Bulgaria! What do our countrymen associate this Balkan country with? Ask anyone and the answer will be as follows: warm sea, amazingly beautiful mountain landscapes, European service and, most importantly, relatively low prices, also for housing. It is these factors that have made Bulgaria popular among European overseas property buyers. What do you think about Bulgaria? Are you dreaming of owning a Bulgarian property? Or maybe you still have doubts?
Agree that before making such an important decision, is beginning to consider every angle, to weigh the pros and cons, to try to discern pitfalls to anticipate the possible consequences in the future. This approach will help avoid disappointment and to fully enjoy your future purchase.
First, let's talk about the positive and detail the main factors that attract European buyers to this Balkan country. Then, for the sake of objectivity, let's look at the drawbacks that a foreign buyer should definitely consider.
Advantages of buying
Attractive prices. This is perhaps one of the most important factors that determine the demand for Bulgarian property. The cost per square meter of even luxury Bulgarian property is much lower than in Italy, Spain or Greece. Add to this affordable prices for food, transport and services in entertainment venues, and we will understand what tempts so many of our compatriots.
Reasons why in Bulgaria cheap property, a few:
- The consequences of the 2008 crisis and the sharp drop in demand, causing prices have fallen by 40%.
- Lower purchasing power of the population compared to an average level.
- The socialist heritage of the country.
View the cost of housing in Bulgaria in 2021.
Developed infrastructure of the resort centers. For Bulgaria, tourism is an important sector of the national economy and its development a priority. Large funds are allocated for repair of old and construction of new roads, development of resort infrastructure, improvement of small and big resorts in the country. Although Bulgaria still lags behind other European countries, but now looks pretty decent.
Resorts for pleasureth taste. In Bulgaria you can enjoy all year round: in summer, swim in the gentle warm sea, in winter to go skiing with snow-covered mountain slopes, and in the offseason to improve their health spas and try healing mineral water.
Special conditions for pensioners. The Bulgarian legislation provides an opportunity to obtain a residence permit for retired foreigners under the simplified scheme. To obtain a residence permit you only need to purchase a property, confirm its financial condition and pass simple procedure of registration.
- Read our material: Property in Bulgaria for retirees
Cons of buying
Visa restrictions. As Bulgaria is already a European Union for citizens of Russia and most CIS countries, entry and stay in the country creates difficulties. Foreigners, non EU citizens buying property gives the right only to receive a multi visa with a stay up to 90 days. Is this a real disadvantage or not depends on the acquisition of ownership.
A ban on the sale of land to foreigners. Does not apply to citizens of the European Union. According to the law of Bulgaria foreign citizen has the right to acquire ownership of the land. If you decide to buy an apartment in the building, then this restriction does not concern You. If your goal is a house in the village or Villa on the beach, then with the purchase of certain problems might arise. In fact, you will only buy the structure, and the land will rent from the state. However, this obstacle can quite legally to get around. For this you need to open a company in Bulgaria and to register the land by a legal person.
Problems with heating in the winter. The lack of Central heating and poor gasification of the country – significant disadvantages for foreigners. This factor should not be discounted, as many residential buildings, especially buildings of the socialist era, due to the absence of all tenants not heated completely. This worsens the condition of the housing��of Fund leads to an increase in heating costs. However, if in advance to ask about the heating system of a residential facility and a number of empty in the winter apartments, you can work around the negative impact of this factor.
Weak infrastructure development of the Bulgarian hinterland. If the infrastructure of a major resort centers developed enough, in small towns and villages this option leaves much to be desired.
Differences in the estimates of living space. Some uninformed buyers are unpleasantly surprised when the real area of the apartment is less than stated in the documents. In fact, when counting in a residential area in Bulgaria included common shares (staircase, Elevator) and the area of terraces and the thickness of the external walls of the apartment. So it was not an unpleasant surprise for You, consider this before making a transaction.
Some pitfalls
Too cheap property. Unrealistically low price, as a rule, testifies to hidden deficiencies in the home. These can include: poor location, a basem*nt, inconvenient layout of the apartment, the dilapidated state of the building, problems with the Builder or with the documents. Keep in mind that too cheap apartments in Bulgaria - it is in most cases illiquid property that will not only generate income, but over time he will lose even more in price.
Improper selection of a residential facility. You need to understand that the real estate in the resorts are exclusively designed for seasonal living. This is especially true of residential complexes, resort-style or apartment-hotels, infrastructure, which, along with the infrastructure of the resort “dies” in the offseason.
General Director of "Bulgarian House" Rozgon Taras, cites several examples:
- In winter it is possible to draw attention to the fact that the apartment is located directly above a noisy restaurant due to the fact that it is closed.
- In the summer you can not understand how cold and damp in the apartment will be located too close to the sea and having a Northern location.
- Choosing an apartment in the summer for year-round living, you might not know that in winter the nearest working grocery store will be at least 1 km, and sometimes more.
Read more about, what are the problems associated with buying property in Bulgaria
Exorbitant maintenance costs. Some apartment complexes attract buyers modern design and variety of services. However, in the end, buying a coveted apartment turns into prohibitive expenses - 600-1000 euros per year. These pitfalls can be seen and avoided if carefully, preferably with the participation of the lawyer to examine the contract. Another option is to purchase housing in regular homes, where fee for service is much lower.
Buying property under construction. Buying ready-made housing, you can immediately see its positive and negative side, real estate is at the stage of excavation, alas, does not give such possibility. Would it fit a residential facility with specified characteristics: the view from the window, the available services of the complex, the surrounding area. Certain risks can arise in respect of documents and timeliness of construction.
Alexander Kotov, head of sales Agency BolgarskiyDom:
"Note also that if for any reason you are not able to stick to the payment schedule, will be very difficult to get back the deposited funds".
This does not mean "only buy ready-made objects", rather you need to carefully choose the Builder, and consider the possible risks.
So, analyzing the experience of others, we have tried to objectively reveal the main pros and cons of buying property in Bulgaria. What do you think? Seek information, consult with others, visit the country and look at it with my own eyes. So you can make the best decision and avoid disappointment.
Read the article:
- In what city in Bulgaria to buy an apartment?
