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With property prices low and EU entry in 2007 Make 2008 the year to invest in Bulgaria.

Property Management BulgariaGuide to property management & Bulgaria

Bulgaria is a land of tremendous beauty and diversity. The cost of living is incredibly cheap and the economy is booming. A boom is probably too weak a word to describe the phenomenal rise in property prices taking place and set to continue for the next few years.

The people are friendly, the taxes are fair and there are numerous historic towns and rural traditions. The cost of living is low, food tastes as it really should and property prices are exceedingly low...just some of the reasons why buying property in Bulgaria makes sense.

Although property prices are low, they are set to rise dramatically over the next few years. This increase is fuelled by the growth of tourism and the increasing realisation that Bulgaria is a fine alternative to other more expensive holiday and retirement destinations.

Bulgaria offers:

  • Quality of life.
  • A brilliant investment opportunity.
  • The cost of living is one of the cheapest in Europe. 
  • The unique climate allows Sunny Beach resorts during the summer and beautiful ski resorts during the winter.
  • Stable currency linked to the Euro.
  • The Black sea coastline boasts more than 220km of sandy beaches.
  • Over 17,000 hours of sunshine from May to October.
  • Properties have risen in excess of 25% during the last year.
  • Bulgaria has recently joined NATO.
  • Bulgaria joined the EU in 2007.
  • Regular flights from regional UK & Irish airports to Bourgas (3.5 hours), Varna (3.5 hours) and Plovdiv (3 hours) during the holiday season.
  • Rental opportunity – all major tour operatives will be on the Black Sea Coast and Ski Resorts this year.

Why Invest in Bulgaria?

Having only recently appeared on the map in investment terms, Bulgaria has become one of the best investment markets in Europe. Property management in Bulgaria has already shown an average capital appreciation of 20 - 35% per annum, indeed many properties have already doubled their value since 2003.

All indicators suggest that the trend will continue. Interest rates for mortgages dropped down from 15% at the beginning of 2005 to 6% in 2006. Bulgaria entered the EU in January 2007 and this will help push interest rates further down and property prices should rise in the same way that other successful property markets like Spain have in the past. The currency is stable and linked to the Euro.

The Black Sea resorts are just a 3 hour easily available flight from the UK. All major tour operators offered holidays on the Bulgarian Black Sea resorts last summer and more than 2.7 million tourists visited Bulgaria up to July 2005 which showed an increase of more than 30% against the same period in 2004. This growth in property management in Bulgaria offers huge potential for the rental market, resulting in tour operators offering very substantial guaranteed rental incomes per year.

Whether you are looking for a property for investment reasons of for your own use as an holiday home, the beautiful Black Sea coastal resort Sunny Beach is the place to be. The general cost of living is one of the cheapest in Europe with the average meal costing around £5 per head and a pint of lager 60p

property management in Bulgaria

Buying property in Bulgaria is slightly different to purchasing a property in the UK but can still be a safe, secure and pain free experience.

Buying an ‘off plan’ apartment in Bulgaria is essentially the same as buying in the UK. There is an initial contract (preliminary) signed by all parties, which is basically an obligation to buy on behalf of the client. This contract will set out timescales, prices and any penalties for the late completion and will be produced by Broad Developments’ solicitor. It will have been checked by the sales agent and you as the client are also advised to obtain your own independent legal advice before signing.

The difference comes when the property is completed. In Bulgaria, there is a third party who basically acts on behalf of the government. This person is called the ‘notary’. It is the notary’s responsibility to ensure that the correct details are entered onto property deeds and to ensure that both parties have fulfilled their obligations. In essence, yourself (passport in hand) and a representative from the developer will sit down with the notary, who will issue the deeds once they are sure everything is correct. The notary is often considered by clients as an official, ensuring that everything has been done as it should be. In the UK some solicitors undertake additional qualifications to become a notary and therefore all of the above can be completed without having to leave the UK if desired.

Feel free to browse our Bulgarian properties or get in touch to ask us more about property management in Bulgaria.

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