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Is it a good idea to buy overseas property in Bulgaria in 2019? How does one go about buying overseas property in Bulgaria? Let’s find out.
The State of the Overseas Property Market in Bulgaria in 2019
There is something about Bulgaria, an air of mystery and wonder, an enigma, an unsolved puzzle. This country was behind the Iron Curtain of Communism for almost 50 years. Nobody knew much about it then.
But since the breakup of the Soviet Union, Bulgaria has come into its own. It is today a free market democracy with a stable government, prosperous economy and where the Rule of Law prevails.
Also, Bulgaria is naturally beautiful, with many beachside resorts along the Black Sea Coast, mountains and ski resorts, archaeological excavations that date back to more than 5,000 years and busy and bustling cities full of young and ambitious people and a vibrant nightlife.
That is why Bulgaria has emerged as one of the top tourist destinations in Eastern/Central Europe. Last year, the nation made close to $10 billion in revenue from tourism, thanks to the unprecedented interest in Bulgaria.
What that also means is that there is a real interest in Bulgaria these days as an overseas property destination. Russians, Scandinavians, Irish, and the British – everyone wants to buy a second home here. The advantage is that properties in Bulgaria cost a fraction of comparable properties in France and Italy, and other popular overseas property hotspots in Europe. You could buy a lovely beachside cottage for just 50,000 EUR!
Are Foreigners Allowed to Buy Property in Bulgaria?
Absolutely – foreigners are allowed to invest in Bulgarian properties, but with a few restrictions. Foreigners cannot buy land, for instance. They can buy apartments.
Also, when buying a house or cottage with a garden or plot of land, they will need to register with a Bulgarian company who will buy the property on their behalf. But the property will belong to them and them alone.
Sure, there are certain complications related to buying overseas property in Bulgaria in 2019, but there are ways to go around that. Talk to an overseas property specialist for the details on this.
The Process of Buying Overseas Property in Bulgaria
First things first – You should know where to find properties in Bulgaria. It is not so easy to find quality properties there with modern amenities and access to 24x7 water and electricity, and things that get ignored such as garbage collection. Talk to an overseas estate agent who specializes in Bulgarian properties for more on this.
Once you find a property, start negotiations with the owner. You will be asked to sign a contract where in you will need to pay a deposit of about 2000 EUR. The owner then de-lists the property from the market.
Following this, a preliminary agreement is prepared and has some basic conditions that are copied on to the Notary Deed. This will have the details related to the property, read them carefully.
Once the full payment is made, the Notary Deed is drawn up in the presence of both buyer and seller. This is a legal document that certifies that you are the new owner of the property.