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Pros And Cons Of The Bulgarian Real Estate Market
By Theodora Borissova, Wed Dec 7th
Real estate market in Bulgaria for the last 15 years hasimproved consistently, but still could be defined as developing. Since the introduction of the currency board in 1997 Bulgariahas been politically stable country with a developing economyand the preferential conditions and guarantees for foreigninvestors have generated excellent business opportunities andinvestment growth potential. Bulgaria real estate prices are byfar lower than other destinations in Europe but the estimatedacceptance of Bulgaria in the European Union providesunprecedented growth potential that will certainly boost theprices of the Bulgaria real estate in the near future. Bulgarianmarket or real estate is still unexplored and undeveloped to acertain extent, which makes it very attractive and profitable.
Bulgaria has one of the most liberal foreign investment laws inthe region regarding Bulgaria real estate, as well as theforeign investors. According to the Bulgarian Constitution andlegislation foreign persons and companies can invest in realestate in Bulgaria either personally or through a local legalentity. Generally speaking, foreigners as persons can acquireonly buildings but not land. Therefore, the most popular andpreferred by non-residents ways to become the real estate ownersare: As far as houses, villas, flats and limited ownershiprights (the right of use, the right to build a house, etc.) areconcerned, you can directly purchase them as a person.
The capital of Bulgaria - City of Sofia and the area of theBlack Sea Coast are vastly booming urban centers and touristdestinations with relatively more sophisticated market, whichhave attracted foreign opportunity investors in recent years.Sofia and in the biggest Black Sea Coastal Cities are also thenewest trends in Bulgarian Real Estate Market. It appears to bevery attractive for investment purposes in the last two-threeyears. That is why we must point out several Pros and Cons,which we consider important:
Pros:
fast developing real estate market; liberal foreign investmentlaws; improving bank mortgage system; stable political andeconomic environment; excellent return on investment (ROI);limited currency risk (BGN pegged to EURO under stable currencyboard); significant foreign investment in real estate.
Cons:
land purchase restriction for foreigners (due to therequirements of the European Union for Bulgaria's accession toEU in 2007, this restriction will be removed); underdevelopedinfrastructure in some regions; limited buying power ofBulgarian consumers.
About the author:Theodora Borissova is a relationship manager in BB Media Ltd - acommunication agency with years of experience in graphic and webdesign. The company has developed successful marketing campaignsfor Bulgarian Real Estate and Best Bulgarian Properties
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