Bulgaria property news and articles

The dramatic cliffs of Cape Kaliakra provide one of the Black Sea’s prettiest and most remote beach resorts. This region is less developed than Sunny Beach and Golden Sands to the south, but it attracts nature-lovers to the Kaliakra National Park, the only coastal national park in Bulgaria. There is a legend that during the Ottoman conquests of the 15th century 40 women tied their hair together and leapt from the cliffs into the sea rather than be captured and raped by the Turks.

There are fewer property-purchasers this far north, and the most popular town to look for property is Balchik, 20km to the south. Kavarna has been allocated planning permission for one of only three golf courses along the coast. In 2007, residential properties were advertised at around €1,700 per square metre. Typically, the new residential estates developed along the Black Sea coast include their own tennis courts, spas, gyms and swimming pools.

Tip: New Developments

As with any of these developments, buyers are advised to check carefully before entering into off-plan sales. There are good schemes and not-so-good schemes ask questions regarding claims about rental yields, capital growth, and management.

Bulgaria does not have such a strong regional tradition as England or Ireland. The Ottoman Empire divided the country into areas (vilyets) based around regional governors, and to some extent these remain the regional divisions today. The official regions are geographical and administrative rather than culturally different.There are 28 administrative regions in the country in all.

However, for the purposes of buying property in Bulgaria the country can be divided into four areas.

The Black Sea region includes the entire 350km Black Sea coast running from the Romanian border in the north to the Turkish border in the south. This region includes the cities of Varna and Bourgas and the well-known resorts in and around Sunny Beach and Golden Sands.
The ski resorts are in the south of the country - across the stunning, high mountain ranges of the Pirin, Rila and Rhodope, homes of the popular ski resorts of Bansko, Pamporovo and Borovets. The southern city of Plovdiv is also included here as a destination in its own right, as well as a jumping-off point to the ski resorts.
The central rural region covers the lower and gentler Stara Planina mountains, which are centred on the ancient city of VelikoTurnovo, and the inland villages and small country towns. These areas are particularly popular with people moving to Bulgaria for the longer term, as a result of their low cost, tranquillity and laid-back lifestyle. Later on we will include information for the central rural areas and the ever-popular Danube valley area to the north of the country, focused on the Danube-side city of Rousse.
The capital Sofia, in the west, has its own profile and will be of interest to investors, urban weekenders and expats looking to work and spend some time in the capital.

Each of the profiles describes where to look and what to look for within the region and includes a rough idea of what you will get for your money.

If you just stick to one area you may miss out on something which you would! have preferred if you had taken the time to visit it sooner. There are Brits who live in remote regions in Bulgaria who wonder why they did not buy a similar property just a few kilometres away in a less isolated location. On further examination it often transpires that the buyer took up with the first agent they met on arrival, and chose a place within a few days.

Do your groundwork first and this will not be a problem. Bear in mind that some agents cover only certain regions, while others are national. Be sure that the agent you deal with is giving you all the information you need about arteries; if in doubt, ask around.

What mainly distinguishes each region is not so much cultural aspects, but qualities like accessibility (distance to airports and main roads), landscape, whether it is predominantly urban or rural, and prices. You will not find great cultural differences between the regions, but there are significant differences in atmosphere between, for example, the Black Sea town of Varna, with its seaside tourism, shops and summer crowds, and the quieter, small-town feel of Veliko Turnovo or Rousse.There are big differences between urban and rural areas and Bulgaria offers many people a chance to enjoy the combination of both. Once you’ve spent sometime in the country you will get a feel for the areas you enjoy and in which you might like to spend your time.

Prices vary widely across Bulgaria, and in the current market they are subjec to great change: quarterly increases were between 9 and 16 per cent for the first quarter of 2007.

At some point you will need to begin to narrow down where you want to buy, live or invest. Even if you have already decided exactly where you plan to go, we will help you compare prices and amenities in different areas of the country. But a word of advice -if it’s your first time in Bulgaria, keep an open mind before you visit.

It is surprisingly common for people to visit the country with a fixed view of what and where they want to buy - and also how much they want to spend - only to change their minds once they arrive and have a chance to compare different regions. Often potential buyers fly out looking for a coastal property, then find that they prefer the mountain areas, and vice versa.

Choosing where to live is not always the same as choosing where to invest -for investors, the coastal resorts may advertise high rental incomes, but these are generally seasonal and should be compared with, say, the income that can be obtained from year-round lettings in Sofia. For others the choice of location is intended to suit both a holiday home and an investment - in which case Sofia may not be such a good choice The criteria vary depending on your reasons for buying. The best rental property may not always be the best holiday location. The best place to live may not command the highest returns.

Bulgaria is in some ways unique in this series. It has been written by two British people who have lived and worked in Bulgaria for the past nine years. Both have been closely involved with the property business, as buyers, sellers and developers, as well as setting up the first British estate agency. The advice they give is useful from all perspectives of the property industry. The book is designed to help you decide where, how and indeed whether to buy property in Bulgaria. It is primarily aimed at those people interested in buying residential property, though much of the information is also relevant to those buying commercial property - hotels, restaurants and tourist-related enterprises, retail, office and even agricultural property.

Buying a property in Bulgaria need not be a daunting or risky business. For the buyer, the process is fundamentally the same as in the UK- a property is advertised for sale, a buyer views it and makes an offer, and, if the offer is accepted, a lawyer is hired to conduct a proper and correct conveyance of the property to the new owner. The key legal difference is that a foreigner cannot own land in his or her own name. It is necessary therefore to register a limited company in the name of the buyer (which is allowed for foreigners) and forthat company to own the land or property. Exceptions to this rule about foreign ownership may apply in certain circumstances and we shall describe these in due course; for example, foreigners may buy an apartment if it does not come with land attached. One very important point to note is that, since Bulgaria’s entry to the EU in January 2007, it has been announced that this rule on foreign ownership is to be changed - in future EU citizens will not be regarded in law as foreigners and will be able to own property outright - but new legislation to this effect is slow to come into force.

In Bulgaria.foreign buyers have to rely much more on the agent who is selling the property than they do in the UK. Owing to the language barriers and distance, the buyer very often elects for the agents to co-ordinate all aspects of the buying process - from setting up a company, to appointing a lawyer, managing the sale from start to finish, and following up with other’after-sales’ administration such as registering the buyer for council tax, utilities and soon. It is therefore crucial to choose the right agent, to ensure the smooth running of the whole buying process, and for your peace of mind, to be certain that things have been done properly.

You should always remain aware that you are operating within a different culture. There are a number of local nuances that buyers are advised to be aware of. Throughout this book you’ll find personal anecdotes from those who have taken the plunge and made a commitment to living in Bulgaria, and from those who have bought for investment, for a holiday home or for retirement. They include a wide range of occupations from teachers to builders, architects, hoteliers and artists.Their experiences will inform and entertain. One aspect of the youth of the foreign property market - compared with, say, Spain - is that the British community in Bulgaria is small and friendly. People are always ready to share their experiences.