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Why Bulgaria?


 

The investments in Bulgarian real estate at that time are the most promising and profitable. After many years of stagnation our country with the help of European Union is creating a new infrastructure. According the experts’ prognoses, the growth of the real estate’s prices is 10-15% per year. Moreover, the Black Sea properties in the tourist areas may carry renting income at the moment. Speaking figurative you may benefit from your own holiday place while renting it. Thus you may receive back yearly 6 percent of the value of the property as an owner.

Reasonable prices! But not only that. Bulgaria has been known as a country comfortable for living, with great climate, stable political and economic situation. That is why many of our Russian speaking customers want to have not only a villa or apartment but also seek to obtain Bulgarian citizenship. According to the statistics for the last year, 23 percent of all Russians acquired property abroad, have bought property exactly in Bulgaria.

Despite the analysts’ prognoses for a calm and moderate growth of the real estate’s prices, for one year they jumped by 18 percent. Clearly, this is due to Bulgarian’ membership in the European Union. Obviously, the next sharp rise in prices is expected in 2010 and it will be connected with the entry of the single European currency into the country.

According to Bulgarian law, foreign physical persons can buy in Bulgaria residential and commercial real estate.

 

 

 

Procedure for purchasing of real estate in Bulgaria

 

 

1. In Bulgaria are offered mainly residential properties directly from the investor, new buildings. There is a wide choice of new construction. For this reason the contracts for sale are signed directly with investors. The potential buyer is connected directly with the owner or Real Estate Agency, if purchased through a broker, and together set a date for clearance of the transaction.

2. When a property is selected for purchase the customer leaves a reservation deposit which most often ranges from 1000 to 2000 euros. The next step is signing of a preliminary contract which describes the type of the property, its price, terms of payment, deadlines for completion of the property and the rights and obligations of both parties. The main responsibility of the buyer is to respect the payment deadlines and of the seller to respect the deadlines and the quality of the construction.

What is included in the preliminary agreement?

  • Detailed information regarding both parties and contact information.
  • A detailed description of the property.
  • The price of the property, the amounts of the individual installments and the deadlines for their payment
  • The date of receipt of Act 16 and penalties for the builder if failing the period.
  • A detailed description of the property at the time of its transfer to the new owner.
  • Penalties in case of detention of transfer of the property.
  • Penalties, if one party surrenders the deal and indication of the period in which part of the money has to be refunded.

 

It is advisable that contract to be compound in two languages /Bulgarian and Russian or Bulgarian and English/

 

3 . Necessary documents for signing the contracts.

The only obligatory document is the buyer’s passport /if buys property without land/. If you wish to purchase property in the name of another person it is necessary to present a notarized authorization.

4. In the final contract must be entered all owners of the property that are buyers at the same time. Then the final contract is certified by a notary. The buyer, his agent or the seller itself through the notary have to record the purchase of the property in court. It is a mandatory procedure.

5. When the notary deed is returned by the court, the new owner within two months must submit a statement to the territorial tax office in which the property is. The new owner has to register ownership on his/hers name /so called Bulsatat/ in 7-day period and to obtain the appropriate individual code. The real estate agent or the solicitor of the buyer usually is engaged in this. All documents are drawed up in Bulgarian.

 

 

 

Embassies and Consulates

 

 

Embassy of Republic of Bulgaria in Russia

 

Moscow, Moscofilmovscaya str., h 66

tel. /499/ 143 6700

8 926 271 5450 / for private persons without accredited tour operators/

from 14.00 to 17.30

fax : /499/ 143 9605, 143 6214

e-mail : This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

 

Embassy of Russia in Bulgaria

 

1113, Sofia, 28”Dragan Tzankov” boulevard

tel /+359/ 2 963 0914, 963 1314, 963 4021, 963 4458 /round the clock/

fax : /+359/ 2 963 4103

e-mail : This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
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