Bulgarian Property in Bulgaria for
sale
Bulgarian Property
Bulgarian Property: Looking for Property in
Bulgaria For Sale? We
can help you! Search through a database of properties in
Bulgarian resorts. Our list of properties is
updated daily to give you a big choice, so you can take the right
decision. You can find useful
information buying property in Bulgaria.
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For Sale
Bulgarian Property
investment is one of the fastest growing assets. Last year the property prices in
Bulgaria went up by more than 25 % in general. Some properties have gone up
by more than 50 %, especially the ones in
Sofia, in the Black Sea beach resorts (Sunny Beach). The improved economic conditions,
political and social stability in Bulgaria over the last 3 years
brought to a real boom for prices of property in Bulgaria. Other
important factor for the rising Bulgaria property market is the huge tourism
potential in our country. There are great natural attractions - high
mountains, the beautiful and clean Black Sea coast, preserved rural areas,
minimum urbanisation, thousands of years of history, etc. Nowadays
Bulgaria is considered as the fastest growing tourism market in
Europe. This is something that foreign buyers of property in Bulgaria
appreciate the most. Together with the constantly rising prices,
buying property in Bulgaria is one of the best investments that one
can make these days.
Further
Bulgaria was invited to become a NATO member
targeted for 2004 and full EC membership is scheduled for 2007. Now is
the right time to invest in property in Bulgaria. Bulgaria is a
politically stable country, and the introduction of a currency board
in 1997 stabilised the country's economy. Reaching year of 2007,
Bulgarian laws are improving and changing in accordance with the laws
in the countries of the European Union. Bulgaria has one of the most
liberal foreign investment laws in the region. Foreign investment
typically assumes one of the following forms: establishing a joint
venture with existing companies, state-owned or private; acquiring a
company through privatization; setting up a new (green field) venture;
or making a portfolio investment.
Foreign investors can purchase property in Bulgaria
directly or through a local company. Only Bulgarian-resident
individuals and entities can own land, while non-residents personally
may acquire only buildings. Therefore if foreign citizens want to
invest in property in Bulgaria, they must register a Bulgaria based
company (something that we fully assist with). As soon as the company
is registered any properties / property in Bulgaria may be purchased
to the company name. The most common type of organization for foreign
investors is a limited liability company. Other forms are companies
limited by shares (joint stock companies), joint enterprises, business
associations, general partnerships, limited partnerships, and sole
proprietorships.
Buying a Property in Bulgaria
According to the
Bulgarian law, embodied in the Constitution of the Republic of Bulgaria,
the Property Act and the Foreign Investments Act foreign physical and also
juridical persons such as companies cannot acquire the ownership of land
in the country. However, they are permitted to acquire the ownership of
houses or flats and limited ownership rights with regard to every kind of
immovable property situated in Bulgaria. Under the heading limited
ownership rights the Bulgarian law understands the rights of use (uses),
the right to build a house on a piece of land (superficie) and the
servitudes (e.g., the right of access to the street through another
person's piece of land).
A
further limitation on the purchases of immovables by foreign persons is
the obligation on the part of the respective foreign person to obtain the
permission of the Council of Ministers (the Government) of the Republic of
Bulgaria or other administration organs authorised to decide on such
requests, if the property is situated within border areas or other
territories under special regime for reasons of national security. The
Council of Ministers or the respective organ is obliged to decide on the
application within 45 days.
With the view to establish an enhanced protection of foreign investments
in Bulgaria there is a special regime with respect of the expropriation of
foreign persons. Expropriation of the immovable property of foreign
persons is only legal, whenever it is done by an Act of Parliament, passed
because of extraordinary needs of the government, which cannot be
satisfied otherwise. In addition to that the foreign person has to be
provided with a replacement of his immovable property before the
expropriation takes place. The replacement has to be equal in market value
to the replaced property and has to be located close to it. The owner may
give his consent that the replacement would be located elsewhere or that
he would be awarded money instead of a replacement property in Bulgaria.
Bulgarian Property
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