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Bulgaria - Frequently Asked Questions
Bulgaria is turning into the hottest property market in Europe. It has been interesting to see the development and recognition of the market over the past eighteen months. However, the number of agents and developments has also increased dramatically. The choices facing your client are now wider than ever, both in terms of development and in choice of agents. The most important questions are do they know the market and are they agents for well established developers.
Below you will find answers to some of the most repeated questions we are asked on a daily basis:
1. Why should I invest in Bulgaria?
4. Why so much emphasis on Sunny Beach?
8. I’m buying an apartment - do I need to setup a company?
1. Why should I invest in Bulgaria?
Firstly for capital appreciation and low cost of entry. Secondary consideration has to be, the people and the country. We have seen gains for our clients of 30-40% in the past 9 months without exception. Current average cost per square meter of 800-1100 Euro for key developments in Sunny Beach, Bansko and Sofia will also result in good gains over the next 12-24 months.
Our standard response to that question is another question, “what do you want it for; investment only or a mix of holiday/investment?” We recommend developments in Sunny Beach and Sofia, in general, for investment and Bankso/Sunny Beach for mix holiday/investment.
It is normal practice. The developers use the stage payments to fund the complex. Expect normal payment of 40% down with 40% stage payments (up to 3 payments) and 20% at title deed stage. Some developers ask for less up front. Some developers accept wire transfers other deal with cash payments.
4. Why so much emphasis on Sunny Beach?
It is the best beach resort in Bulgaria. 7 Km of the best bay and sand you will see. Very well developed infrastructure. Close to Burgas and Varna airports. In general, sympathetic developments and best opportunity for renting your apartment.
With 1.2m people and less than 3% unemployment, the capital of Bulgaria is developing very quickly. There have been amazing changes in the city over the past three years. Of, course, not perfect by any means with parking and general roads/pavements the main problems. As capital and with the number of office/business parks currently in construction we can only expect the rental market to expand rapidly.
Lozenets and area around Hotel Kempinski is the main area on offer from most agents. Frankly, although central, it is becoming a very boring landscape with apartment block after apartment block under construction. Some general rules, for apartment purchase, would be to keep within the ring road around Sofia - keep away from anything close to airport and also, anything in North or east Sofia. Area down Bulgaria Blvd is developing into good area with great views down to Vitosha Mountain. Area close to new American Embassy, Lozenets (as mentioned above), Doctors Garden area (mostly older apartments). Remember, this is just our advice but, based on many years experience.
Bansko is the only one of the ski resorts not purpose built. It is a lovely old town that attracts tourists in winter and summer. Sure, not the best developed of the 3 resorts but, the one where most money will be invested over the next 3 years. Only 2 hours from Sofia and a great jazz festival during August every year!
Pamporovo also offers some great developments with 8-15% rental income.
8. I’m buying an apartment - do I need to setup a company?
No, is the short answer. However, buying houses or land and you will need to Set-up a Company. Cost for company setup is approx. 600 Euro with annual return every year not to exceed 200 Euro.
Yes there is property tax and is paid annually based on 0.15% of the property value.
Normally developers will declare the build price to be 30% or less, of the purchase price. It is entirely up to buyer to ''come clean'' and pay the extra VAT on the full amount. 99.99% of clients never do this. Many developers will say that VAT is included in the price. We often wonder what that means!
Bulgaria is a very large country with lowest level of new births in Europe and mass exodus to the main cities. Probably the most beautiful countryside in Europe with breathtaking landscapes. Buy in country areas if you never want to rent. Houses can be very cheap but, please check the area first. We can offer you rural houses all over Bulgaria, but we normally don't advertise these so, please contact us for details.
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Tell us about your holiday property requirements jane@holidayhome.co.uk Interested in buying a holiday property Bulgaria?
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For more information about Bulgaria please click on the links below or contact jane@holidayhome.co.uk or telephone +44 (0)114 236 3555. |
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Holiday property financing - best mortgage rates If you are looking for the best mortgage rates to purchase a holiday property in Bulgaria look no further. With ten years of trading and twenty staff experienced in conducting business with overseas lenders it couldn't be easier to finance your holiday property. With a fully independent team of mortgage experts and more lenders and choice you get competitive and exclusive lending terms. |
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Interested in buying a holiday property Bulgaria?
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Want to get more holiday property for your money? If you are buying a holiday property in Bulgaria, then you will need to pay for it in foreign currency. To ensure that you get the best possible foreign exchange rate, allow us to arrange a no obligation currency quote. We have access to an easy to use foreign exchange service and their guarantee is that they will not be beaten on the rates they quote. If the rate is obtainable within the market they will ensure they get it for you, making your holiday property purchase less expensive. |
Holiday Property for sale in Bulgaria