Why did Olga from Perm decide to sell her apartment in Bulgaria?

Seller's Profile: Olga from Perm

Agent:Oazis Realty

Region:Sunny Beach, Bulgaria

Object:Apartment in a residential complex

Price:€33,000

Deal:Autumn 2020

How did the process of acquiring real estate go?

Olga, could you please share your experience of buying? Which specific apartment did you purchase?

In 2014, we decided to invest in a construction project in Nessebar. We purchased a one-bedroom apartment with a living room, located just 150 meters from the beach. The deal was completed based on a recommendation from acquaintances, and we invested around €35,000. Since the price was significantly below market value, this played a key role: we needed to find suitable accommodation for regular family vacations with our children.

Were there any issues with the project?

In 2014, there were many unfinished projects in the Bulgarian market. Did you encounter difficulties with your property?

- We only faced minor delays, just a month, so overall the builders managed to complete the work on time. Of course, there were some small issues, such as the installation of electricity and water meters, which happened later, but these moments did not spoil our overall impression.

How often did you travel to your apartment?

- We had already traveled to Bulgaria quite often before the purchase, and after the deal was completed, we spent every summer there for a month over the course of six years, enjoying our vacation. The apartment was fully furnished and equipped with all the necessary dishes, so we didn't have any additional expenses for household items. During the rest of the time, the apartment remained closed and unused.

Why did you decide to sell your apartment?

Your expectations from investing in real estate seem to have been met. But why did you suddenly decide to sell your apartment?

– We were absolutely satisfied with our accommodation until recently. However, lately, the euro exchange rate has significantly increased, making flights more expensive. Additionally, our city, Perm, only has two flights a week to Bulgaria, which has created certain difficulties — we had to fly through Moscow. It's also worth noting that when we bought the apartment, we had one child, and now we have two.

The reason for selling the apartment.

Are you saying that the reason for the sale is not related to your feelings about the property itself?

- That's right, we came to the conclusion that it's not practical to keep the apartment if we can't stay for a long time. At the moment, we don't plan to stay in Bulgaria for an extended period. Overall, if we consider the local currency - the lev, life in the country hasn't become significantly more expensive. However, traveling from Russia has become much more costly. Now, with Bulgarian prices, we can afford trips to the UAE or Cyprus, so we decided to let go of our attachment to one place.

Renting an apartment

Have you considered renting out your apartment when you're not in the country?

– No, the apartment was originally intended only for our family.

I believe that if you only have one apartment, renting it out with infrequent visits may not be the most profitable option. Based on my experience in real estate in Russia, I have concluded that such actions can be impractical, as they create more problems than they bring real profit.

Residential real estate in Bulgaria

Let's consider several options for residential real estate in Bulgaria. For example, in a hotel located on Sunny Beach, you can purchase an apartment for 61,200 euros. This two-bedroom apartment has a total area of 58.12 square meters and is located on the third floor of the building. It is worth noting that the annual maintenance costs for this complex amount to 500 euros. The property is ready for occupancy. Payment is made through a deposit of 2,000 euros, with the remaining amount due upon signing the notarial deed.

Options in Sveti Vlas

In Saint Vlas, apartments are also available for 79,000 euros. These residential units have an area of 60 square meters and also feature two rooms. You can choose the floor and an apartment with a sea view. For more information, you can contact us by phone. The "Arthur" complex, where these residential units are located, stands out for its stylish design and stunning view of the bay.

Apartments in the resort of Bansko

A very spacious three-room apartment is offered at the ski resort of Bansko for 160,000 euros. This offer includes full furnishings, as well as access to a sauna, steam room, and a jacuzzi bath. The apartment is located on the first floor and consists of an entrance hall, a spacious living room, and a kitchen and dining area. The deal is conducted without any commissions for the buyer, making the offer particularly attractive.

Three-room apartments in Sunny Beach

In Sunny Beach, there are also options available for 119,000 euros for three-room apartments with an area of 108 square meters. This apartment is located on the sixth floor and includes:

• The living room
• Kitchen and dining area
• Two bedrooms
• Two bathrooms
• Three balconies with an amazing view of the coastline.

