April 2007
Two months after joining the European Union, Bulgaria attracts increasing interest in local real estate. Its strategic geographic location and the membership of the EU and NATO turn it into an attractive destination for property buyers. It is a naturally beautiful country and the prices are low compared to the rest of Europe, but of course you need to have more information before making any sort of investment.

The low prices..
One of the Bulgaria’s main attractions in the global real estate market is that despite its European location, its property prices are not European. At least not yet. They have been rising continuously in recent years thus rewarding early buyers. You can get a nice apartment in one of the best quarters in the capital - Sofia - for about 1 000 Euro per sq.m. The cost of agricultural land starts from about 80 Euro per 1 000 sq.m. For the Bulgarian (average salary 250 - 300 Euro per month) these prices are not affordable at all, but compared to the prices in other European countries, it is a lucky bargain. In order for at least some locals to buy into the property market, the prices will need to stay relatively low, and thus attractive to foreign investors.

The desired properties
In the early years of foreign expansion into the local market, investors were mainly interested in buying buildings and apartments. Later they saw the potential in new developments and clear plots became the most attractive segment for such investors. Foreigners just wanting holiday homes prefer flats, studios and houses in the mountain and seaside resorts. Old properties for connoisseurs
Bulgaria is a country rich in history. During its 1300 year existence, it has been subjected to many different cultural influences. The old parts of the Bulgarian towns still retain awesome specimens of architectural styles typical for the 1920s, 30s. And it is not impossible to buy a very old house (for example more than 100 years old) at a quite reasonable price. Foreign connoisseurs are well acquainted with this fact and know how to profit from it - they come to Bulgaria, buy an old apartment/house in need of repair, renovate and sell on at greatly inflated prices. Usually the construction of the old buildings is solid - there are no termites and fungus to ruin the trimmer joists, so if your old property is well preserved it lasts for centuries. 

New properties for holiday-makers
One of the hits in the local market is the residential complexes. The reason is that foreign buyers are well acquainted with Bulgarian resorts, because they have already visited them as tourists. Bulgaria has been a desired tourist destination attracting visitors from Europe and Russia for more than 50 years. So new developments have been built in most of the ski and sea resorts, combining beautiful nature with modern amenities. And competing for buyers' interest, developers offer more and more extras to the properties - limited access, swimming pools, transportations, management, furnishing, leisure activities and so on. 
One important feature to note, is that properties like this are offered for sale at Euros per square metre and in these complexes the area generally includes the share of the common parts of the apartment block as well as the actual area of the individual apartment. Something that should be carefully checked before purchase.

Bulgarian houses
Bulgarian houses have two major advantages - the beautiful and still unspoiled Bulgarian architecture and the low cost of living. These are the reasons why many retired British, German, Russian and Japanese citizens buy a rural house here (you can still get a countryside house in a village with private yard for 15,000 – 20,000 Euros) and enjoy living in Bulgaria with their foreign pensions, which are more than sufficient for local economic conditions. Bulgarian people are hospitable and friendly and quickly make friends of their new foreign neighbors. 
The other interesting fact is that due to the demographic crises here, with young people moving to the towns to look for work, many villages become abandoned and people who live there tend to sell their houses at extremely low prices - so it's not unusual to find little foreign communities within the village fabric. Buyers should also keep in mind that many village properties are offered for sale with sizeable tracts of land included. 

Land and plots
Natura 2000 is a project that has designated large parts of the Bulgarian countryside as ‘nature preserve’ areas in order to prevent large scale building. This is a new departure for Bulgaria and has led to much argument and discussion. It is prudent therefore, to check whether property/land has been so designated, prior to purchase. 

What does a foreigner need to buy a property in Bulgaria
First of all - the money. If he doesn't have the cash, the local mortgage market is fast developing, offering a wide range of services to foreign customers. 
The second typical feature of real estate sales is that according to Bulgarian legislation, foreign citizens are not allowed to acquire land in Bulgaria. In order to do so they have to establish a local company and buy the land on that company's behalf. This is a legal and routine procedure; no matter whether you are about to buy a house with yard, a piece of land, or an apartment with adjoining land you will have to go through this procedure. As a whole, the Bulgarian property market offers attractive possibilities to both business and residential buyers. The key though, (as everywhere else in such a buoyant market) to a successful purchase, is accurate information and advice.

For more information on Bulgarian Real Estate contact Penka Atanasova at Morada Real Estate and visit www.moradabg.com 

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