Basic info to buy property in Bulgaria
Property is one of the fastest growing assets in Bulgaria. Prices of real estates have gone up 50 % in the last year and the trend is set to continue. The most sort properties are in Sofia and along the Black sea coast. This is due to several factors:
- economic and political stability in the country
- wonderful nature - high mountains, suitable for skiing; clean? blue flag? beaches with flourishing world renowned tourist spots and at the same time plenty of calm coastal strips of land; picturesque rural areas
- mild climate and a lot of mineral springs and spa centres perfect for balneology and health recovery
- remarkable cultural heritage tracing back to ancient civilizations
- liberal foreign investments laws and vast investment opportunities
- full EU membership of the country scheduled for 2007, currently Bulgarian legislation is in the process of harmonization with the EU one
- hospitable and friendly people
- Foreign ownership in Bulgaria
According to the Bulgarian legislation foreigners cannot buy land, they may own only buildings. Foreigners can, however, own land by setting up a Bulgaria based company then all property acquired in Bulgaria will be owned by this company. The most common type of a juridical entity is a limited liability company (Ltd.). The registration of such company costs less than 500 Euro and the procedure takes about two weeks.
The off plan developments do not require a registered company.
Some of the offers, proposed by our company could be found in our website: www.bgterra.com. In case they do not meet the client's requirements or preferences or more information is needed we are in a position to carry out additional research and provide a new set of property offers for sale. For that purpose it is necessary that the potential buyer gives the parameters of his/her search: type of settlement, area/size of the apartment or plot of land, type of construction, condition, price limits etc. so that we can be maximise our efficiency. Upon specification of the criteria, our aim is to propose several alternative options to help the search.
Once the foreign client makes his/her choice, he/she implements the following steps:
- reserve the property online or by post and signing a preliminary contract between the buyer and our agency entrusting us with the implementation of the deal
- in case the sale includes land, preparation of documents for registering a company
- a preliminary Contract of Sale is signed between the Seller and the Buyer, determining the parameters and terms of the deal, including all data referring to the property, the Seller and the Buyer, period of realisation of the deal etc.
- preparation of all necessary documentation for certifying the contract at the notary office
- signing of the final Contract of Purchase in front of a Bulgarian notary and obtaining a title deed by the Buyer
All documentation needs to be prepared and presented in less than two weeks. The notary procedure can be implemented either in the presence of the actual buyer or through a person authorised by him/her.
The commission fee, applied by our agency is 3 % (without VAT - 20%) of the property sale's price.
