There is no doubt that real estate in Bulgaria is one of today's
most profitable investment opportunities. Data returns from the
Real Estates National Association show that Bulgarian property
prices increased by an average of 26% through 2003, with only
marginally lower forecasts for 2004 - and in the past few
months, purchasers of off-plan apartments in the Southern Park
area of Sofia realised a 30% increase on their investment even
before their properties were completed.
In addition, a detailed value analysis survey covering 3000
properties randomly selected from all sectors of the market is
conducted each quarter. The latest of these surveys was
completed in September 2004 and shows that ... - the
market value of the 3000 properties surveyed was approximately
67 million Euro
- for every property on sale at 40,000 Euro or
more, there were four below this price
- 80% were priced below
40,000 Euro and made up 34.7m Euro of the market value
- 60%
were priced below 20,000 Euro and made up 14.8m Euro of the
market value
- 39% were priced below 10,000 Euro and made up
6.2m Euro of the market value
- 13% were priced below 5,000
Euro and made up 1.3m Euro of the market value
While
identifying and locating the right property for your budget is
obviously a key factor, the survey also points out that there is
a lot more to consider when purchasing a property in Bulgaria.
Under existing law, for instance, only Bulgarian resident
individuals and entities can own land and, although this is due
to change in the near future, what it means today is that
foreign nationals wishing to invest in property will need to
register a Bulgaria based company and open a business bank
account.
This can all seem to be a pretty daunting prospect at the
outset but, provided that you have access to the necessary local
expertise, it is actually a surprisingly simple procedure. In
fact, it’s so simple that the entire purchasing package - from
flights, car hire, accommodation and English speaking staff for
your viewing trip, through the set-up of your business, the
translation and registration of documents, to the transfer of
title deeds - can usually be completed in just 4 to 6 weeks.
About the author:
Article written by - AdrianM
Webmaster - Bulgaria
Property Gateway
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