Register for updates

 

Bulgarian Property & Real Estate News

A buyers market in Bulgarian properties

During the latter half of 2011, the sales manager from Bulgaria’s leading real estate agent Bulgarian Properties, Polina Stoykova commented on the Bulgarian property market trends in an interview. According to her, the real estate market in Bulgaria is still the market of the buyers. She had justified this with the help of some facts.

She revealed that the property market in the state began to stabilize in the latter half of 2010 after which there was no great change in the prices of the Bulgarian property for sale. Due to the absence of any major fluctuations in demand as well as in prices, people can conclude that the current time period is of stabilization in terms of deals and prices as well.

The official surveys and statistics of early 2011 also had shown a fall of 2% in the prices of property in Bulgaria although it is a hidden decrease. Furthermore, Bulgarian Properties collected some details that showed a fall in the prices of a few holiday homes, especially the ones in the area of winter resorts. They, therefore, concluded that on a whole, the property rates are neither rising nor falling. She also said that the company now expects the buyers to play live to buy Bulgaria property by choosing one of the best deals.

Happily, this activeness among the buyers has been seen in the apartment market of the big Bulgarian cities. However, it is the Sofia market that has now become the most dynamic one because of the highest number of demands. It is true that the buyers tend to seek Bulgaria property for sale to live, and not for investment. Even the foreign buyers are approaching for visiting properties in the country’s seaside resorts.

 

Furthermore, the property market in the regions of northeastern Bulgaria also shows that buyers are more than the deals. Varna is the only exception here because of it being the area of coastal resorts that bring in more deals and active buyers. Similarly, in the holiday home sector, more and more prospects are searching for cheap finished apartments. Fortunately, there are relevant offers and deals in the market. They concluded that what is actually interesting is the set of deals for coastal holiday homes, which conclude throughout the year and not just in the summer season.

The lady also accepted that the most active months for buying property in the country are at the year’s beginning, especially the time from March – May; as well as at the year’s end. According to the seasons, winter attracts most foreign buyers who prefer buying ski resorts, while summer attract buyers who are looking for seaside resorts. But this information is relative and nothing can be assured about its consistency, said Miss Polina.

According to her, after the commencement of the crisis, only the genuine real estate companies survive. These are the ones who invest in enhancing the quality of services. For example, Bulgarian Properties always has tried to give tips, hints, advices, forecasts, and market trends constantly.

Tagged in: , , , ,

Buying property in Bulgaria looking more appealing

Demand for properties across Europe has increased dramatically according to the latest stats from UK property search websites.

With the recent strength of sterling it makes it a good time to buy property in euro currency countries. Bulgaria which has its currency fixed to the euro is also benefiting from this trend.  Just last year a €100,000 property in Bulgaria would have cost around £91,000, but today the exact same property can be purchased for just £80,000, resulting in a substantial saving for buyers using sterling.

Of course this phenomenon is not reserved just from Bulgarian properties. It is also the case that property in Spain and France are now cheaper for UK buyers due to the weakness in the euro zone. One needs to thread carefully however as not all European markets are at the same stage of the property price life cycle.

Bulgarian property prices for example have dropped over 50% in many areas since 2008 and in some places drops as high as 70% have been seen. However the drops stopped in 2011 as prices reached fair value. In many cases properties in Bulgaria are selling below the cost of replacement. This makes it an ideal time to invest in Bulgarian properties. The price drops have leveled out and properties cannot be constructed at these price levels. This means as soon as the current supply of properties has been sold prices will have to start rising again to accommodate the increased construction costs.

The situation is not the same in France and Spain however. On the French market there has been limited price drops over the last 3-4 years. Prices have held up well but are now looking very overpriced. Recent research form the Economist indicates that French property prices are now overvalued by almost 50%.

In Spain priced have indeed decreased over the last 2-3 years but are still over valued by up to 30% according to the Economist’s report. This means it is still not the time to buy property in Spain as there is a high chance of further price drops over the coming years.

It seems if you are looking for a stable market where price drops have already occurred and property prices have reached fair value levels then you need to strongly consider buying property in Bulgaria. Look to purchase at prices close to the cost of construction as this will give you the best chances of future property price growth. With the current strength of sterling if you are buying with pounds then you will get an even better deal.

Tagged in: , ,

Bulgaria Property market 2012

Slightly more positive news is beginning to emerge from the Bulgaria property sector. Recent reports from several local real estate agents indicate that the is still life in the Bulgaria property market. Despite a difficult 3-4 years which saw a Bulgaria property crash due to over investment in several areas, local real estate agents Bulgarian Properties and Yavlena are predicting a better future for the Bulgaria property market.

