Buying Property in Bulgaria will Become Easier

How and why the property buying process in Bulgaria will become easier in time

It’s no secret that buying property in Bulgaria involves a bit of a fickle process.  If land happens to be attached to the deal, expatriates and investors find themselves having to create corporations to complete the transaction.  While this practice has worked for investors for years, changes should soon be on the horizon.

In this article we’ll look at the current Bulgarian property market and we’ll also discuss how buying property in Bulgaria will become easier.  We’ll explore the catalyst that will soon drive change in the system – i.e., the country’s European Union entry earlier this year – and what these forthcoming and predicted changes might mean to buyers.

With Bulgaria’s official entry into the EU completed in January 2007, some property experts are anticipating that this real estate investment hotspot will soon begin to change its ways.  The EU entry has already helped bolster investor confidence, and Bulgaria remains a focal point for new property developments.  Throughout both the beach and mountainous areas of Bulgaria, new construction is becoming a part of the landscape giving credence to investor confidence.

BuyAssociation, a property advice website, is predicting that Bulgaria will soon take steps to bring its property laws inline with other European countries.  This would essentially fast-track the ability for investors to buy land within this eastern European country - the process right now is delayed due to the corporation requirement for transactions involving land, i.e., any property deal is affected other than a simple apartment purchase.

Beyond potential legal changes, EU status on its own is also very good news in terms of giving the ever-growing Bulgarian property market a little more status.  The country’s acceptance into the EU makes the market a part of something a little bigger than itself - it is now backed by almost the whole of Europe.

Investors are drawn to Bulgaria for its highly reasonable property prices as compared to other European destinations, and even with an increase in demand property prices in Bulgaria remain quite low when compared to countries like Spain and Italy for example. 

Although homes here are still quite affordable, buyers do have to jump through some extra hurdles when land is involved in the purchase process as discussed.  But this extra hurdle is often worked around by buyers because the country itself offers quite a diversity in landscapes and lifestyles to choose from and nothing will stop the purchaser from completing their transaction when their heart is set on living in Bulgaria.

The Black Sea area is known for its upscale beach resorts that pack in tourists during the warmer seasons.  Ski resort areas around Bansko and property in and near Sofia are also quite hot.

Bansko itself is considered by many to be Bulgaria’s “most expensive” region.  Thi, however isn’t really saying much at the moment!  It is possible to find detached homes in Bansko for less than EUR 90,000 for example which isn’t exactly expensive.  The market is on an upswing though; so don’t expect prices to stay low forever.

As Bulgaria’s star continues to shine with investors and expatriates alike, many Britons are getting in on the market.  While there is no confirmed word from the Bulgarian government on when a change in property laws will happen, if the predictions pan out, property in Bulgaria is likely to become even more attractive than it already is.