Property For Sale in Bulgaria.

 

 

 

Bulgaria Favorite Location for Britain's Affluent Homebuyers - Survey.
 
 
Bulgaria is rapidly gaining favour with Britain's affluent homebuyers, the Guardian reported, citing a study of foreign home ownership.
A second home in the sun is now the boast of more than 300,000 people, more than three times the figure recorded in 1995, the survey shows. 
By 2025, it says, there could be around 1.3m British nationals living in other countries.

A warm climate, cheap cost of living and easy access to a second home overseas are the main attractions. 
The study shows that four in every 10 buyers of foreign property believe it will be an investment either to supplement their pension or for their children.

 

Bulgaria offers a mixture of quiet rural scenery and villages that have preserved their unique spirit of old times, and modern cities pulsating with the rhythm of growing business activity and ever changing fashions.

 

You can enjoy the advantage of great geographical diversity there - plenty of lovely sand beaches on the coast and ideal skiing conditions in the mountains in the winter.

 

The properties are relatively inexpensive in comparison to other holiday resort areas in Europe. Steady rise of property prices with an average of 10-15 % took place last year alone in Bulgaria, with higher escalation along the coastal areas and mountain regions. Bulgaria has one of the least expensive costs of living throughout Europe.

 

These are just a few of the reasons making the country an excellent investment destination.
During the last few years the properties in Bulgaria have registered a great rise of the market prices. They have grown with more than 25 % and in some regions even with 50 % for the last year in the big cities, coastal areas and in ski resorts.

Property investment in nice resorts is expected to return an average of 10 %-15 % annually, before tax.

Perform a detailed search of our database which we update every day.

 

Bulgarian Property Buyers Guide.

The Bulgarian property market currently offers good investment potential considering the long-term prospects for the country. 
Even if your budget is small, real estate in Bulgaria offers considerably better value for money than in other European destinations. 

The majority of people who are buying propertyfor sale in Bulgaria are looking for holiday/second homes often with a view to retirement in later years although there are an increasing number of investors who are simply buying property with a view to making a capital gain in the short or long term.

 

This increasing interest, along with other factors such as the rise in tourist numbers, better awareness and EU entry on the cards for 2007 is gradually pushing prices higher.

Although purchasing property in Bulgaria is not too dissimilar from buying anywhere else (it is just as stressful there as in the UK for example) there are some differences and we hope we have covered most of the more important points for you to bear in mind below.
Generalised view of buying property:

 

Remember to register your new property ownership with the local authorities after completion for rating purposes. This should be done within 60 days following completion.

 

Property developers in Bulgaria can basically choose between several investment opportunities depending on their budget, intentions (long-term or short-term investment and the flexibility of the options. We classified these investment options into four main groups following all the conditions mentioned above.

Please, see the classification below:

 

Buying of unregulated land.

 

Basically, this is the cheapest option for the property developers in Bulgaria. The agricultural land is offered at prices several times lower than the prices of the regulated land in a particular region. Some of the reasons for those low-level prices are:

• the lack of services (water, electricity and sewage);
• no road access;
• No permission to start planning, to check the land, build on it, etc.

The process of changing the status of the unregulated land or applying for planning permission takes a considerate amount of time. The owner of the land will have to fill the application forms in the local municipality as well as visiting the structural engineer there who will take care about the whole process. The process includes going through many departments ending with the final approve from the local authorities or from Ministry of Agriculture for the plots bigger than 20,000 sq m. The structural engineer's fees starting from 1 to 2 up to 20 if forest EUR/sq.m.

 

Once the land has been given the change of use to regulation permission, the owner has to register it with the local municipality and to pay a tax on it. The tax cost will depend on with grade of land it is - the higher the grade, the lower the tax is.

 

Buying of regulated land

 

This is the most flexible option for the property developer, as most of the hardest and longest procedures (changing of the status, obtaining planning permission) are already done. In short, the future developer can start building on the land as soon as he has:

• Outline planning permission - OPP (popular as PUP here);
• Full architectural project.
• Land checks/surveys if necessary.
• Preliminary contracts with NEC and Water company.
• Building Permit.

In some of the cases (rarely though) the land can have this Outline planning permission. In short it gives detailed information and figures about what can be built on the land - build-up area, maximum height of the building, density, etc. If the land doesn't have OPP, the owner will simply have to apply for it in the local municipality.

 

Hint Even if the land has OPP and you are not happy with the figures, you can still re-apply and try to get better ones, if possible according to the general area plan and land condition. The costs for getting an OPP for a particular plot of land depends on the conditions of the local Municipality.

 

The next step for the developer is finding a good and trustworthy architect and to start the design of the architectural project according to the figures from the OPP. Once the project is ready it must be approved by the local authorities and the construction works can start immediately after building permit is granted.

 

Buying a development project.

 

This is actually the fastest and the most secure option for the developer as he is purchasing a plot of land supplied with the full set of documentations, permissions, geological surveys (if necessary) plus an architectural project of the future building approved by the local authorities. The main advantage is the building and construction works can start immediately. It is also the most expensive option of all mentioned above but it gives the highest return of the invested capital.

 

Renovation of an existing building.

This is the easiest and in the most cases the cheapest option for the developers because it is not necessary to apply for a planning permission, as long as they keep to the same footprint as the previous property. The planning permission is required only if there will be some extension of the existing property like building an additional layer.

 

Hint You can demolish the existing building and can increase the footprint by up to 90% without planning permission.

 

 

 

 

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