There are many attractions to Bulgaria but the recurring reason tends to be focused around investment potential. The country itself is largely rural, with acres of forest covered hills, sweeping valleys, un-spoilt villages and warm coastline. This rural environment appeals to those people wishing to escape the busy hustle and bustle of working life. Add this to the unrivalled investment potential and it really is no surprise that people are realising what Bulgaria has to offer.  

Where are the most popular areas to buy?  

The most popular areas to buy depend on whether the purchaser is seeking to buy for investment reasons, or for personal reasons. The most popular regions for investment tend to be focused around the main towns, including locations such as Varna, Burgas, Pamporovo, Sofia and of course Sunny Beach (Including St Vlas).  

What can a buyer expect to get for £100,000 in Bulgaria?  

For £100,000 a purchaser can expect to get a two bedroom off-plan apartment in an exclusive development in the sought after locale of St Vlas (Sveti Vlas). For example at £72,420 you would be able to purchase a 2 bedroom 3rd floor apartment, at 84.34 Sqm2 which would include the following facilities (and all the facilities of the neighbouring complexes in the Dinevi resort):  

A plethora of pools including two for this complex, Pool Bar, 24 Hour Security, Beach, Piano Bar, Children’s Pool, Restaurants, Shops, Cable TV, Gym and Internet Café.  

How does the buying process differ in Bulgaria to the UK?  

The buying process does differ from the UK with the main difference being should any purchaser wish to purchase land, they will need to create a company to do so, as foreign nationals are not permitted to purchase Bulgarian land.  

If the purchaser is purchasing newly constructed properties/apartments on a complex or resort then they do not need to create a company.  

When a purchaser buys through ourselves we send out a standard preliminary contract which we advise be checked by a solicitor for the purchasers own peace of mind. If the purchaser is happy with the contract then they sign to confirm they will be proceeding with the purchase of that property. Payments are then made in three separate stages, with the final payment usually being made when the construction of the complex is completed. The purchaser would then need to visit a notary, passport in hand, for the ‘Notary Act’ to be signed and ownership transferred.  

What should potential buyers look out for when buying a property in Bulgaria?  

Potential buyers should look out for the long term investment potential of any area before they buy there. How will that area have matured over the coming years? Are there enough facilities there to support a growing community? One of the most important things to remember, especially if buying for investment purposes, is if/when you sell your property how will it compare to others available on the market at the time? Will your apartment be one of many, or does it have something to set it apart from the others and thereby have the potential to appeal to a wider market.  

Are there any types of property you would advise potential investors against buying?  

We would never presume to tell somebody what not to buy, however there are risks involved when purchasing any property abroad. For example, many of the older properties in Bulgaria, as picturesque as they are, can come with problems. If anyone were thinking of purchasing an older property we would recommend the purchaser check the ownership of the property as thoroughly as possible as it is not unusual for a property to be owned by several family members, and all must agree to a sale before it can proceed.  

Have property prices increased in the last five years? If so, by how much on average?  

Property prices have increased in the last five years and more recently the growth in the last year has been approximately 25%! Because Bulgaria is such a newly emerging market it is difficult to attribute an average growth, however an approximate figure of 20% to 25% a year would be reasonable.  

How much do you think property prices are likely to increase in the next 5 years?  

Property prices will no doubt increase in the next five years if this current trend continues but of course it is inherently difficult to predict any increase in the property markets around the world. However, if the current growth is sustained then we can expect to see an average increase of perhaps 25% year on year and would expect investors to see a 100% return over the next 3 to 4 years.

What advice would you give to anyone considering buying a property in Bulgaria?  

The best advice we could give anyone thinking of purchasing in Bulgaria would be to do their research, leaving no room for surprises. Visit the country and thoroughly explore the region they want to purchase in and of course the best recommendations come from people who have already made the move, so we would suggest getting in contact with those people who have already purchased.

How safe is Bulgaria’s economy?  

After the fall of communism in 1989 the country has steadily set about reforming, aided by the encouraging development that Bulgaria is scheduled to join the EU in 2007; the country is also a member of NATO. The Bulgarian Lev is pegged to the Euro, meaning it will not fluctuate independently. Of course, there are no guarantees as to the stability of any economy, but Bulgaria is certainly proving itself to be in a confident climate.  

In your experience, do British expatriates in your region settle in well?  

English is now taught in Bulgarian schools, and the majority of Bulgarians, especially in and around the towns and cities, generally speak a measure of English so the language should not be a barrier. The Bulgarians in general are a welcoming people and in St Vlas, the region we sell the majority of our properties, we find that British expatriates soon feel at home.