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Bulgarian Property Investments - Articles Surfing
Bulgaria real estate prices are by far lower than most other destinations in Europe but the estimated acceptance of Bulgaria in the European Union provides extremely high growth potential that will certainly boost the prices of the Bulgaria real estate in the near future. It is best to buy now while the buying good. Bulgarian market or real estate is still relatively unexplored and undeveloped, which makes it very attractive and profitable.
It will probably be shocking for you to learn just how many strategic real estate properties are still waiting for their owner to appear and earn a ton of money from the natural beauty that is around. Bulgaria has one of the most liberal foreign investment laws in the region regarding Bulgaria real estate, as well as the foreign investors too. Basically, foreigners can purchase only buildings but not land in Bulgaria. Only Bulgarian citizens and legal persons can actually obtain the ownership of Bulgarian land.
What this means is that the most popular and preferred by non-residential ways that you can become the real estate owners and they are: As far as houses, villas, flats and limited ownership rights (the right of use) are concerned, you can directly purchase them as a person. However, if you are thinking of buying Bulgaria real estate as well as the land it sits on, you have to set up a company that will be the owner of the property instead of you. Setting up a company in Bulgaria is very easy and all that you really need to do it is a good solicitor or barrister (lawyer) to act on your behalf.
If you are thinking of buying Bulgarian property, you must take some things into consideration first. The usual term for the old owners of the Bulgarian property has to move out of it after the sale is completed within one month. This could be changed if the buyers require a shorter term however the change must be negotiated first. You should not expect the property to be empty right after signing of the final contract.
Also, any foreign buyers who are purchasing Bulgarian property must be aware that in Bulgaria there are such terms as the "tax estimation price" which is for the purposes of real estate taxation and it good to know that it is much lower than the actual selling price. Most of the Bulgarian property owners wish that the "tax estimation price" was actually is written in the title deed, and not the selling price which the buyers are paying because it is just easier and saves many headaches in the end. Because of this you should expect to see differences between the price you are paying and the price that is actually written in the title deed.
Bulgarian agents can not be held responsible for these types of price changes. If the property buyer wishes that the purchasing price is written in the property title deed they must generally notify the agents in advance so that they can negotiate on this with the seller of the property.
Copyright © 1995 - Photius Coutsoukis (All Rights Reserved).
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