How have house prices in Bulgaria changed and who is buying them?

How much does housing cost in Bulgaria?

For nearly twenty years, starting from the mid-90s, Bulgaria has remained one of the popular and budget-friendly regions for purchasing real estate. Special attention was drawn to country houses, which could be bought for prices ranging from €3,000 to €5,000. Naturally, when it comes to quality and safe housing, a range of €20,000 to €30,000 is more realistic, although there were also more affordable options available.

Land registration

It was not difficult for foreign citizens to acquire land ownership, although it was necessary to establish a legal entity that would register the plot in its name. Currently, there is an increase in real estate prices in Bulgaria. Since the beginning of the pandemic and after its conclusion, there has been a growing interest in houses located near major cities such as Sofia, Plovdiv, Stara Zagora, and Veliko Tarnovo.

Demand for housing

The demand for housing has started to grow among buyers with limited budgets, who have begun to show interest in properties in the southeastern and northwestern regions of the country, particularly around the towns of Montana and Lovech. Experts point out that currently, a normal home that does not require significant repair costs and is suitable for living is valued at around €40,000.

• Options can be found within a radius of 25-40 km from major cities like Burgas.
• Objects located 10-15 km from small settlements such as Sredets, Karnobat, and Yambol.

Price fluctuations

Nevertheless, when discussing the cost of private houses in Bulgaria, it is important to considersignificant price fluctuationsFor this reason, it can be difficult to determine a clear price range. Lyudmila Shabanina from New Estate reports that any amount can be mentioned, and it will be true. Depending on the region, you can find houses priced at:

• €5;
• €17;
• €25;
• Objects priced over hundreds of thousands of euros.

Buyers and their goals

Who buys houses in Bulgaria and why? The main interest comes from Bulgarians themselves, but foreigners are also actively involved in purchasing. Among them, Poles, Germans, Danes, and Dutch can be highlighted. There are also buyers from Russian-speaking countries who hold European passports, such as German ones.

Current trends

A separate group consists of Russians who have Bulgarian residence permits and permanent residency, as they have been living abroad for many years. There are also buyers who live permanently in Russia, although their numbers have decreased compared to previous years. Their main goal is to move to another country. Currently, investments or the purchase of summer vacation homes have taken a back seat for most.

Legal aspects

It is also worth noting that real estate itself does not grant the right to reside in the country for an extended period, but its address can be used to obtain a residence permit on other grounds, such as through employment, starting a business, or obtaining citizenship through family ties.

Affordable living in Bulgaria

Life in Bulgaria continues to be more affordable compared to other European countries, making the choice of downshifting in this country particularly appealing. However, for Russian citizens, there are significant challenges that make the process of acquiring real estate quite complicated.

An interesting option for investments

For example, a private house in the gated community "Gesha Hill Park," located in close proximity to the town of Dryanovo, is an interesting option for both investment and immigration. Special channels can help you learn about the possibilities of transferring funds to Bulgaria.

Issues with transferring funds

The process of purchasing real estate has essentially remained the same, and although the requirements have not changed, there are no official prohibitions on acquiring it. However, the main obstacle today is the transfer of funds. Unfortunately, transferring money from Russia to Bulgaria is becoming almost impossible, even if you have an open bank account in a Bulgarian financial institution.

In addition, the import of cash exceeding€10 thousandWithout declaration, it is prohibited.

Strategies for overcoming difficulties

Despite the mentioned limitations, there are several strategies to overcome these challenges:

• Some choose to transport cash as a family, which is quite feasible for people with large families.
• Others open bank accounts in countries like Kazakhstan or Armenia to escape restrictions.
• Previously, accounts in Turkey were popular, but changes in legislation have made it impossible to open them without a valid residence permit.

After obtaining residency, many Russians stay in Turkey and decide to buy property there, even though they were initially interested in Bulgaria.

Settlements with real estate sellers

When it comes to transactions with real estate sellers in Bulgaria and other European countries, it is important to consider the law that prohibits certain types of deals. In most cases, such transactions are carried out through banks. However, there are also alternative methods. If the buyer has cash on hand, the process of purchasing becomes much simpler.

Legal fees

Lawyer accounts are often used for conducting transactions. At the same time, if a Russian citizen wishes to open a personal bank account after purchasing real estate, the chances of doing so significantly increase.

