process of formation.

Following registration, once you have paid your entire share capital you can withdraw funds from the company to make your property purchase.

Now you’ve formed your company you can get on with buying your property.

3. Make sure you know about the taxes

In Bulgaria, as with pretty much everywhere else, property transactions are subject to tax. It’s important that you factor these charges into your financial planning.

Transfer taxes

Corporate tax (15% in 2005) is the only direct tax on the transfer of property. Because you are buying the property with your company you are liable for corporate tax.Notary fees are payable on the transfer – rates vary but the maximum is around BGN3500.Municipal fees of 2% of market value are also payable on completion.Capital Gains TaxThere is no Capital Gains Tax on the profit when your company sells the property.Local taxes and ratesProperty tax is payable by anyone who owns a building or building plot. This is charged at 0.15% of the list value of the property.If the building is on a municipal or State-owned plot, the value of the plot will also be included when tax is calculatedLocal taxes are not payable on arable landAll building owners must also pay fees for waste collectionValue Added Tax

VAT of 20% is payable on all real estate transactions except with land and lease of property is for residential use.

The buyer or lessee can claim a VAT refund provide they are registered for VAT.

4. Put down a deposit on your property

Once you’ve found the property you want, you will need to place a deposit to reserve it. The deposit is usually 10% of the selling price and is refunded on completion of your purchase.

At this you will usually pay a commission to the property agent who will then take the property off the market while you begin the purchase. Check with the property agent regarding their fees and the terms and conditions they apply.

5. Sign an initial contract of sale

When the property agent receives all their cleared funds their solicitors will draft an initial contract, which contains details of all the relevant terms and conditions, monies paid and any other information relating to the property transaction.

Once this contract is signed, searches are carried out to make sure that the titles deeds are valid, that any relevant licenses and permissions are taken into consideration, that any debts on the title are brought to light, and that the terms of the final contract are agreeable to both buyer and vendor.

6. Sign the Notary Act

The last step in the buying process is to sign the Notary Act – essentially an official declaration that you have agreed to buy the property. At this point any state and municipal taxes must be paid and any outstanding balance of monies must be paid to the vendor.

The title deed of the property is then transferred into your company name.

Congratulations – you’re now the owner of a Bulgarian property! Property Abroad always recommends using a Solicitor or Lawyer

Source: Free Articles from ArticlesFactory.com

About the Author
Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Bulgaria. With over 400 company websites selling and renting property in almost every country around the world Les is well placed too ffer advice on existing and emerging property locations. Visit their flagship site for more details on property for sale in Bulgaria.

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In Bulgaria there are some fantastic gains to be made but again I would exercise a degree of caution. Having just returned from Bulgaria last week, it concerned me just how many people are piling into areas like Sunny Beach which, frankly, look to me massively overdeveloped already. When combined with fairly low build qualities and a fairly downmarket feel, I wonder to whom all these investors (many of whom are buying off plan for the first time) are going to sell to in 18 months or so. The same applies to Bansko, which I have been told is already at capacity as far as numbers of people the resort is able to cope with on a day to day basis.

In my opinion, areas such as Kavarna on the coast offer much better potential for growth than Sunny Beach. This area is going to have a brand new marina and two new golf courses very nearby and traditionally these two factors are excellent for ensuring capital growth and also a healthy supply of end users who want to holiday there in the years to come. There are some very reputable builders constructing high quality but still very affordable developments such as Kavarna Gardens and Kavarna Hills and they are proving very popular with investors and end users alike, which again is encouraging.

For investors wanting a ski resort then Pamporovo looks a good bet for the future and we hope to be bringing you some attractive investment opportunities there in the very near future. At this moment in time we are still researching the area and the developers to ensure that they meet up to our strict criteria.

In light of the above, we have put together the following guide to explain the criteria that we look for before we are happy to recommend a new development to our investment clients.

Criteria for making a development attractive as an
Off Plan investment.

1) Purchase price.

How does the development compare to similar finished or soon to be finished developments in the surrounding area. If it’s no cheaper then you are not getting any benefit from buying Off Plan.

2) Price per square metre.

Again, how does it compare to finished developments of the same standard in the same location.