Investment opportunities in Bulgaria

Bulgaria offers many interesting opportunities for purchasing and investing in real estate. For example, in the resort town of Obzor, a wonderful two-bedroom apartment has become available for sale for 74,200 euros, with a total area of 88 square meters. It is located just 500 meters from a beautiful beach, making it an excellent choice for both investment and permanent residence.

Undoubtedly, the real estate market in Bulgaria attracts many people who wish not only to live there permanently but also to spend their vacations. Each of the offered properties can be a good option for those looking to successfully invest in their future real estate. When choosing a property, it is important to carefully consider all the details and offers from various complexes to make the most effective use of your funds and make the best purchase.

Bulgarian apartmentsAffordable properties with good locations are becoming increasingly popular, which confirms the growing interest in this country as a place for living and investment.

Apartment description

The apartment in question is fully furnished and equipped with all necessary appliances, making it perfectly suitable for immediate occupancy. The total area is 88 square meters, of which 76 square meters are living space.

Located on the third floor, it provides convenient access, allowing for less frequent use of the elevator.

Proposal in Białe

An interesting offer is available in the residential complex called "Korekt Estate" — an apartment in the resort town of Byala, Bulgaria, with an area of 58 square meters. This apartment includes two rooms and one bathroom, and its price is 88,000 euros. This unique property is just a few steps away from the sea.

Two-bedroom apartment by the sea

IBG Property presents to you a wonderful two-room apartment located just a few minutes' walk from Biała Beach. This small building is situated right by the sea, among some of the most beautiful beaches in the region.

The apartment is equipped with everything necessary for a comfortable stay and is perfect for both temporary vacations and permanent living.

Three-room accommodation in Sveti Vlas

An interesting alternative would be a three-room apartment in Sveti Vlas with a total area of 68 square meters. This property is located on the second floor, allowing residents to avoid climbing too high and using the elevator. It is the perfect place for those who value tranquility and the beauty of nature, while being just a few minutes away from the sea.

Comfortable apartment in Sunny Beach

It is also worth noting the three-room accommodation on Sunny Beach, which can be purchased for 95,000 euros. This property is located in the luxurious Harmony Suites 8 complex, which was recently built in a picturesque area, allowing you to enjoy comfort right by the Black Sea.

Proximity to the parkadds extra appeal to this place.

Luxury house in Burgas

Don't miss the chance to consider a luxurious house in Burgas, located just 12 kilometers from the sea. This beautiful two-story house, covering 257 square meters, was built in 2021 and offers four bedrooms and two bathrooms on a plot of 596 square meters.

The high-quality finishing materials used create an atmosphere of coziness and comfort.

Three-room apartment in "Etarana 1"

Another interesting option is a three-room apartment in the elite complex "Etarana 1" in Sveti Vlas. The area of this property is 89 square meters and includes three rooms, two bathrooms, and one terrace.

Located on the sixth floor, the apartment offers a magnificent view of the surroundings, and the sea is just 50 meters away.

Two-room apartment in Ravda

There is also an opportunity to purchase a two-bedroom apartment in the rapidly developing Olympia Residence complex in Ravda, with an area of 76 square meters. It is located on the second floor and is currently under construction, with an expected completion date of June 2024.

The cost of the property is 162,389 euros, and the annual maintenance expenses are 755 euros.

Conclusion

Thus, Bulgaria offers a multitude of attractive options for living and investing. No matter what you are looking for — a spacious apartment by the sea or a cozy house in a quiet corner of nature — you will definitely find the perfect option for yourself here.

Real estate on Sunny Beach

Sunny Beach, located in Bulgaria, offers excellent opportunities for real estate investment. Our portfolio includes comfortable 94 square meter apartments in the Tarsis complex, featuring one bedroom. This property is situated on the sixth floor and stands out with its cozy layout and spacious rooms.

At the moment, its cost is72,900 euros, with a down payment of2000 eurosThe full amount is paid upon the conclusion of the deal through a notary. The annual management costs amount to752 eurosThe apartment already has an Act 16, which confirms the legality of its sale.