Lately the Yavlena estate agency has reported that transaction level are up significantly in 2012 and investment deals have reached over €200 million. Recent sales show that Bulgaria property prices have stablised and are now beginning to over good value when yields and rental returns are considered.

The Bulgarian Properties agency has noted that higher end properties are doing better. During 2011 Bulgarian property prices continued to decline for lower end properties however the market for more exclusive luxury properties as held up better. In this sector of the Bulgaria property market the prices appear to have stabilized largely because there is a limited supply of suitable properties. In their recent Bulgaria real estate price reports they noted that properties in Bansko continue to decline due to oversupply in that area while chalets in Borovets and properties in Borovets ski resort are proving more resilient due to less supply and better quality.

The market of course has not returned to the glory days of 2008 when investors from all over Europe were clamoring to buy Bulgaria property. During the period 2003 to 2009 many overseas property investors considered Bulgarian property to be one of the investment hotspots in Eastern Europe. However when the global credit crisis hit in 2008 this had the effect of sucking a lot of cheap credit out the Bulgaria property market and thus effecting the price of Bulgarian properties for sale. Read more…

Tagged in: , , , , ,

Buying Property in Bulgaria – consider your real estate agent

One of the wisest investments that any person can do is to buy property. This is because when done properly, it can be a constant flow of money, while also allowing you to enjoy many financial facilities such as loans. This, many people know and it is one of the reasons why property in Bulgaria is in so much demand, which seems to be increasing as time goes by. Because of this, it is not surprising that recent reports on the property values in the country are indicating that the cost of buying Bulgarian properties has been constantly increasing over the past decade.

However, the process of going about the whole process of looking for property in Bulgaria and then thereafter negotiating for better prices for the property and dealing with the subsequent legal demands placed on a buyer of Bulgaria property for sale can be very demanding. This is mainly because of the fact that there are many things that one will need to comply with before any particular Bulgarian property finally becomes his or hers.

When it comes to Bulgarian properties, most people prefer to go to a broker to help out with the whole process of purchasing property in Bulgaria. This is because many people are not usually familiar with the real estate jargon that is prone to be used when concluding deals involving Bulgarian properties. Use of a broker in most cases usually makes it easier on the buyer of the property and thus in essence saving him or her valuable time with which he or she could use in doing more productive things. It also usually ensures that the whole transaction is completed in ample time because of the fact that the broker will most likely have a great network of contacts which can help in fast tracking the whole process of buying Bulgarian property. Read more…

Tagged in: , , , ,

Bulgarian properties for sale – look online for the best bargains

The Bulgarian real estate industry has made major leaps in terms of investments and provision of infrastructure to make dealings in real estate not only more transparent, but also efficient and effective. This is one of the reasons for the continued increase in the amount of foreign investments flowing into the country. One of the things that have spurred the growth in the real estate industry is the availability of most of the companies and agencies dealing in Bulgarian properties for sale online. This makes it very easy for investors, both local and international, to easily get information on the available pieces of real estate and the various prices with which they can be able to get to own properties for sale in Bulgaria.

However, this does not mean that the fact that one uses the online services that are available to an investor or to a seller that he or she is guaranteed to get better deals as opposed to the ones who do not. Using online services can be disastrous for an investor if one does not go about the process of looking for Bulgarian properties for sale, properly. He or she might easily fall to the many fraudsters in the internet or may end up overpaying for any property for sale in Bulgaria.

One of the things that one has to do is to ensure that the site he chooses as a base for his online investment activities has a good reputation. This is essential especially considering the fact that there are many fake sites on the web that purport to carry out Bulgarian property sales but which actually are not. These sites are usually designed to con many unsuspecting investors and thus one should be wary when going online. It is always important to remember that the fact that a site exists on the internet does not mean that it is safe. One should also look at the paying system available and security guarantees that the particular site offers so as to ensure that all his or her financial and private date is safe. Read more…

Tagged in: , , ,

Steps to Buy a Bulgaria Property

The Eastern and Southern Europe has always been an interesting location for foreign investors due to the continuously growing economy. It is obvious these countries are still far from the Western Europe, but they are in a state of continuous growth. At the same time, the financial crisis has not touched them as bad as it touched “higher” countries. Bulgaria is one of these places. It is located in a great area, with a proper climate that is warm, but also with snowy winters. It is at the junction between Europe and Asia, and borders the Black Sea. Its economy is also stable and the restrictions for foreign investors are not that severe, especially when it comes to Bulgarian properties. Once you decide you want to invest in the Bulgarian real estate system, you need an assistant to guide you throughout the laws and regulations of the country. When the decision is made, all you need is to find the right place and deal with the buying process for property transfer.

