Security and Attraction of Buying Property in Bulgaria Improving

There have been quite a few significant and positive developments regarding the property market and purchase process in Bulgaria of late.  The very latest development involves establishing a municipal property register in Sofia and it is a signal that the security and attraction of buying property in the whole of Bulgaria is improving significantly.

The mayor of Sofia and the government of Bulgaria are in agreement that there is a requirement to make the purchase and ownership of property in Bulgaria more transparent and secure and it is this that is driving forward reform and improving the overall outlook for the nation’s real estate market.  In turn this improved outlook is drawing significant levels of development and investment interest thus proving that the boom in Bulgarian property is so far from being over.

Sofia’s mayor Boiko Borissov revealed the plans for the new property registry for the capital city this week, he announced that the registry will include everything from the location of each property involved in a transaction in Sofia, a description of said property, what the real estate is used for in general terms, the price it reached if sold and the previous owner/s of the property in question.

Currently the registry covers 18 of Sofia’s main regions but by the end of 2007 it will cover the entire city and outer-lying suburbs and hopefully provide the blueprint for the establishment of such an in depth and critical database for the whole nation.  Potential purchasers and their lawyers will be able to search the database to gain access to essential information enabling them to make informed purchase decisions and buy safe in the knowledge of the accuracy of information sourced.

Other positive developments regarding property in Bulgaria relate to the development of the Sofia Airport Centre, a massive class A office park and logistics centre to be constructed in the nation’s capital imminently.  When this development was revealed at the international expo MIPIM by Tishman International, Cushman and Wakefield and Forton International, it received significant acclaim and substantial commitment to investment and even the take up of initial offerings of space.

The entire development will totally reshape the extended Sofia airport area, there will be a luxury hotel added to the Sofia Airport Centre, the creation of extensive office, logistics and industrial space and the hotel will also offer superior and expansive conferencing and leisure space and facilities as well.

Finally in this review of the positive factors resulting in the security and attraction of buying property in Bulgaria improving, it’s worth mentioning that there are a number of changes pending relating to the Obligations and Contracts Act that will allow greater and simpler borrowing for property transactions in Bulgaria.  It is hoped that the amendments which have been proposed and which must now go before the government, will bring about the ability for developers to raise finance against future real estate equity to enable them to get secure financing for development projects.