Buying a property in Bulgaria
Purchasing a Property in BulgariaUpdated on Monday 18th April 2016
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Bulgaria is an increasingly attractive business destination and the country has recently began to invest more in tourism and promote various seaside or mountain resorts. Real-estate investments in Bulgaria are convenient, mainly because the prices are significantly lower than in other European countries. However, certain restrictions apply to foreign investors regarding land purchase and agricultural land purchase in Bulgaria. It is advisable to seek the help of a Bulgarian lawyer when purchasing a property in Bulgaria. Our law firm in Bulgaria will help you with detailed information about the legal porcedure for buying a property in this country.
Citizens belonging to EU member states can purchase properties in Bulgaria that have plots of land or gardens. However, they cannot buy agricultural land unless they open a Bulgarian company.
Foreign individuals may buy apartments in Bulgaria if the apartments do not include plots of land. In most cases, apartments can be found in apartment buildings, thus foreign investors do not have limitations in this case.
If an buyer from Singapore for exemple would not be able to buy a house in Bulgaria, that has plots of land or gardens. It can only be bought by non-EU foreign investors, if they have previously registered a company in Bulgaria. This restriction is about to be lifted.
The property purchase procedure in Bulgaria
The property purchase process begins with choosing a suitable property in Bulgaria. Foreign investors usually want to buy real-estate in some of Bulgaria’s largest cities, like the country’s capital and other important economic hubs. Our lawyers in Bulgaria can help you purchase a property in Sofia or in Burgas.
You should plan ahead and reserve some time to view the property before concluding the purchase. Legal assistance is advisable and it is also helpful to hire a Bulgarian translator. If the buyer agrees on the price, a deposit must be made in order to reserve the property. This deposit can have an approximate value of 1,000 to 2,000 euros, depending on the total value of the property.
Our Bulgarian lawyers can offer you information about prices in different cities in Bulgaria and help you perform a due diligence verification of the property before making the purchase.
A preliminary sale agreement must be signed with the owner after making the deposit. This preliminary agreement includes all of the basic purchase conditions that will be found in the final agreement. Some of the information that needs to be included in the property purchase agreement includes: a description of the property, price, payment method and other details.
A notary deed needs to be drawn up and the Bulgarian notary must certify and register the deed. Our Bulgarian law office can provide additional information about the annual taxes in Bulgaria. Please contact our law firm in Sofia if you want to invest in real estate.