The attorney's accounts mentioned by the expert are a completely legal way to formalize transactions. An official agreement on legal assistance is reached, where the attorney acts on behalf of the client when acquiring property. In turn, the client transfers the necessary amount to this account, providing all the required documents that confirm the legality of the sources of funds.

Cost of services

As of now, the use of these services costs the client in the range of€200 to €250If a client is unable to deposit money into their account through the bank and hands cash to the lawyer, an additional fee is charged.0.5%for depositing these funds in the bank.

Conclusion

Thus, despite the existing limitations, there are various ways to acquire real estate in Bulgaria, and alternative solutions are increasingly becoming one of those options.

Legal fees and transaction protection

Currently, almost all transactions we conduct with clients from Russia go through a specialized attorney's account. To reduce the risks associated with potential fraud, it is important to ensure that you are dealing with a legitimate legal expert.

It's not difficult to verify this — you just need to refer to the online registry of the Bulgarian Bar Association, where you can enter the lawyer's last name and first name for verification. The lawyer's account used for financial transactions is registered in the lawyer's name and is completely transparent, as it is under constant supervision by the relevant authorities. This ensures that the funds in such an account cannot be used in violation of the law, explains a specialist in this field.

Opening of bank accounts

When it comes to opening bank accounts, it is currently quite a challenge, and even under the best conditions, there is no guarantee of success. Having a residence permit in Europe or Bulgaria certainly offers some advantages, but it may not be enough for a successful account opening.

If you have your own property, a registered business, or contracts with partners to whom your company will provide services, it significantly increases the chances of a favorable outcome.

Banking offers for Russian citizens

Among the banks in Bulgaria, only a few institutions accept applications for opening accounts from Russian citizens, and only a handful are willing to consider such proposals. To deposit funds into the opened account, documents confirming the legality of their origin will be required, for example, this could be income from:

• real estate sales
• car sales
• rentals and other matters

Real estate in Bulgaria

The Bulgarian real estate market currently offers a variety of houses with interesting features. For example, for 340,000 euros, you can become the owner of a 329 sq. m. house in Byala. This house has everything you need, including:

• living spaces
• guest house
• well
• bathhouse
• garage

This elegant house was built to the custom design of the current owners in 2012.

Other suggestions

Another option is a house in Biała priced at €123,950, with a total area of 150 square meters, located in the picturesque village of Gospodinovo, surrounded by oak forests. The air here is filled with the freshness of a mountain-sea climate. The nearest beach is just 8 km away, and there is also a large stocked lake in the area.

The village is known for its quiet atmosphere and the absence of gypsies, which can be an important aspect for buyers. Varna is located 49 km away, and Burgas is 70 km away. Byala Beach is 16 km away, and Obzor Beach is 21 km away.

Available real estate options

There are also more budget-friendly real estate options available. For example, a two-story house priced at 43,000 euros in the Burgas area, with an area of 110 sq. m., is located in the town of Sredets. This house is ready for immediate occupancy and is surrounded by a well-maintained garden with fruit and ornamental plants. The total area of the land plot is 750 sq. m.

These sentences are a great example of the diversity of the market and the wide opportunities it offers to investors.

Layout and specifications of the house

The layout of this house includes three bedrooms, a cozy living room, a well-equipped kitchen, a dining area, and a bathroom. There is also a garage for cars. "Here, it is possible to find the happiness of hearts..."

Basic information about the house in Burgas

The main focus is on the object based on price.27,000 €in Burgas, Bulgaria, with a total area100 square metersThis single-story house is located in the Burgas region and covers an area of70 square metersand nearby there is a garden with an area of1,000 square meterscovered with numerous fruit trees.

All necessary utilities for comfortable living are connected to the house. The structure includes:

• Bedroom
• The living room
• The kitchen
• Cafeteria
• Restrooms
• Utility rooms
• Well

The travel time to Burgas is only 20 minutes.

Comfortable living in Priseltsy

The village of Priseltsy has everything necessary for a comfortable life, including educational institutions such as a school and kindergarten, an Orthodox church, shops, a restaurant, a pharmacy, a medical center, as well as a place for community activities.

House on Bulgaria Avenue

We present to you a house in Varna, located on Bulgaria Avenue, at a price295,000 €The total area of this property is 160 square meters and includes two floors. The building is made of reliable and high-quality materials.

On the first floor, there are two rooms, restrooms, and a corridor. On the second floor, there are:

• corridor
• bedroom
• spacious living room with a kitchen nook
• a glazed veranda with a beautiful view of the sea

There is also an open terrace with the same magnificent sea view.