3) Payment schedule.

Ideally as low a deposit as possible, normally the lowest is 30/70, in other words 30% down and 70% payable on completion. We have been able to offer even better payment terms than this recently, even as low as 15% deposit and 85% on completion at the excellent Jumilla Golf and Country Club.
Any development worse than 40/60, walk away from.

4) Is there a bank guarantee being offered by the developer?

In Spain a lot of the time yes but in places like Bulgaria at the moment it is not possible to get a bank guarantee as the market is still so new that the banks there have not ever had to offer them before. This again makes it vitally important to know the financial stability of the developer, if they have only been around for a few months with no track record can you really be sure they will deliver the product you expect?

5) Can you sell your contract before completion?

Not all developments allow you to do this and obviously of you only find out after buying then you are in for a shock. We often hear of clients who have bought through other agents and then when they come to sell, the contract they signed doesn’t allow them to do so. We never recommend a development to investors where selling on is not possible.

6) If you can sell before completion are there any restrictions?

Some developers say that you can sell before completion but then have a clause in the contract that states only when they have sold all the other apartments or that you cant sell for a lower price than the remaining apartments or finally that you must sell through the sale office of the developer who will then charge massive fees for doing so, reducing your profit.
All developers normally charge 1-2% to change all the paperwork over from one name to another, but this is normally paid by the buyer.

7) Location, location, location.

Is the development in an area that has high demand now or is expected to do so by the time of completion? If not then you may struggle to sell it on as you must remember that the person you sell it too will probably be using the apartment themselves or intending to rent it out and if it is not in a desirable area with good amenities and road network they will probably look elsewhere.

Orientation of specific apartment.

No one wants to wake up on holiday to find the terrace and garden already in the shade, so almost never buy an east or north-facing apartment as the demand is very small!
If you are buying a golf course or beach development, always go for southeast at a minimum but ideally south, southwest or west because nearly everyone wants afternoon or evening sun.
Obviously if you are buying in a city centre development or in a ski resort then this is not always practical.

9) Time to completion.

Make sure that there is normally 16 months or more to completion, the longer the better, as you need to allow 4 months to sell and 12 months to see an attractive level of capital growth.

10) Is the development first stage price release or close to it?

Developments in Spain sell very quickly and normally over the course of construction the developers will increase prices four or five times. You need to get in as early as possible to maximize your profit.

We are always amazed at some of the big estate agents who sell apartments to investors that have had numerous price rises, as this massively reduces your profit.

Remember that on a development that has a 30% / 70% payment schedule, if the price of the apartment goes up 10% then that is actually a 31% gain on capital invested. See the example below;

Purchase price = €200,000
30% deposit = € 60,000
7% IVA (VAT) = € 4,200
Total capital invested = € 64,200

If the developer puts the price up by 10% then the increase is € 20,000.

If you bought the apartment immediately when it was released at € 200,000, then your gain would be as follows;

€ 20,000.00 / € 64,200.00 = 31%

If you had bought after the increase, then you would have thrown away a 31% gain!!!

Author Info:

Michael Knivett has over 17 years experience as an IFA and is also managing director of Sunseeker Homes (www.sunseekerhomes.com) which specialises in the sale of Spanish property View their website at: http://www.sunseekerhomes.com

More about Bulgaria Property:
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Realty abroad might be a very attractive investment opportunity. Costs of houses, real estate Bulgaria are rising rapidly. According to figures, the previous year, the price on realty in Bulgaria has risen by 25 percent. Therefore, this is worth investing. In case if you are interested in obtaining a permanent residence permit outside of your country, beach Bulgaria is a very good choice! There is no country in Europe that would allow active and healthy leisure activities both on sunny beaches at the Black sea and at ski resorts. The most attractive realty for sale in Bulgaria is located in the coast area regions, near the ski resorts and in the capital of the country.

Realty in Bulgaria are constructed really rapidly: the common construction time of a typical apartment-type resort complex is about a year. The exact cost of an apartment is unchangeable at the stage of signing the agreement. It is unchanged throughout the building period. Typically, when you buy some piece of realty in Bulgaria (a house or an apartment), you get a complex of add-on services, including corporate body registration, if necessary. When the transaction is effected by an individual person, as a rule only a passport is sufficient and no other documentation are necessary. If it is a corporate body buying real estate in Bulgaria, you will need only the constitutive documents.

