What are the features of buying real estate in Bulgaria?

Popularity of Bulgaria on the real estate market

In recent years, Bulgaria has become an increasingly attractive country for real estate investments. The housing market has undergone significant changes and improvements, which are linked to the successful recovery of the economy after the crisis.

Dynamics of price growth

As of the beginning of 2018, Bulgaria was among the European countries with the fastest growth in real estate, where the prices of apartments and houses showed a significant increase. Both foreign investors and local citizens are interested in buying real estate in this sunny corner of the Balkans.

Investment options

People are actively considering different investment options, including:

• apartment projects in urban settings;
• beautiful villas on the coast.

Benefits for local residents and foreigners

Trends in the housing market have undergone significant changes. Local residents typically focus on purchasing apartments in urban areas, but each year, interest in Bulgarian real estate is growing among Europeans as well.

Average housing cost

In 2018, the average price of residential properties in Bulgaria increased by 15%, and now one has to pay around€60,000There has been an increased interest in resort real estate — it remains popular among Russians, residents of CIS countries, and Israelis.

Increase in the number of real estate agencies

According to this active growth, the number of real estate agencies in the Bulgarian market has increased. The process of opening such an agency in the country is quite simple: no license is required, it is enough to register a company and specify the type of activity. Thus, in the real estate sector, you can encounter:

• reputable and professionally operating companies;
• less reliable organizations with a questionable reputation.

This arrangement can seriously affect the quality of transactions and bring potential problems.

Important aspects to consider when buying

Before starting the process of buying real estate in Bulgaria, several important aspects should be considered.

• One of the main advantages is the relative ease of acquisition compared to other European powers.
• For a successful transaction, the buyer only needs a foreign passport and a tax identification number (TIN) to open a bank account in Bulgaria.

The process of preparing documents does not require much effort: if the seller has all the necessary documents, the deal can be concluded in just one day. If any documents are missing, the process can take up to ten working days.

Stages of completing a transaction

The main steps for completing a deal consist of two key stages:

• Drafting a preliminary agreement between the parties;
• Notarization of a deed.

Despite the fact that real estate transactions in Bulgaria are considered quite safe from a legal standpoint, there have been incidents where properties were sold with problematic documents, such as encumbrances or lack of residential status.

Conclusions

Thus, the purchase of real estate in Bulgaria attracts both the variety of objects and the simplicity of the purchase process. Nevertheless, to achieve a successful result it is necessary to pay special attention to the choice of a realtor and a thorough check of all documents to avoid possible difficulties in the future.

Buying real estate in Bulgaria

Buying real estate in Bulgaria is a task that requires careful research and a systematic approach to avoid potential issues. In this article, we will thoroughly discuss the main steps and aspects to pay attention to, including the necessity of involving professionals.

Step 1: Start the process

The first step in the process of acquiring a home is to consult with a realtor and choose a suitable property. Once the desired home is found, you should contact a lawyer who has legal expertise and can assist in drafting a preliminary contract.

Stage 2: Legal Due Diligence

At the second stage, before signing the preliminary agreement, it is crucial to confirm the legal purity of the property. This task falls on the shoulders of the lawyer, who must conduct a check on both the seller and the construction company that was involved in the building of the property, as well as the land on which the structure is located.

In some cases, it may be wise to obtain a document confirming the absence of encumbrances on the property for the last ten years. Once the lawyer verifies that everything is in order, he drafts a preliminary contract specifying the property's value and outlining the payment procedure.

Step 3: Drafting the preliminary contract

The third stage involves drafting a preliminary agreement in two languages, for which a competent translator is required. Once both parties sign the document, the lawyer begins preparing the notarial deed.

It should be notedThe value of the property in this act is often stated lower in order to reduce tax payments and fees.

Conclusion

Buying real estate in Bulgaria is an exciting and multi-step process that, despite some challenges, can turn out to be a profitable investment. Against the backdrop of a recovering real estate market and rising prices, foreign investors are increasingly interested in the opportunity to purchase property in this beautiful country. However, to avoid unpleasant situations and falling into the traps of unscrupulous realtors or sellers, it is important to carefully choose the right specialists.

I always emphasize that by settling in Bulgaria, you are not only investing in real estate but also in a unique culture, cuisine, and the atmosphere of the Balkans. This country, with its majestic nature and friendly people, offers not just accommodation for seasonal vacations but also the opportunity to create a cozy home for many years to come.

Tips for a successful purchase

• Careful selection of specialists:We recommend working only with verified realtors and lawyers.
• Financial Preparation:Take into account all additional costs for processing and taxes.
• Legal cleanliness:It is necessary to check the documents of the property before buying.

In addition to the legal cleanliness of transactions, finances remain an important factor. Given the additional costs of registration and taxes, it is wise to prepare for all costs in advance and it is better to consult with professionals. In this way, it is possible to simplify the process considerably and reduce the risk of inconvenience.

Ultimately, the right approach and attention to detail at every stage will help you not only successfully complete the deal but also enjoy your new home in Bulgaria. We live in an era of great opportunities, and the real estate market in this country opens up many horizons for us. If you are ready for new adventures and changes, Bulgaria could be your perfect choice.