Buying Property in Bulgaria

A guide to the Bulgarian real estate industry; includes how to find a reputable real estate agent and what is involved with closing on a property in the country.

Bulgaria property sales are seeing huge returns for investors, making the country a prime location for the international real estate market. Buying property in Bulgaria is much more affordable than many other locations in Europe and the country is experiencing an influx of tourists each year. Not many realize the natural wonders the country has to offer until they visit the nation themselves. The beaches in Bulgaria along the Black Sea provide millions of tourists with a wonderful summer holiday each year. Also, winter holidays in Bulgaria are popular, thanks to their world famous ski resorts. There is a lot of potentially lucrative property to buy in Bulgaria.

Buying property in Bulgaria can be a good business decision for newcomers, as well as veteran real estate investors. Although it is impossible to promise instant and 100% capitol growth (not to mention unethical), to buy property in Bulgaria is to make a solid investment. However, one should stay close enough to tourist attractions in order to see the largest returns. To buy coastal and ski properties in Bulgaria is the safest investment one can make. With the nations property market steadily increasing, off plan properties are considered safe to buy into. Analysts predict that the value of strategically placed off plan properties will most likely rise before construction is even finished.

One should begin the process of buying Bulgarian real estate with a personal trip to the country. Although it is possible for someone to purchase land from long distances without having visited, it isn’t advised. Visiting Bulgaria first is particularly important for those unfamiliar with the business practices of foreign countries. Every nation is different and unless the investor conducts valid research, a lot of money can be lost in the process of buying Bulgarian land. Hiring a translator may be necessary, although this translator should be an objective third party with no vested interest in anyones business deals. That way, an investor can speak to real estate agents, bankers and builders with confidence.

It is advised that once an investor visits Bulgaria, they should contact a real estate agent to drive them to various sites. When a property is chosen for bidding, it is also advantageous to hire a lawyer that will defend the investors interests in accordance with Bulgarian law. The proper representation from third party agents is the best way to protect oneself from a bad investment. Once paperwork is filed and payment arranged (local banks can organize a mortgage for the property), the investor will be the proud owner of genuine Bulgarian real estate. From here, what they choose to do with it is their decision.

Some choose to buy property in Bulgaria for the purpose of living there full-time or treating the establishment as a holiday home. The British, in particular, have already discovered the beauty of Bulgarian real estate and many make it their vacation residence. However, to invest in Bulgaria property often means to sell it for profit one day. At the moment, hotels and apartments are making the soundest investments for those planning on selling soon. No matter what the reason is for buying property in Bulgaria, a careful purchase should leave an investor feeling pleased with their decision.

Saturday 29th July 2006

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