Costs of sunny beach property in Bulgaria are growing really rapidly. Now many foreigners invest their finances in it, as the growing potential is still very high. In Bulgaria any foreigner is given a chance to purchase apartments in Bulgaria.

Property analysts and experts believe that houses and apartments in Bulgaria are a very cost-effective investment today. Most of the houses, particularly the realty in the coastline regions of Bulgaria) may be rent for the holiday season or throughout the whole year.

A small, ecologically safe and friendly country near the warm sea becomes more and more popular with each year. Europeans have long ago appreciated the numerous advantages of Bulgaria. Foreign investors are actively buying real estate in Bulgaria as it is a very profitable investment that gives the owner lots of bonuses and lucrative perspectives. Invest in your future – buy houses, cottages, apartments and land in Bulgaria.

A tourist who visited Bulgaria once, will surely be back again and again: warm mild climate, 300 sunny days a year and wonderful sand beaches. The coastline boasts luxurious hotels and entertainment centers, and coastline cities are generating rapidly the number of condominium complexes of high European class.

What pleases most of all is that Bulgaria provides a great number of entertainment choices all year long. Fans of snow and speed come here to ski and skate in the mountains. Modern equipment and new infrastructure make the process not just interesting, but also very comfortable, a real pleasure. Skiing resorts in Bulgaria are equal in class and level of service to the Austrian and French resorts.

Traveling across the country and excursions are great entertainment any season of the year. Try the delicious Bulgarian cuisine, excellent wine, wander around beautiful Sofia is something worth visiting Bulgaria.
Another Quality Article From: http://www.articledesk.info

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Bulgaria is a picturesque small country which has existed for more than 13 centuries in Europe. It is one of the countries which link the East and West cultures of the world. Bulgaria descends from ancient civilizations and great people that constitute the turbulent history of this Balkan country. Bulgaria occupies the Northern part of the Balkan Peninsula. Bulgaria has been an allied member of the EU since 1992 and in 2007 Bulgaria entered the European Union. There are many reforms which aim is to bring the country to its economical growth. This is why the real estate investment is very attractive. The stable growth of the economy represents a good perspective for a good investment.

The properties which are old properties and need to be restored are generally of another pricing scale and if you consider you want an old mansion and you are ready to invest in such a home in Bulgaria you will not have to pay out so much money as in Europe. The prices vary from $30,000.00 for a small studio to $140,000.00 for a big luxury apartment in a very good part of the city or at the seaside with a great view and all conveniences and building standards. It is for sure that the prices will rise and in two years or so the property in Bulgaria will achieve the European prices regarding real estate market. That is why if you are thinking seriously about real estate investment in Bulgaria you should not hesitate too much otherwise you will not be able to get the returns you expect from your investment. But this doesn’t mean you should invest randomly in whatever is available. Study the market, see the offers, talk to experienced investors and with the real estate agents, find additional information about the Bulgarian market and you will be ready to make the right investment.

Besides real estate investment, a good branch for economical development of the country constitutes the tourism. The Bulgarian government recognises that the tourism industry is one of the most important mechanisms which make the economy grow and this is the field which brings a multiplicity of financial encouragements and funds in order to attract investors to property in Bulgaria. Nevertheless, of course Bulgaria is not only beautiful mountains, an appealing seaside and terrific landscapes. For tourists wonder at the constructions, style and architecture of Bulgarian monasteries and enjoy yourself together with the local citizens at the yearly Festival of Roses that take place in late spring. They celebrate this holiday by tasting the delicious Bulgarian cheeses and traditional stews and sausages. This holiday embraces the rich culture legacy of Bulgarian people. When tourists visit museums and galleries in big cities such as Sofia or Varna or being present at different festivals and competitions with the presence of folkloric music and dancing you will see the entire soul of the Bulgarian people and all that what they are ready to offer.

