Bulgaria joined the European Union in the First of January 2007. The improved economic conditions, political and social stability in
Bulgaria over the last 3 years brought to a real boom of the prices of
property in Bulgaria. Other important factor for the rising property market is the huge tourism potential in the country. There are great natural attractions - high mountains, beautiful and clean Black Sea coast, preserved rural areas, minimum urbanization, thousands years of history, etc.
Nowadays
Bulgaria is considered as the fastest growing tourism and
property market in Europe. Summer tourists are attracted to the beautiful white beaches along the Black Sea coast and Bulgaria's long hot summers. And winter tourists are drawn to Bulgaria’s stunning mountains and fast developing winter spots resorts.
Incredibly, Bulgaria is now the third most popular holiday destination after Spain and France for British holiday makers. This is something that foreign
investors of property in Bulgaria appreciate the most. The spectacular capital growth, natural beauty, the EU membership and stable economy are all forming the solid base needed for a wise and enterprising
property investment in Bulgaria.
The
Bulgaria property market is among the
cheapest in Europe, but is catching up. Last year prices rose by about 35 per cent, but are still
cheap, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted. The increase in foreign
investment is set to continue because of
Bulgaria’s membership and the constantly expanding tourist industry. All these factors add up to show exactly why the real estate market in Bulgaria is one of the strongest and most profitable
property investment markets currently and why the growth is set to last.
Bulgaria has one of the most liberal foreign
investment laws in the region. We would like to draw your attention to the land purchasing process. According to the Bulgarian Act on Foreign Investment; currently foreigners can buy buildings but not
land. Therefore the most common method for foreigners is to set up a Ltd. company which then owns the
land. Foreign investors are not put off by the fact that they are not legally permitted to own
land in their own name - they simply establish a
Bulgarian company and
purchase through that. As the legal owner of the
Bulgarian company which owns the property the foreign purchaser becomes the legal
owner of the property! It is simply a legal way around the current law on property ownership rights. The law does not limit the extent or amount of foreign participation in companies. Foreign individuals and companies can open unlimited number of accounts in any Bulgarian banks, in any hard currency or the local Bulgarian Levs.
Today
Bulgaria not only offers most attractive and unspoilt holiday destinations it is also host to what will be one of the most dynamic and as of yet relatively untapped
property and real estate markets in Europe. Anyone hoping to retire overseas on a budget should look to
buy Bulgarian property. Buying overseas can be an exciting and profitable experience by taking your time to understand the
buying process you will ensure that your
property purchase in Bulgaria is a happy and enjoyable experience.