Studio in Elenite

If you need something more compact, we recommend checking out a beautiful studio on the fifth floor of the residential complex.Villa Astoria 2located just in180 metersfrom the beach. The area of this apartment is32 square metersand it is fully furnished, equipped with everything you need, including a spacious hallway and a well-equipped kitchen.

The price for this property is34,000 euroswhich makes the offer quite tempting.

Apartments in Varna

In Varna, there is a wide selection of apartments in different categories:

• two-room
• three-room
• areas starting from107 square meters

A modern residential complex located in a prestigious area.SeagullIt delights not only with its elegant facade design but also with magnificent panoramic views from the upper floors. Prices start from225,000 eurosThis makes this option particularly interesting for those who want to live in one of the most popular areas of the city.

Two-bedroom apartment by the sea

For those who wish to live closer to the coast, a two-room apartment is offered in a new complex.Villa Metaraarea60 square metersIt is located on the second floor and offers a magnificent panoramic view of the sea. The layout includes all the necessary amenities: a hallway, a kitchen-living room, a bedroom, and a bathroom.

The cost of this property is183,100 euros.

House in the village of Syrnevo

If you are interested in buying a house, we suggest considering a brick house in the village.Syrnevobelonging to the Burgas region. The total area of this building is70 square meters, and the land plot –750 square metersAlthough the house needs major repairs, it has great potential for creating a cozy family nest.

The village is located just in43 kmfrom Burgas, which adds to the appeal of this purchase.

Two-bedroom apartments in Varna

In Varna, there are also two-room apartments with an area of65 square metersIn a new building with Act 16. These apartments include:

• the hallway
• a bright and spacious living room
• bedroom
• terrace
• bathroom

The price of such an apartment is85,000 eurosthat will provide you with comfortable living conditions in the city.

House in Vinnytsia

Additionally, it is worth paying attention to the house inIn VinnytsiaVarna, with an area of200 square metersand with a large yard in368 square metersThis property will be an excellent choice for a large family or for those seeking space and privacy.

It is being sold with the support of an agency.Atlantathat provides the opportunity to receive additional consultations and assistance during the purchasing process.

Conclusion

Thus, Bulgaria offers a variety of opportunities for purchasing real estate that cater to a wide range of needs—from cozy apartments to spacious houses—making this country an attractive place for living and vacationing.

A unique opportunity to create a garden

You are given a unique opportunity to create a truly magnificent garden on your property. In 2023, you have the chance to complete the construction of a brick house with full "turnkey" finishing. The two-story building features a convenient layout: all the necessary living spaces are located on the ground floor.

Features of the studio

There is also an interesting studio for sale with excellent features called Atlanta BG, priced at €48,500, located in the picturesque town of Nessebar, Bulgaria, with a total area of 51 m². We offer an online presentation and the possibility to complete the transaction remotely. This property is situated in the residential complex Black Sea 2 in Nessebar.

The studio is located on the third floor and includes:

• hallway,
• a cozy room with a kitchen area,
• a spacious terrace with a magnificent panoramic view of the city,
• a bathroom with a toilet.

The property is sold without furniture and appliances, giving you the opportunity to arrange the space according to your taste and style, ensuring a high level of comfort. It is also important to note that you won't have to worry about additional maintenance costs.

History of real estate sales

When it comes to the sale of residential real estate, it is worth mentioning thatdecision on saleWe made the decision back in 2019, long before the pandemic appeared.

The beach is located just 150 meters from our residential complex.

Remote real estate sales

When the idea of selling real estate using a remote tool came to me? After returning from Bulgaria, I decided to pause the sale of my apartment for a while, knowing that I wouldn't be able to return there anytime soon, and eventually even removed many of the listings. My property continued to be listed in the catalogs of several agencies. Nevertheless, the thought of conducting a transaction online left me puzzled.

I couldn't help but take into account moments liketrust in the intermediarySince I didn't need to rush, danger was unwarranted. At the beginning of spring, I wasn't ready for remote sales, but soon the situation changed, and it became clear that I wouldn't be able to return to Bulgaria by the end of the year.