You might get very surprised if you were told that you could buy a house in Bulgaria investing less money than you thought. Of course for most Bulgaria and Eastern Europe is not that place they would like to visit. But from the financial point of view, these area is very profitable. Property in Bulgaria is not expensive, so investing now into it, in few years you will obtain good revenue. You will buy a villa or an apartment give it for rent and nothing else. You should not do things you consider not necessary to make, if you don’t want to visit the country, do not visit it, but having property there is a wise choice. Why cannot you take your own part from the big Bulgarian tourist boom?
Another Quality Article From: http://www.articledesk.info

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The real estate market in Bulgaria has been surging, as Bulgaria has now become a part of the European Union. It is estimated that you can make profits as high as 30% for the investments you make every year. To make such profits you also need to make the right moves and take the help of the right agency and ensure your hard earned money goes into the right places.

To make decent profits you also need to know what to look for when going in for the deal. Once you are clear of this you are well on your way to making huge profits. The first aspect to take into account is to purchase the best properties within your budgeted limits. It does well to remember that the only reason you are going into the investment is to make huge profits. In order for a deal to become profitable you must be able to sell it off faster and easier when compared to other properties. Hence the most important criteria are that the property should not only attract you but also appear attractive to prospective buyers in future.

Properties that are sold before others are those in mint condition and have all the features that make a house a home. Apartment complexes that come with amenities like restaurants, indoor parking, fitness centers, heated indoor and outdoor pools as well as balconies that look out to picturesque landscapes are always in demand and get off the market easily. The more attractive the property, the more quickly it finds buyers and always for the desired price and profits that you would have wished for.

The next aspect to look for is the location of the property. Those properties located in well to do suburbs and provided with good transport and connectivity will always be preferred by buyers. You will be able to get the maximum on your investment.

In Bulgaria you also have the option of purchasing beautiful property on the coastline. If you want to buy properties on the coastline then go for those that are situated as close to the sea as possible. If you are looking for property within the city then make sure it is in the heart of the city where it is easy to find all the transport links and amenities and where all the popular restaurants and entertainment places are located. If you are choosing a golf home it should be as close as possible to the fairways. Bulgaria offers all of these varieties of properties at very attractive prices.

And last but not least you must make sure your expenses on purchasing the property are kept to a minimum. In Bulgaria this could be made very easy and convenient with the help of trusted realty agents. They will not only guide you in the proper manner but also ensure your costs are kept to the minimum. They will also save your time by professionally and skillfully executing their tasks.
Another Quality Article From: http://www.articledesk.info

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While buying property for sale in Bulgaria, and especially when it comes to brand new developments, often marketed off-plan, most British investors are “seduced” by the rent out options of 8-10% annually. The truth, however, is yet to be discovered as few Bulgaria property developments can actually boast realistically such percentages, the majority still being quite doubtfull in their proof of viablity. The following text is the first of series of articles exploring the possibilities for renting out in a market where buy-to-let has been unknown till very recently.

The nature of the Bulgaria property market is very dynamic as the market itself is quite young (roughly 15 years old in its present shape) and as the sellers still dictate its bias. Looking from the stand point of the developers and their agents, or simply from the stand point of the home owners, the recent leap of the prices is the major driving force when it comes to whether to sell, build or both. Combining the popular in Britain menatality of investing for renting out with the local desire for quick profits, many sellers and developpers are tempted to promise unrealistic figures. Aside from few regions along the Black Sea coast and in the mountain resorts, the rest of the country cannot offer even fraction of the easily promissed bombastic returns on investment. Looking deeper into the Bulgaria property market, even the Black sea coast developments are dubious and contingent on too many unknowns.

According to International Herald Tribune 18% of all Bulgaria Property sales had been made by Foreign Customers in 2004. Again another 23% of the total sales on the Bulgarian Property Market have been made by foreigners in the year of 2005. Baring in mind those growing figures it is no suprise investors are offered temptation after temptation playing around the probability game for not merely capital gains but in the short run – income from letting.

All politics is local – how about business?