House in the Vinnytsia area

Another property has also been offered — a house in Varna for295,000 €It is located in the Vinnytsia area, has an area of 200 square meters, and offers the possibility to create a beautiful garden on the adjacent plot of 368 square meters.

The construction was completed in 2023 using brick materials. The handover of the property is planned in the BDS system, allowing you to finish the interior according to your preferences. Key features of the layout:

• the first floor with the necessary rooms
• the second floor with bedrooms and common areas

Three-level house in Alexandrov

In the village of Alexandrov, a three-level house is being offered for sale.164,500 €This settlement has everything necessary for a comfortable life.

The total area of this building is 185 square meters and includes six rooms. The house is ready for immediate occupancy. The purchase conditions include:

• a deposit of 5000 euros
• the final payment upon signing the notarial deed of ownership

Luxurious residence in St. Constantine and Elena

For those looking for more prestigious housing, a luxurious residence in the St. Constantine and Helena area may be suitable, priced at950,000 €This impressive property has a total area of 600 square meters and includes 10 rooms.

The residence is perfect for permanent living due to its proximity to all necessary amenities and easy access to the main road Varna-Golden Sands (E-87).

Cottage in Rogachevo

The IBG Property agency offers a cottage in Rogachevo for105,000 €This townhouse is located in a gated community with a swimming pool. The total area of the property is 90 square meters, and the land plot is 200 square meters.

On the first floor of the townhouse, there are:

• spacious living room
• basic amenities for living

A small house in Burgas

You might also consider purchasing a small cozy house for24,000 €In Burgas, with an area of 50 square meters and on a plot of 1400 m². This is the perfect solution for those looking for a peaceful place to live in retirement.

The area of the house includes:

• bedroom
• guest area
• kitchen with a dining area
• bathroom

The plot is well-maintained, with fruit trees and shrubs growing on it, creating a pleasant atmosphere. From this plot, there are magnificent panoramic views of the surrounding nature.

Introduction

In the picturesque Bulgarian resort of Saint Vlas, the real estateagency Happy Home offers an exceptional opportunity for investors: a cottage with a total area of 199 square meters, available for 596,000 euros. This modern residential complex, called Venid Eco Village, includes 36 unique villas, each providing magnificent panoramic views of the sea and mountains. The architecture incorporates elements of Bulgarian Renaissance, creating a unique atmosphere for comfortable living.

Available real estate options

If you are looking for a more economical option, consider the house in the picturesque area of Kosharitsa – it can be purchased for 350,000 euros. This two-level house, with an area of 272 square meters, stands out with its modern design and well-maintained grounds. The plot size is 1306 m2, and the house itself includes two terraces, creating excellent conditions for outdoor relaxation. The residence is fully ready for living and equipped with everything necessary.

Availability of amenities

In the house in Kosharići:

• Modern design
• Two terraces for relaxation
• Fully ready for living.
• Plot of 1306 m2

Real estate in Obzor

If your interest lies in the direction of Overview, Oazis Realty offers reliable housing for 34,000 euros. This building in the village of Popovich covers 70 square meters and has all the necessary utilities. The house features two bedrooms, a cozy living room, a kitchen with a dining area, and many amenities. The area of the land plot is 1800 m2, allowing you to enjoy nature and tranquility.

Features of housing in Obzor

In the house in Obzor, there is:

• Two bedrooms
• Cozy living room
• Kitchen with dining area
• Land plot of 1800 m2

Luxurious villa in Aheloy

For those looking for something more luxurious, it's worth considering a villa in Akheloy, listed for sale at 250,000 euros. This property is located in a new complex called Vineyards Panorama and includes three bedrooms. The total area of the villa is 123 square meters. The complex is situated on a picturesque hill, offering a magnificent view of the Black Sea. Vineyards Panorama is a logical continuation of the successful Vineyards Resort project and offers a full range of amenities for a comfortable stay.

Amenities of the villa in Aheloy

The villa includes:

• Three bedrooms
• Area 123 m²
• An exciting view of the Black Sea
• Access to all the amenities of the complex

Tips for Buying Real Estate

The specialists at Lev Estates emphasize that a human approach is particularly important when working with foreign clients. Collaborating with reliable financial institutions and involving professionals such as agents or lawyers can significantly simplify the process and help avoid potential difficulties. For instance, when opening a corporate bank account, which is necessary for purchasing a plot of land, it is essential to consult an experienced advisor.

