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Hot News, Bulgaria
11.05.2007 BULGARIAN BLACK SEA RESORTS PROPERTY DEALS ON THE RISE
Sofia Echo
Just before the start of the summer season, the number of holiday properties on sale along Bulgaria’s Black Sea rose sharply. In the northern summer resorts of Zlatni Pyasatsi (Golden Sands), St. Konstatin and Elena and Slunchev Den (Sunny Day) more than 250 one bedroom, two bedroom and three bedroom apartments were put on sale, imot.bg said, as quoted by Dnevnik daily.
The number of holiday properties on offer in Southern Black Sea resorts was 650, almost triple that in the north. Most offers were concentrated in Slunchev Bryag (Sunny Beach), St. Vlas and Elenite. The average price of vacation apartments was 900 Euro a sq.m and the highest prices were 2500 Euro.
Elements characterising properties on offer at higher prices include noiseless lifts, pools, green areas and all-year maintenance of the property. Brokers say that a third of apartments now on offer belong to investors who bought them three or four years ago at prices from 600 to 800 Euro a sq.m.
Property in Bulgaria is the fastest growing asset in the country. Last year the property prices in Bulgaria have risen more than 25 % in general. Some real estate have gone up with 50% in the last year, especially the ones in Sofia, in the Black Sea beach resorts (Sunny Beach) and in the ski resorts (Borovets, Bansko). The improved economic conditions, political and social stability in Bulgaria over the last 3 years brought to a real boom to the prices of property in Bulgaria. Other important factors for the rising property market are the huge tourism potential in Bulgaria. There are great natural attractions - high mountains, 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. 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 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 your solicitor can 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.
The speculation that soon the main law in Bulgaria, the Constitution will be changed, so that all foreign investors who wish to acquire property in Bulgaria will be able to do so personally, so registering a local company will not be needed. However we strongly advise not to wait until the law is changed, as it is expected that this will give even a stronger push to the property prices and they will suddenly go up.
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