BUYING PROPERTY IN BULGARIA

Property in Bulgaria is the fastest growing asset in the country.

Property in Bulgaria is the fastest growing asset in the country. In recent years property prices in Bulgaria went up by more than 25% annually in general. Some real estate has gone up by 50% in one year, especially in Sofia, in the Black Sea beach resorts (Sunny Beach) and in the ski resorts (Borovets, Bansko). Improved economic conditions, political and social stability in Bulgaria during the last three years has brought a real boom in the values of property in Bulgaria.

Another important factor for the rising Bulgarian property market is the huge tourism potential in the country. There are great natural attractions: high mountains, the beautiful, clean Black Sea coast, well preserved rural areas, minimum urbanisation, thousands of years of history, etc. Nowadays Bulgaria is considered to be the fastest growing tourism market in Europe. This is something that foreign buyers of property in Bulgaria appreciate, and, with constantly rising values, buying property in Bulgaria is attracting a lot of interest from serious investors.

Furthermore, Bulgaria became a NATO member in 2004, and full European Union membership is scheduled for 2007. Bulgaria is a politically stable country, and the introduction of a currency board in 1997 stabilised the country's economy. Looking forward to 2007, Bulgarian laws are improving and changing in accordance with the laws in the countries of the European Union.

Bulgaria has one of the most liberal foreign investment laws in the region. Foreign investment typically assumes one of the following forms: establishing a joint venture with existing companies, state-owned or private; acquiring a company through privatisation; setting up a new (green field) venture; or making a portfolio investment.

Foreign investors can purchase property in Bulgaria directly or through a local company. Only Bulgarian-resident individuals and entities can own land, while non-residents personally may acquire only buildings. Therefore, if foreign citizens want to invest in property in Bulgaria, they must register a Bulgaria-based company. As soon as the company is registered, any properties in Bulgaria may be purchased in the company's name. The most common type of organisation for foreign investors is a limited liability company. Other forms are companies limited by shares (joint stock companies), joint enterprises, business associations, general partnerships, limited partnerships, and sole proprietorships.

The law does not limit the extent or amount of foreign participation in companies. Foreign individuals and companies can open an unlimited number of accounts in Bulgarian banks, in any hard currency or the local Bulgarian Levs. There is talk that soon the main law in Bulgaria, the Constitution, will be changed very soon, so that all foreigners who wish to acquire property in Bulgaria will be able to do so personally without registering a local company.

Information courtesy of Bulgarian Properties Ltd

Full details about the ‘Super Borovets’ project, price madness in Bansko, golf developments in Bulgaria, and new apartments in Bansko and Borovets can be seen at the Bulgaria Properties Ltd web site www.BulgariaProperties.net. You can e-mail questions to advice@BulgariaProperties.net, or, if you have no Internet connection, call the company (in UK) at 0871 226 2296 to order a free 30-page hand-out, or just for a chat, if you prefer. They always have time for you.

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