Searching for a reliable agency

We found an agency that we could truly trust, and learned that they already had a real buyer — a local resident of Bulgaria. The company's staff demonstrated a high level of professionalism and quickly responded to all my questions, which helped me come to a final decision. After that, the process of preparing documents for a remote sale began.

Finding interesting real estate

It is also worth noting that finding interesting real estate at this time is not particularly difficult. Subscribing to special Telegram channels can be quite helpful for those interested in immigration processes and investments.

Discussion of the price

When discussing the price, I initially valued the apartment at €40,000, anticipating possible negotiations. I understood the market situation and realized that if necessary, I could sell it for a lower amount. I expected to receive around €36,000. During the negotiations, the realtor mentioned the price offered by the buyer, which turned out to be €3,000 lower than my expectations. I agreed to this offer since all parties agreed that the buyer would cover all transaction costs.

Commissions and expenses

The realtor explained in a comment that in transactions involving urban real estate, commissions are usually split between both parties and typically amount to up to 3% of the property's value. At the same time, on the coast, the main clients are buyers, and in such cases, the commission is often paid only by the sellers. The commission amount can vary, usually ranging from3%to10%from the transaction amount.

It is important to consider that in remote sales, the seller also incurs certain financial obligations related to document preparation. These expenses can vary depending on the region and the number of participants, ranging from€80to€300However, in our specific case, they did not exceed the specified amount.

Customer expenses

The buyer, in turn, faces costs that need to be incurred for the notarial registration of the property, payment of taxes, and state fees. These expenses amount to a minimum of5.5%from the value of the property, excluding the lawyer's fee.

Real estate market prices

It should be noted that in recent years, housing prices in Sunny Beach have remained consistently high, which is also important when planning transactions.

Last year, the housing market did not undergo significant changes. The cost of real estate in cities like Nessebar and Sveti Vlas is still higher than in Sunny Beach. Occasionally, there are offers from owners who need to sell their properties quickly, but overall, this does not significantly affect the average market prices. Compared to 2014, I am certainly in a favorable position regarding the ruble; however, in euros, the prices remain, in my opinion, quite low.

Decrease in the number of customers

It should be emphasized that since the fall of 2019, the number of buyers has significantly decreased. The market is now mainly comprised of local Bulgarians, along with a small number of foreign clients, which affects the overall market dynamics.

The process of selling an apartment

• Were there any other apartments for sale in your residential complex?

Yes, we had two more apartments, although our residential building is quite small — only 34 apartments in total. All of them were offered at roughly the same price, but one of the apartments was sold for a lower cost. This apartment was sold unfurnished, and its layout was somewhat different from the others.

• Could you briefly describe how the transaction process went?

I had to prepare a package of documents that met the requirements of the Bulgarian side and were notarized in Russia. I was sent samples of the necessary papers. Then, the documents in Russian were sent to Bulgaria, where they were translated into Bulgarian, after which a date for signing the deal was set. My trusted representative was present at the deal and transferred the funds to my bank account.

Of course, certain difficulties may arise during the process, but in our case, everything went smoothly from the very beginning. The documents were properly prepared and met the requirements of the Bulgarian authorities. The entire process—from the start of negotiations to receiving the funds—took about a month and a half. The funds were transferred to my bank the very next day after the deal was completed.

Initial agreement with the agency

According to the realtor, the initial agreement with the agency is quite formal. This contract simply states that you grant the realtor the right to sell your property. Once a buyer is found and the terms of the deal are agreed upon, the parties sign a new contract. Its format may vary depending on the agency, but there are common requirements. For example, in our agreement, we try to take all the nuances into account:

• What amount does the seller receive?
• What expenses will each party incur?
• What are the deadlines for settling previous debts?

After signing such an agreement, all further actions are handled by a Bulgarian lawyer who prepares the documents for notarization: declarations and powers of attorney. This way, the process of purchasing real estate becomes more structured and transparent for all parties involved, significantly simplifying interactions, especially in the face of potential language and legal barriers.

