Bulgaria property news and articles

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.