With more low cost flights and expansion of airline routes, people are now looking further a field for their property investments. The Bulgarian property has received much attention from the British press, initially for the low cost apartments along the Black Sea coast and the ski resorts such as Bansko, and then later for the massive over development and poor workmanship than accompanied this huge growth in the Bulgarian property market.
Many investors bought residential Bulgarian property along the Black Sea coast and in the ski resorts, in the hope of letting these Bulgarian property investments out and covering mortgage payments and expenses. Unfortunately this dream turned into a nightmare for many as more and more apartments were built and the letting market became saturated. Now my hundreds of British and Irish are desperately trying to flog their Bulgarian property investments for much less than they paid for them.
However, the rural Bulgarian property market has not suffered the same down turn in popularity and it still holds much appeal for those looking for a change of lifestyle, afforded by cheap property prices for a Bulgarian house and cheap living costs in Bulgaria.
When thinking about buying abroad it is important to consider the rules and regulations that apply in that country for overseas investors. Bulgaria has a relatively young property market and so it is essential to have the title deeds checked by a professional along with the right of the vendor to sell. One issue that must be taken into consideration is that if you want to buy anything other than an apartment in Bulgaria you need to register a Bulgarian company. While this may be relatively easy it will add extra costs to the purchase price. Factoring in 5 to 10% of the price of the Bulgarian property should be enough to cover you for the estate agent commission, lawyer, stamp duty, notary, translation services, bank and court fees you will have to pay. Also don`t forget the annual property tax which is currently around 0.15% of the property value.
With major tourist spots now over developed, it is worth taking a look at some of the country`s more rural spots when considering property in Bulgaria. The Bulgarian Rose valley is an area located between the Balkan range and Sredna Gora mountains. It is the home of exquisite Bulgarian rose oil and the colourful age old Festival of Roses. The town of Kazazlak also lies in this region, surrounded by the breathtaking Balkan mountains while encompassing the fertility of the Tundzha river valley. The town of Pavel Banya and in the villages of Ovoshtnik and Yagoda, also in the region, are home to mineral hot springs. The famous Thracian Tomb also lies in this region, it was discovered in 1944 during the construction of an air defence post. This houses world famous murals which have earned it a spot on UNESCO`s World Heritage list. There are many reasons why this picturesque region is a very attractive spot for a Bulgarian holiday home.
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resale property in Bulgaria, thinking of relocating to Bulgaria or wanting to rent long term prior to buying a Bulgarian property. To know more about
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