The process of preparing documents

In accordance with the regulations established at the local legislative level, all necessary documents must be prepared in the prescribed manner, after which they are sent to the seller electronically.

The seller, in turn, certifies them with a notary at their place of residence and returns the document by mail. It should be noted that citizens of Kazakhstan must go through the process of apostilling their documents, while for citizens of Russia and Ukraine, this procedure is not mandatory.

Changes in transaction rules

Over the past decade, the requirements for purchase and sale transactions have become more stringent. For example, a power of attorney must now have a strict structure, where all important details must be clearly outlined:

• information about the seller,
• specific object of sale,
• transaction deadlines,
• data on the bank accounts to which the funds should be transferred.

The documents also include complete information about the owners' foreign accounts, as sending money to other accounts is not allowed by law.

Standard requirements for documents

The standard requirements for other documents remain in place; however, the form may vary slightly depending on the region. For example, for transactions in Nessebar, it is sufficient to submit a declaration of marital status and copies of marriage or divorce certificates.

In Pomorye, it is also necessary to provide a certificate from the registry office regarding the family circumstances of all participants in the transaction, which may seem insignificant but is important to consider.

Required documents for transactions

For most transactions, a minimal set of documents is usually required, which includes:

• power of attorney for the sale of the property,
• cadastral map,
• a certificate confirming the legal purity of the real estate object,
• documents from municipalities with property valuation.

Choosing a trusted person

As for the selection of trusted representatives, this process requires special attention. Based on the agency's recommendation, I chose a lawyer and verified his accreditation.

The size of his fee was not discussed directly with me, as I agreed on the final amount I wanted to receive with the agency. Our expenses for processing the necessary documents amounted to about 20,000 rubles in Russia and around 500 euros in Bulgaria.

Who can be a trusted person?

The decision on choosing a trusted person is up to the seller. If the seller has friends or relatives in Bulgaria, they can appoint them; otherwise, it is advisable to contact a broker from an agency or a company manager.

Hiring a lawyer

There is also the option to hire a lawyer to handle the transaction. To ensure their qualifications, the client can request the lawyer to provide:

• license,
• identity card,
• certificate of registration of the law firm where he serves.

We provide a corresponding extract from the registry, similar to the extract from the Unified State Register of Legal Entities in Russia or the Ukrainian extract.

Financial aspects of the deal

It should be understood that a trusted person, if not listed among the recipients of the funds, will not be able to manage the money received from the sale of the property. These funds are transferred to the bank account specified in the power of attorney, and only after all procedures are completed can the received funds be disposed of.

Conclusion

In conclusion to our conversation about buying real estate in Bulgaria, I must emphasize how important it is for every potential buyer to clearly understand their goals and financial capabilities. As Olga's story showed, internal changes in life do not always align with the living conditions we have created for ourselves abroad. In her case, the decision to sell the apartment was a result not of dissatisfaction with the quality of housing, but of changes in lifestyle and financial aspects.

It is important to note that the real estate market in Bulgaria continues to attract attention due to its conditions and affordability, but it is also necessary to understand that each decision should be made individually. Olga demonstrated that investing in foreignreal estate can bring joy, but only if it aligns with current life circumstances.

Key Findings

• Individuality of solutions:Every decision regarding real estate should be based on current life circumstances.
• Understanding the market:The real estate market in Bulgaria offers numerous opportunities for investors.
• Rental as an option:The rental business can be profitable, but it requires significant effort.

After talking to Olga, I realized that it's important to carefully consider not only the choice of the property itself but also the strategy for its use. The rental business can be profitable, but it requires effort and organization, which may not always be appropriate if you plan to use the apartment for vacation only once a year. The final conclusion remains unchanged: it's crucial to find a balance between desires and real possibilities so that your property, wherever it may be, truly brings pleasure and comfort rather than becoming an additional burden.

Bulgaria remains a picturesque and affordable resort, and now that there is an opportunity to purchase property at the construction stage with a fixed price, it opens new horizons for investors. However, consider your future plans and remember that with each new child or change in work, new challenges may arise. These are realities that many may face. Therefore, every decision should be weighed and thoughtful, so you don't regret your choices later on.