A guide to buying property in Bulgaria

Bulgaria’s property prices have risen significantly due to its more desirable and established tourist hotspots along its sea borders, coastlines and ski resorts. Cheap properties are still available in the market but it is strongly advised that investors should not be in a rush buying properties because there are no guarantees in price increases. According to real estate analysts, cheap properties are found to be cheap for a reason: the infrastructure and services might not be very good and there is not guarantee for future improvement.

It would be safer to buy and invest in more established locations such as Varna, Sofia or Barovets. It is more expensive but it would turn out to be a wise investment in the long run. Compared to the more pricey properties, cheap properties will entail one to spend more. Extra expenses would include needing to renovate the area and having difficulty renting it out if it is not located in a tourist hotspot.

It is advisable to buy the land the property stands on. However, foreigners interested to buy land in Bulgaria legally must be equipped with the knowledge on the proper procedures and legislation set by the Bulgarian National Constitution (1991).

Viewing the property is strongly recommended. It would be good to organize a four to five day trip to inspect not only the unit but the surrounding area as well.

When the interested buyer is fully satisfied and finds the unit in order, a deposit can be made. Always ask for a signed receipt for the deposited amount. It will ensure that the house will be taken off the market.

The transaction will not be finalized unless all documentation and necessary paperwork has been signed and in order. For foreigners, hire a good and fluent translator to guide you through the language barrier and make you understand well the procedures and processes included in the transaction.

Posted on: Bulgaria

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A guide to buying property in Bulgaria

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