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Processes in Buying Properties in Bulgaria
from:Before diving deep into real estate fiasco discussion let us first highlight some important basic information’s regarding Bulgaria. As you would know Bulgaria is located in southeastern Europe.
Bulgaria is situated in the east-central portion of the Balkan Peninsula, bordering the Black Sea. Covering an area of 42,823 square miles and is almost rectangular in shape. Its position makes it a natural crossroad between Europe and Asia.
Bulgaria has been noted as the third most popular world destination for property investment and holiday homes behind Spain and France. So what does buying properties in Bulgaria give you?
Aside from the scenic views and welcoming neighborhoods and sunny climate and broad sand beaches, Bulgaria also boasts a low cost of lifestyle living, it is so low that you can enjoy the same living status 30 years ago in the Mediterranean.
Bulgaria boasts an exceptionally diverse landscape with hundreds of kilometers of Black Sea coastline and some of Europe's most promising ski resorts that are now providing indisputable competition to the more familiar locations in the Alps.
It is partly this remarkable diversity that has made Bulgaria such an attractive choice to property investors in recent years, with commercial investment similarly lucrative in winter, as it is in the summer months.
Part of the appeal is the fact that it is an emerging market and this has always proved to be an attractive factor for property investors looking for an exciting and potentially money-spinning challenge.
Another plus factor in buying properties in Bulgaria is the unification of Bulgarian to the European Union which is due in 2008. This is significant because it will be launching Europe’s first US style real estate investment trust or the REIT.
These trusts are tax-friendly property funds that have to pay out most of their income to shareholders. The aim is to broaden and deepen the real estate market.
Bulgaria's finance ministry has opted to give up tax revenues in favor of persuading investors to accept professional management of real estate assets. Its REIT’s legislation, part of financial market reforms launched by a liberal government, is based on similar frameworks in the US and France.
Bulgaria's fledgling REIT’s market is still too small to attract attention from big international players. But none the less REIT’s have become popular with Bulgarian pension and mutual funds, as well as increasing numbers of retail investors, according to local brokers.
National Statistical Institute or the NSI data published on October 21 showed that Bulgarian housing prices in the third quarter of 2005 rose by 2.9 per cent compared to the previous quarter of 2005.
The average housing price rose to 751.50 leva a sq m between July and September, up from 730.50 leva in the previous three-month period.
Bulgarian property is extremely good value and foreign investors may stand to profit substantially. In recent years, foreign capital has been a major component in the Bulgarian real estate boom.
Although there are admittedly other factors causing the boom such as the low interest rates, the continuous and intensifying flow of capital deserves the bulk of the credit.
The interest in properties in Bulgaria are steadily increasing and is expected to further increase as the impending acceptance of Bulgaria in the European Union draws near.
According to a Wall Street Journal report, Bulgaria registered the highest rise in its real estate prices more, than in any other country, with a staggering jump of 48 percent.
Property developers believe that the peak is yet to come as there are still many undiscovered places of beauty in Bulgaria as well as untouched property ready to make its first entrance into the property market.
Certain constitutional restrictions on foreign investment in Bulgarian property presented some impediments for inward investment. The Bulgarian Property Law was amended in July 2000 which removed such restrictions. The only requirement left was the registration of the investor or investing company in Bulgaria.
Bulgaria is a very good place to live or invest in and with its upcoming union with the to the UE or the European union this makes Bulgaria not just a good place to live in but a very safe place to invest.
John L Scott Real Estate News
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