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In this article, we give you a guide to selling property in Bulgaria in 2018. Bulgaria is well known for being the cheapest country in Europe with the lowest cost of living. You can buy a decent enough apartment in Sofia, the capital of Bulgaria for €40,000.
Bulgaria is favoured by savvy foreign investors who can smell a bargain from a distance away. There are many Chinese, Russian, Irish, German and Scandinavian investors who have shown a great interest in the Bulgarian property market.
To understand how to sell your property in Bulgaria in 2018, is it important to get to know the mindset of the buyer, and what attracts them to Bulgaria.
For someone in Ireland or Germany, buying apartments in Bulgaria is an affordable option because it costs a fraction of what a comparable apartment in Berlin or Dublin would go for. So there’s a lot of attention on Bulgaria coming from Irish and Germans who are looking to retire abroad.
Similarly there is a lot of demand from Scandinavians for Bulgarian properties, especially in the Black Sea Coast region. This is where you have beach reports such as Sunny Beach which attract a large tourist crowd especially during the summer.
Russians are the bigger investors in Bulgaria and are involved in every aspect of the property market here, as buyers and sellers. Russia has a close historical relationship with Bulgaria which goes back to the 18th century. It was Russia that freed Bulgaria from the Ottoman Rule and Bulgaria was the Soviet Union’s most faithful ally during the height of the Cold War.
Russians are today the biggest buyers of properties in Bulgaria. The most important thing to do, if you want to sell your property in Bulgaria fast is to promote it to Russian buyers, whether on the social media, online forums frequented by Russians or on Russian online property portals. You should promote your property in international property shows organised in Russia where you are likely to get your target buyers.
The way to do that is to hire UK estate agents who specialise in the overseas property market, who have extensive connections and a massive agent network across Russia, as well as in Germany, Ireland, Scandinavia, and China. Your UK estate agent will know how to reach out to the right people through online marketing using techniques such as pay-per-click advertising, social media marketing, video marketing and so on.
Just a word on the capital gains tax on selling your property in Bulgaria. There is no capital gains tax as long as it is your sole property in Bulgaria and you have no other residential or commercial properties in the country. The Bulgarian government will charge a VAT or value added tax of 20 percent on all profit on property sales. This is something that cannot be avoided. There is no tax to pay if you sell at a loss.
Don’t hesitate to get in touch with us for more detailed and specific information on selling your property in Bulgaria.