Conclusion

Thus, the real estate market in Bulgaria offers a variety of properties to suit every taste and financial capability. Happy Home agency and other companies are ready to assist you in finding the best offers that meet your expectations. Don't miss the opportunity to explore different options and become the owner of your own property on the shores of the warm Black Sea!

Features of opening a bank account for Russians

An important aspect for Russians is the process of opening a bank account, which, although it has its specific features, generally resembles the similar procedure for residents of other countries. At first glance, the process may seem more complicated, but with the presence of real estate, a registered business, or legal status in the area, some financial institutions are still willing to provide services to such clients.

However, it is worth noting that the readiness of banks varies, and finding the right option may take time, requiring more than one visit to the branch.

Difficulties in the process of opening accounts

Some experts express the opinion that Russians face significant difficulties when trying to open accounts in foreign banks. For example, Lyudmila Shabanina emphasizes that citizens of EU countries also often find it challenging to open accounts for their companies.

• The procedure requires a large number of documents and involves multiple checks.
• Some banks charge a separate fee for processing applications, which can be up to €200.
• The likelihood of a positive outcome remains uncertain.
• In the case of Russians, opening an account often turns out to be practically impossible.

Ways to formalize transactions

In the process of finalizing transactions, there are several options. For instance, Levchuk recommends "breaking down" the procedure into stages and drafting two separate notarial acts: registering the house in the name of an individual and the land plot in the name of a legal entity.

This method helps to avoid bureaucratic complexities and save on costs, as electricity rates for legal entities are much higher—three times compared to individuals.

Available alternatives

In addition, there are other ways to solve this problem. As noted by Alexander Levchuk from Lev Estates, selling the house through a legal entity can be the optimal option. In this case, it will be significantly easier for the buyer to manage the transaction.

• The arrangement is done through a notary.
• Payment is usually made in cash during the meeting.
• Transactions of up to 5,000 leva (approximately €2,500) in cash are possible.
• The re-registration of a legal entity is completed in just a week.

This is an effective scheme that works for everyone, including Russians, without the need for additional rights, although such offers are not very common.

Other options for purchasing land plots

There are also situations where land plots are purchased in the names of acquaintances or relatives who are citizens of Bulgaria, or in the names of people with passports from European Union countries. It is also possible to arrange a transaction through a lawyer who will take on the obligations of reselling the land to the client.

Sometimes transactions are marked as not a purchase, but rather a transfer for permanent use. However, this method is not very appealing, as the rights to the land are not inherited.

Acquisition of housing in a residential complex

Another more expensive but interesting option is to purchase a property in a residential complex. In such cases, the land remains owned by the management company and does not transfer to the new owner.

Such complexes are usually located near the sea and often cost less than individual houses with accompanying land plots. For example, just a few kilometers from the coast, you can find an apartment in a complex for around €150,000, while a similar property on its own plot would be valued at twice that amount.

Conclusion on the real estate market in Bulgaria

In conclusion, after analyzing the current state of the real estate market in Bulgaria, I have come to the conclusion that this country, despite the emerging challenges, still remains an attractive destination for potential buyers.

With each passing year, the growing demand and changes in housing prices suggest thatinvesting in Bulgarian real estateit can turn out to be quite profitable.

Changes in the market

The pandemic and its consequences have changed consumer preferences, creating new opportunities for those looking for housing in quieter and more picturesque locations away from major cities.

Difficulties of the purchasing process

However, it is important to remember that the process of purchasing real estate from foreigners requires special attention, especially in light of current financial restrictions.

• Restrictions on transferring funds from Russia to Bulgaria create obstacles.
• There are alternative ways to solve the problem, such as using attorney trust accounts or opening accounts in other countries.

These nuances certainly require additional time and effort, but they do not take away the opportunity to acquire.a wonderful house in Bulgariawhere life remains less expensive than in most Western European countries.

The future of the Bulgarian market

The complexity of the purchasing process can certainly deter some, but for those who are willing to adapt to new conditions, Bulgaria remains an attractive destination.

The opening of a business or obtaining a residence permit through the purchase of real estate further strengthens the desire of many foreign citizens to change their lives for the better.

Thus, the future of the Bulgarian real estate market looks quite optimistic, and I believe it will continue to develop, providing new opportunities for both local and foreign buyers.