In a bestseller called “Hardball: How the politics is played told by one who knows the game” a famous phrase comes to mind when we talk business in general. “All politics is local” – so is the business, whether you like it or not. So is the property market in Bulgaria- it is driven primarily by local demand and supply and not by investments from overseas. According to RICS the drastic increase of the value of the Bulgaria Property market could not only be attributed to Foreign Investors. The reason is also the increased demand from Bulgaria property owners to replace their old Bulgarian property. However, in the mentality of the Bulgarians buy-to-let is a concept unknown, and what’s more, relatively unacceptable. Finding a Bulgarian that would buy a property and then allow anyone to use it for 3-4 months in the year, to generate profit from letting is quite doubtfull. Furthermore, letting an appartment in the ski resorts or along the Black sea coast was simply unavailable 5-6 years ago, as there were no “appartment hotels” offered for sale by any developer.

So, shall we buy property in Bulgaria or is that merely a giant scum? Answer to those questions will be provided with facts of proof in the next several articles.

Nickolay Dobrev is the CEO of DC Properties Bulgaria ltd., part of one of the largest construction holdings in Bulgaria. It’s been the years of experience gained both in construction and property sales that combined the efforts of DC Properties Bulgaria Ltd and RVP Koehne JSC. to form a strategic alliance offering expertise and quality services. For more information check http://www.bulgarianrealestateguide.net

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Many people wish to travel Bulgaria in this day and age although these same people knew nothing about this wonderful country five years ago, so what is it that makes holiday makers and travelers want to travel Bulgaria so much.

Bulgaria may only be a small country hidden away in south east Europe on the border where east meets west but it is also a country that is steeped in history, culture, wonderful landscapes and amazing people.

A lot of individuals travel Bulgaria to sample the many historical sites dating back over eight thousand years from the time of the Thracian tribe who settled there about six thousand years before the birth of Christ. Bulgaria has so many historical remains from times gone by from small tribes and fortresses to Roman theatres and monasteries.

Travelers from all over Europe and further a field have visited Bulgaria due to its hot summer climate and wonderful beaches on the Black Sea coast and also because of its wonderful snow capped mountains in winter months that bring perfect slopes for skiing and snow boarding.

Others who come to Bulgaria do so to sample the amazing culture that Bulgaria has. As Bulgaria is the door way between east and west the people of Bulgaria carry many beliefs and legends that can be seen as a fused mix of influences from different continents. Some of the legends and beliefs of old have manifested themselves in to special festivals where Bulgarian people wear special bracelets, walk on hot coals or enjoy family feasts of lamb.

What seems to set Bulgaria apart from other countries is that when you travel Bulgaria you feel that you have been placed in a Garden of Eden where every turn you make catapults you into another beautiful landscape filled with open plains, wonderful mountains, secret waterfalls and much more.

Many people who have seen the wonder Bulgaria has to offer will tell you she is a special land that needs to be seen by many so they can truly admire her beauty.

http://infobulgariaguide.com is a great guide to everything you need to know about Bulgaria travel and the wonderful country Bulgaria.

Article Source: http://EzineArticles.com/?expert=Guy_Marlow

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If you are interested in houses in Bulgaria, you are entering a buyers’ market. At this point in time, there literally is a real estate boom within the country through which the market is flush with houses for sale in Bulgaria.

When it comes to houses in Bulgaria that are on the market at the present time, many people want to purchase property in an urban area. In this regard, when it comes to Bulgaria home sale options in the larger cities in the country, there are a number of viable options available to people on the hunt for houses in Bulgaria.

Over the course of the past decade, a number of the more historic, grand properties in cities in Bulgaria have been subjected to serious and significant renovation. As these splendid residences are being restored to their traditional splendor, they are also being updated with the latest and more modern accoutrements available today.
While the prices associated with these historic houses for sale in Bulgaria are climbing, a person interested in owning and renovating such a residence can obtain such a property for a reasonable price at the present time.

However, a person looking towards a Bulgaria home sale featuring a notable historic property in a city needs to keep in mind that real estate experts predict the prices associated with these properties to sharply increase during the coming eighteen months.

