The Bulgarian property market currently offers good investment potential considering the long-term prospects for the country. ‘The Bulgarian market has been performing very well recently and I thoroughly expect this to continue’, says David Cox of Property Frontiers. ‘I believe that the stable economic environment, EU membership and the broad popularity of the region make it a very safe bet and one of the more secure investment opportunities in Eastern Europe’.
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 property 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, if not more stressful) there are some differences and we hope we have covered most of the more important points for you to bear in mind below.
The above is merely a summary designed to give a broad overview of what is involved and what you can expect. Perhaps the best advice is to find a real estate broker that has your interests at heart and who you can come to trust. The better ones are invaluable with regard to helping you through all of the formalities including introducing you to a good lawyer in the vicinity of your intended purchase. Perhaps most important of all is to do your research before you travel and familiarise yourself with the procedure.
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On our web site, we have summarized basic legal and taxation information on real estate and land purchase in Bulgaria. For additional details, please consult your independent legal adviser or contact us and we will be delighted to assist you.