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Buying Property in Bulgaria
from: ...Tip! House-hunting Expenses. Property-hunting can be quite a costly business. Expenses include money for travel to Bulgaria, hotels and eating, and telephone calls.
In the last 3 years Bulgaria has seen a real boom in the prices of the property available because of the improvement in the economy, the political situation and the country's social stability. It has been found that property is the fastest growing asset in the Country and during last year property prices in Bulgaria have gone up more than 25% in general. However in some areas such as Sofia, the Black Sea Beach resorts and the ski resorts prices have gone up by 50% in one year alone.
One of the most important factors for why there has been a rise in property market is the potential of tourism to the country. Bulgaria offers many great natural attractions, such as high mountains, preserved rural areas the Black Sea coastline provided tourists with beautiful sandy beaches and crystal clear waters. You will also find that minimum urbanisation has taken place in the country, together with its thousand years of history it provides tourists with a relaxing and warm place to visit.
Because of the reasons stated above and with Bulgaria now being considered as the fastest growing tourism market in Europe, this is why many foreign buyers are now looking to purchase property in Bulgaria because of the constantly rising prices buying a property in Bulgaria is one of the best investments anyone can make these days and with property prices starting from as low as €2,500 it is easy for anyone to get a foothold on the property ladder in Bulgaria.
However it should be noted that foreign investors can only purchase property in Bulgaria either directly or through a local company. Also it should be noted that only Bulgarian residents (individuals) or entities (companies etc) can own land, but non-residents may personally acquire buildings only. Therefore if you wish to invest in property in Bulgaria you must register as a Bulgarian based company (we can assist you with this contact us at Coin Properties). Once the company is registered then you may purchase any property/properties in Bulgaria in the company name. The most common type of company used by foreign investors is an LLC (limited liability company). Other sorts of companies you will find are limited by shares (joint stock companies), joint enterprises, business associations, general or limited partnerships and possibly sole proprietorships.
Tip! My first suggestion would be to go on to the internet and look at and even contact some of the various agents that are now offering properties for sale in Spain. You will find that many of these companies are owned and run by people who are now residents in Spain and will be able to provide you with information on the many problems and pitfalls that may arise when buying a property in Spain, and will also know the area that you may be looking to buy the property in.
It should also be noted that the law in Bulgaria does not limit the extent or amount of foreign participation in these companies, and foreign individuals and companies can also open an unlimited amount of accounts in any Bulgarian bank with either hard currency or the local Bulgarian Levs. However, there are talks taking place in Bulgaria regarding the changing of the Constitution of the country being changed, which hopefully will mean that all foreigners who wish to purchase property in Bulgaria will be able to do so personally and therefore avoid the need to set up and register a local company.
However, we feel that we should advise you not to wait until the law is changed as it is expected once this takes place property prices will increase dramatically.
Allison Thompson, with 15 years experience in the property field.
We hope the above is of assistance and should you require any further information or assistance contact us at http://www.coinproperties.com.
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