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Buying Property In Bulgaria
By AdrianM, Fri Dec 9th
There is no doubt that real estate in Bulgaria is one of today'smost profitable investment opportunities. Data returns from theReal Estates National Association show that Bulgarian propertyprices increased by an average of 26% through 2003, with onlymarginally lower forecasts for 2004 - and in the past fewmonths, purchasers of off-plan apartments in the Southern Parkarea of Sofia realised a 30% increase on their investment evenbefore their properties were completed.
In addition, a detailed value analysis survey covering 3000properties randomly selected from all sectors of the market isconducted each quarter. The latest of these surveys wascompleted in September 2004 and shows that ...
themarket value of the 3000 properties surveyed was approximately67 million Euro
for every property on sale at 40,000 Euro ormore, there were four below this price
80% were priced below40,000 Euro and made up 34.7m Euro of the market value
60%were priced below 20,000 Euro and made up 14.8m Euro of themarket value
39% were priced below 10,000 Euro and made up6.2m Euro of the market value
13% were priced below 5,000Euro and made up 1.3m Euro of the market value
Whileidentifying and locating the right property for your budget isobviously a key factor, the survey also points out that there isa lot more to consider when purchasing a property in Bulgaria.Under existing law, for instance, only Bulgarian residentindividuals and entities can own land and, although this is dueto change in the near future, what it means today is thatforeign nationals wishing to invest in property will need toregister a Bulgaria based company and open a business bankaccount.
This can all seem to be a pretty daunting prospect at theoutset but, provided that you have access to the necessary
localexpertise, it is actually a surprisingly simple procedure. Infact, it’s so simple that the entire purchasing package - fromflights, car hire, accommodation and English speaking staff foryour viewing trip, through the set-up of your business, thetranslation and registration of documents, to the transfer oftitle deeds - can usually be completed in just 4 to 6 weeks.
About the author:Article written by - AdrianM
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