The costs associated with all types of real estate properties in Bulgaria, included houses for sale in Bulgaria, are expected to climb dramatically as the country moves closer to full membership of the European Union.
Although many men and women are seeking these historic properties in the major cities within Bulgaria, some people are interested in historic houses for sale in Bulgaria for more commercial reasons. As an example, there are a growing number of people interested in historic houses in Bulgaria to be purchased and used as lodging for tourists. A number of these fine houses in Bulgaria are being converted into inns and “bed and breakfasts” for people who are spending time in the country on holiday.

Author Resource:- Surrinder Ahitan’s website Bulgarian-Property-Advice.com provides detailed information and advice on the most lucrative areas to invest in Bulgaria. You will learn how to get around, get a flavor of the language, history, culture and more.

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In addition to seeking out a Bulgarian property for sale for personal or family use, there are a number of people who are interested in finding a Bulgaria house for sale for investment purposes. In other words, these people want to purchase a Bulgarian property for sale, hold on to the property for a moderate amount of time (perhaps leasing it out during the period of ownership) and then they desire to sell the residence for a profit.

In point of fact, some people are able to make good money through the process of making the purchase of a Bulgarian property and then reselling the property after the passage of a reasonable period of time.

The overall Bulgarian real estate market has become increasingly attractive for investors in all sectors — industrial, commercial and residential. Indeed, when it comes to a Bulgarian property for sale, housing prices on average in the country are rising at a rate of about twenty to twenty-five percent per year. Therefore, if a person were to make the purchase of a Bulgarian property with the intention of holding for ultimate resell, he or she likely will make tidy profit in a short amount of time.

In the immediate future, the Bulgarian real estate market is expected to remain hot and vital. This includes the sector of the market that includes the proverbial “Bulgaria property for sale.” Residential property is expected to increase in value at the present rate through at least the end of the decade according to most financial analysts involved in Bulgarian economy.

Author Resource:- Surrinder Ahitan’s website Bulgarian-Property-Advice.com provides detailed information and advice on the most lucrative areas to invest in Bulgaria. You will learn how to get around, get a flavor of the language, history, culture and more.

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The Bulgarian Economy is growing steadily and doesn’t seem to be changing any time soon. There is currently a strong growth in industrial production in Bulgaria. Employment and credit has resulted in high GDP growth over the last few years. The economy in Bulgaria has grown at an average yearly rate of 4.8 % over the last five years and in spite of this, inflation has been greatly reduced to the of 2.3 % in 2003.

Foreign direct investment (‘FDI’) into Bulgaria has also increased every year since then. FDI reached US$7.4 billion in 2003 from a rate of US$5.7 billion in 2002 (which is a 30% increase). The outstanding growth in the Bulgarian economy should maintain a strong property market and lead to higher Bulgarian property prices. Bulgaria Property prices are currently low; making the best time to invest. Property in the better residential areas of Sofia sells for around £67 – £82 per square foot.

It is clear that Bulgaria property is significantly cheaper than many other countries in the areas surrounding Bulgaria. When it comes to the low Currency risk; the Lev has been pegged to the Euro since its introduction at a fixed rate. From 1997 the Lev was pegged to the DM at a rate of 1 Lev to 1 DM. The current cost of domestic borrowing is relatively high – The rate that Bulgarians pay for a floating rate mortgage is around 10 – 12% pa.

It is currently possible to achieve high rental yields on property when you invest in Bulgarian property. The current Rental yields on residential property in Bulgaria are currently in the range of 10 – 12% of the purchase cost and on commercial / industrial property you get yields of 16% which makes the property more obtainable to foreigners.

A lot of residential property that is available is unsuitable for letting. There is currently no set up where individual leaseholders can be compelled to contribute towards the cost of repairs to common parts and exterior of buildings unless their leases specifically contain provisions about it. While suitable provision can occasionally be made in the leases of recently constructed buildings, the buildings that are constructed in the communist era, or earlier, hardly ever have these kinds of clauses in leases. The result of this is that unless all the owners in a block agree to make the repair, nothing may be done about it all. Even in the best residential areas of Sofia the common parts of older blocks are often run down looking and are, difficult to let. Good quality modern blocks of flats therefore command a premium in the letting market. This allows the new investor to get their property extremely cheap.
Author Info:

K Damian Qualter BA MBA: http://www.buyproperty4less.com

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