The iron curtain has parted. Bulgaria , a former Communist country, is now actively seeking foreign investment. It plans to join the EU by 2007 and to meet the EU regulations; it has opened its real estate market.

 

In 1990, Bulgaria embraced the market economy. Since the Bulgarian economy is still in the development stage, investment property in Bulgaria can be procured at very economical prices as compared to rest of Europe . For instance, a three to five bedroom house with land can range from £9,000 - £25,000. Prices in tourist areas like the Black Sea area and ski resorts are more expensive.

 

Buying investment property in Bulgaria is not much different from the rest of Europe . With the introduction of the Commercial Act, foreigners can own or construct buildings in Bulgaria . Even though legal ownership of land is a complicated issue, the buyer has complete rights to construct property and use the property for personal or commercial purposes. Transaction costs associated with purchasing property in Bulgaria are also comparatively lower. Property transfers are subject to notary and municipal fees, which amount to approximately 0.4% of the transaction price. The municipal fees amount to around 2% of the declared price of the property. By any standards, investing in property in Bulgaria can be a financially rewarding experience.

 

With an increase in the number of construction projects, the property prices are steadily rising. These prices will keep rising dramatically till Bulgaria joins the EU. In the past year, investment property in Bulgaria has generated handsome returns and in come cases it has exceeded 25%.

 

We can assist you in purchasing property in Bulgaria . We have gathered all the information about different property for sale in Bulgaria and put them in a database for easy reference. These listings are updated various times a day to reflect latest postings.