First of all, you must pick the Bulgaria property you want and “reserve” it. You can do it with a small deposit that ranges from one buyer to another. It is about 5% to 20% of the total value. The deposit must be paid and then the Bulgarian property is taken off sale and removed from the ads. It is then associated to the customer. This down payment is made within the first month and comes with a contract that describes all the conditions and terms and doesn’t really require a notarial legalization. A notary is mandatory in Bulgaria to conclude the final property transfer, but at the preliminary contract and deposit stage this is not necessary. The preliminary contract covers the detailed description of the property, the price, the payment terms and the final day for the property transfer to take place. Although you don’t need a notary now, you will need one when the final contract is signed. It requires the presence of both the seller and the buyer.

Once the contract is sent to a judge for approval and inclusion in the state registries, you can congratulate yourself for being the new owner of a Bulgaria property. The new owner should register for the local institute of statistics within a week. You will get an account number to deal with any upcoming transaction regarding your new Bulgarian property. Besides, you got two months to register for a local tax office too. Read more…

Tagged in: , , , ,

Buying Bulgarian Properties – things to consider

These days, Bulgaria is extremely attractive for the foreigners who look for a place to live or a vacation house far from their countries. The climate is temperate and extremely comfortable, while the country is rich in history and culture, therefore it provides a lot of touristic attractions. As well as this, it has a stable economy, which is excellent compared to other European countries. All these aspects attract more and more foreign tourists. While taking this aspect in consideration, the laws allow the foreign acquisition of real estate Bulgarian properties, but only under particular regulations.

A foreigner – physical or judicial individual – may acquire a Bulgaria property without any major restrictions. When it comes to an apartment, the new owner also gets the property rights over a part of the common areas in the building, such as the stairs or halls. The legislation doesn’t forbid the registration of a company either, in case the new owner is interested in starting a business. The apartment itself can be used as an office without too much hassle or bureaucratic work.

The foreign buyers can acquire various forms of Bulgarian properties, including Bulgarian houses or commercial property units. Besides, it doesn’t matter what the buyer’s status is. However, there is one little aspect a potential buyer should consider before investing in a Bulgaria property – the land the building is located on and the surrounding area cannot be sold to a foreign physical individual, but only to a judicial one. Therefore, the foreign citizens must create a company to buy the property and make the transactions through it. Read more…

Tagged in: , , , ,

Bulgarian commerical property sector starts to recover

There are signs that Bulgaria’s commercial and retail property markets are starting to recover. Several new entrants into the local property market have shuck things up and revitalized interest.

In Sofia the arrival of the Ikea furniture store has certainly increased competition in the furniture segment. As a result of Ikea arrival several other furniture retailers are modifying their offers and in some cased relocating their retail premises in order to compete better. Some existing shop simply cannot compete with the new entrants and will most like close down their operations.

The main new commercial property projects that are planned for Sofia in the next 12 months are Bulgaria Mall, Sofia Ring Mall and Paradise Center. Together these developments will bring almost 200,000 m2 of new commercial and retail property onto the Sofia property market. Read more…

Tagged in: , , ,

Property in Bulgaria still popular with overseas investors

The latest survey from overseas property specialist TheMoveChannel has highlighted property in Bulgaria as still in the top 10 property locations for overseas investors.

The information was extracted from the overseas property enquiries  received by the website during 2011. Almost 3% of enquiries related to Bulgarian property meaning property in Bulgaria was the 8th most popular choice for British buyers.

The website director Dan Johnson also mentioned that Bulgaria property sales have been increasing throughout 2011, with low prices for winter ski property attracting most investors. In his opinion it is easy to understand the increased demand as prices are now at their lowest level in many years and offer an attractive location to place funds in the current uncertain banking environment.
He expects that the trend will continue in 2012 with the focus remaining on cheap ski property in the winter resorts.

Tagged in: , , , ,

Interest Only Mortgages For Bulgarian Property Market

Pireaus Bank is now offering interest only mortgages for people buying Bulgarian properties. Many foreign investors are buying Bulgarian properties off-plan with a view to obtaining capital gain and rental income from tourist rentals once completed. Piraeus Bank London, the UK branch of Greece’s Piraeus Bank, has launched an interest-only euro mortgage product on Bulgarian property exclusive to the UK and Bulgaria. Read more…

Tagged in: , , ,
Older Posts »
If you are looking for Bulgarian real estate or off plan property in Borovets look no further than Concept Bulgaria.
Links | Disclaimer