Bulgaria became a member of the EU in January 2007 and the infrastructure is being greatly improved. In addition to this millions of Euros will also be invested from other members of the EU and also from companies looking to invest in this emerging country and capitalise in the low costs. Corporate taxes and labour costs are quite low for European standards. Privatization and deregulation are creating sophisticated public utility and telecommunications industries.

Bulgaria Gross Domestic Product (GDP) for the second quarter of 2005 grew by 6.4% compared to the same period in 2004.

Bulgaria has lower living costs, property prices and prices than other EU countries.

Over the last few years both Sunny Beach and Bansko saw the greatest increase in tourism levels than other European summer holiday and winter destinations. The airports are now going through huge expansion, in order to cope with the increased demand for flights. Many of the low cost airlines have already introduced more flights to cope with the increased number of visitors. The main roads from the airports at Varna, Sofia and Bourgas are also being improved and will reduce transfer times to the main tourist destinations.

Bulgaria is an exciting and emerging market and offers property prices with are lower in other areas of Europe. Property prices are steadily rising and are set to continue.

Bankso is undergoing a huge transformation and it will not only be known as a winter destination but also a destination for golf. A number of top class golf courses and country clubs are in the process of being built. Also there are discussions to build a new airport in the Pirin Mountain region to service Bansko to satisfy the increasing amount of tourists that are visiting. The new motorway that is currently under construction will cut access time from Sofia by an hour each way.

Buying a Property in Bulgaria

Once the reservation monies have been paid, which will secure your interest in the property and go towards the asking price, there is usually a period of 4 weeks in which to carry out checks before the investor signs the 'preliminary' contract. The preliminary contract is signed by all parties in which they effectively promise to enter into a final contract to buy and sell the property. After all the necessary details are provided, the contract will be drawn up by the developer's solicitors and will set out timescales, payment terms, prices and the terms and conditions agreed.

A deposit is required upon the signature of the contract. Usually this is at 10% of the asking price; however it is subject to the particular developer's requirements.

The remaining deposit is then due prior to build completion and payable in stage payments. The developer is usually flexible when these payments are made so long as the required deposit is paid in full before build completion. Your solicitor should be able to advise you whether this is actually the case.

Transfer the required remainder of the funds on completion. Once the build is completed, you are able fund the remaining amount due via a Bulgarian mortgage. However, you cannot obtain a mortgage before the property is completed.

In most countries, except the UK and other common law jurisdictions, the Notary plays a major part in the process of buying and selling real estate. The notary is a public official who is simply there to ensure that the transaction goes through in a proper legal manner, but it not duty bound to act on behalf of the investor. In the case of off-plan developments, the final Notary Act is not signed until the building is completed, at which point it can be put on the public record which will show the official transfer of title to the investor.

Once this has occurred, the investor will transfer the remainder of the funds and obtain the title deeds in their name. At this point the property is legally completed and the investor becomes the owner!

Getting There

By Air

In Bulgaria there are three international airports: Sofia, Varna and Bourgas. Sofia is the closest airport to the mountainous winter resorts, whilst the Black Sea coastal resort has the choice of two airports Varna and Bourgas. There is a wide choice of charter and low cost flights operating to all 3 Airports from many of the main UK airports including Gatwick, Manchester, Bristol and Newcastle. The Bulgarian air companies have flights to the most European countries as well as all major European air lines have regular flights to Bulgaria.

By Train

The main European railway routes pass through Bulgaria. Sofia has direct links with many European capital cities.

By Car

If you want to reach Bulgaria from Western Europe by car, you either can take a ferry from Italy to Greece, or you will have to pass through either Serbia where you have to pay a special car insurance just passing through, or Romania where the road conditions are far from perfect. Foreign driving licenses are valid in Bulgaria. Insurance is compulsory - it can either be taken out beforehand or on the Bulgarian border. The speed limit in the country is 60 km/h in populated areas, 80 km/h outside and 120 km/h on highways. You must place a special sticker on your car to drive on the highways. These stickers can be purchased at the gas stations. You can be enter Bulgaria through the following border checkpoints:

Getting Around

In towns there is urban transport with buses and mini-buses. In Sofia there are trams, trolley busses and the underground. Tickets are usually bought before getting on the vehicle.

In towns and resorts there are plenty of taxi-cabs situated in the assigned taxi ranks.

Weather

The climate in Bulgaria is determined by four clear seasons. The climate in the northern part of the country is moderate continental, while the climate in Southern Bulgaria is intermediate continental tending to Mediterranean. The climate in the regions with an altitude of 1900-2000 m above sea level is mountainous. The climate of the seaside regions is milder in the winter and cooler in the summer than the climate of the interior of the country. The average air temperature in the summer is 27°C. The average water temperature is 25°C.

Capital

Sofia

Area

110,993.6 sq km

Population

7.93 million

Currency

The Bulgarian currency is called the Bulgarian Lev (BGL)

Language

Bulgarian is the country's only official language, although English is widely spoken

For more information regarding Bulgarian property investment opportunities, please click below.

Sofia property sales.

Golden Sands Beach Resort property sales.

Sunny Beach Resort property sales.

Bansko Ski property sales.

Pamporovo Ski property sales.

All Bulgaria property sales.