Economic Factors
Early stages of development in Bulgaria make it an ideal time to invest.
Huge tourism growth, with figures up by 20% in 2006 compared to the previous year
The World Tourism Organisation predicts Bulgaria to welcome in excess of 20 million tourists by 2020.
EU member with stable government, committed to further economic reform.
Large amounts of ongoing foreign direct investment.
Excellent property prices and growth potential compared with most other European locations.
Widely considered as one of the most rapidly advancing European countries.
Property construction now puts emphasis on high quality design and build with minimal environmental effect.
According to the Institute of International Finance, GDP growth is expected to be highest in Eastern Europe at 6% for 2005/2006.
Logistical Factors
Increased international flight routes to Bulgarian airports were opened last year, and all foreign carriers operate from Sofia Airport's new Terminal 2 which opened in March 2007. This increased accessibility has encouraged more flights to arrive into Bulgaria and had a significant positive effect on the tourist and property markets.
Bulgaria is only a short 2 ½ to 3 hour flight from the UK and other European locations. Direct scheduled flights with British Airways and Bulgarian Air operate to Sofia all year round. Direct charter flights to Varna and Bourgas on the Black Sea coast run from April to October.
Flights arrive at one of four international airports: Sofia (SOF), the largest of the airports, Varna (VAR), Plovdiv (PDV) for charter flights to the ski resort of Pomparovo, and Bourgas (BOJ) for domestic flights and for summer charter flights to the Black Sea resorts.
Road travel has been greatly modernized in readiness for entry to the EU which took place in January 2007 and huge investment has gone into improvements, in line with the general development of the country's infrastructure. Getting to your destination should be easy and road conditions will be fair.
Land for Development/Project Sourcing
Bulgarian land purchase gives investors a prime opportunity to gain maximum returns on investment. Propertyshowrooms.com work with a close network of developers, land owners and agents alike to establish a carefully vetted list of sources and contacts which allows us to find our clients the very best options available today. Should you so require, we will also assist you to set up joint venture opportunities in Bulgaria and implement investment strategies with the help of our trusted network of professionals.
An improvement in the worldwide property investment climate now allows us to identify many large-scale individual investors and investment consortium's who wish to take advantage of the current hot investment locations in Bulgaria.
Investment Property Buying Process in Bulgaria
This is uncomplicated and much the same as the process in the rest of Europe.
Research to find the right location to suit your needs and find a desirable property at the right price. Negotiate. It is quite normal to for some price negotiation to take place. You make a verbal agreement to purchase and sign a Preliminary Contract, including a 10% deposit payment for the property. This removes the property from the market. The 10% is only refundable if the vendor pulls out of the sale. The lawyer´s fee for drawing up the contract is approximately 150 euros. The Lawyer (who will often represent both purchaser and vendor) checks that all municipal costs and paperwork are in order, prior to the day of completion, which is often within 3 weeks. The Notary deed is signed before the public notary and both the owner and the purchaser are present. The purchaser pays the balance of the purchase price, along with the notary fee, which is around 5%, depending on the declared value of the property. The Notary then registers the transaction in the Real Estate Registry in order to make the purchaser's title deeds defendable against third parties. You are now the proud owner of a property in Bulgaria. Don´t forget to insure it just as you would any of your other properties at home or abroad.
