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Low property prices, beautiful countryside, historic towns and
unchanged rural traditions. The cost of living is also surprisingly
low and makes Turkey look expensive. The food is good and a meal
out costs £5, a beer 50p,
and an espresso 15p. And if Bulgaria joins the EU, there is the
possibility that property prices could take off, rewarding early
buyers.
Why not?
There are still restrictions on foreigners buying properties with
land, which includes anything with a garden. The way round this
is to set up a company, which can be arranged by agents. Such restrictions
are expected to be removed as part of
Bulgaria is preparation for joining the EU but there is some opposition,
caused by fears that foreign buyers will snap up agricultural land.
Bulgaria has problems with crime and corruption and although is
more politically stable under the current Prime Minister, the former
king Simeon II, there are some who are less enthusiastic about the
reforms required to meet the standards set for EU membership.
What do the Bulgarians think of foreign buyers?
It would be understandable if Bulgarians have mixed views about
overseas buyers regarding the country as good for cheap property.
Houses for £20,000 may look like a bargain to UK buyers, but
it is worth remembering that the average
annual income in Bulgaria is about £1,000. Agents say that
most people, however, welcome the foreign investment.
What are the costs?
Both buyers and sellers pay commission to estate agents, with charges
ranging from 3 per cent to 6 per cent. There is also a form of stamp
duty equivalent to about 2 per cent of the price. Balkan Ski Chalets
charges 10 per cent of the purchase
price, which includes agency fees, legal and translation costs but
excludes stamp duty and survey costs. For properties with land the
charge is 12 per cent, which covers the cost of setting up a company
to buy the property. Many agents
levie a 10 per cent charge to cover fees and legal costs, with a
minimum charge of £1,500.
What is on the market?
Properties come in a wide variety of prices. For anyone seeking
rustic solitude a four-room house near Veliko Turnovo, in need of
work and without water, could be yours for £5,000. Also available
are assorted seafront properties - a new villa at Varna, where there
is an airport, will cost you £49,000. A luxury, architect-designed
seafront villa with a heated pool is offered at £172,000.
For skiing enthusiasts there are new flats in Bansko from £12,000,
while a five-bedroom house in the
town is priced at £46,000. Flats in the new golf resort on
the Black Sea are priced from £30,000.
Getting there
There are direct flights year round from the UK to Sofia, with
the Black Sea served by airports at Varna and Burgas. Out of season,
however, when the charter flights from the UK are not operating,
visitors to the Black Sea will need to fly to Sofia and take an
internal flight. For the best offers on flights you should try tour
operators that offer flight-only deals, such as Profi Tours Ltd.
More information
Visitors from the UK are automatically granted a visa for a visit
of up to 30 days. For longer visits you will need to arrange a visa
extension. For information on visas and tourism in
Bulgaria call the Bulgarian Embassy in London on 020-7584 9433 or
see www.bulgarianembassy.org.uk
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Best Bulgarian Real Estate Ltd - A Leading Agent for Property in Bulgaria
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