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Pros and Cons of the Bulgarian Real Estate Market
from: Theodora Borissova Real estate market in Bulgaria for the last 15 years has improved consistently, but still could be defined as developing .
Since the introduction of the currency board in 1997 Bulgaria has been politically stable country with a developing economy and the preferential conditions and guarantees for foreign investors have generated excellent business opportunities and investment growth potential. Bulgaria real estate prices are by far lower than other destinations in Europe but the estimated acceptance of Bulgaria in the European Union provides unprecedented growth potential that will certainly boost the prices of the Bulgaria real estate in the near future. Bulgarian market or real estate is still unexplored and undeveloped to a certain extent, which makes it very attractive and profitable.
Bulgaria has one of the most liberal foreign investment laws in the region regarding Bulgaria real estate, as well as the foreign investors. According to the Bulgarian Constitution and legislation foreign persons and companies can invest in real estate in Bulgaria either personally or through a local legal entity. Generally speaking, foreigners as persons can acquire only buildings but not land.
Therefore, the most popular and preferred by non-residents ways to become the real estate owners are: As far as houses, villas, flats and limited ownership rights (the right of use, the right to build a house, etc.) are concerned, you can directly purchase them as a person.
The capital of Bulgaria - City of Sofia and the area of the Black Sea Coast are vastly booming urban centers and tourist destinations with relatively more sophisticated market, which have attracted foreign opportunity investors in recent years. Sofia and in the biggest Black Sea Coastal Cities are also the newest trends in Bulgarian Real Estate Market. It appears to be very attractive for investment purposes in the last two-three years. That is why we must point out several Pros and Cons, which we consider important:
Pros:
fast developing real estate market;
liberal foreign investment laws;
improving bank mortgage system;
stable political and economic environment;
excellent return on investment (ROI);
limited currency risk (BGN pegged to EURO under stable currency board);
significant foreign investment in real estate.
Cons:
land purchase restriction for foreigners (due to the requirements of the European Union for Bulgaria's accession to EU in 2007, this restriction will be removed);
underdeveloped infrastructure in some regions;
limited buying power of Bulgarian consumers.
About the Author
Theodora Borissova is a relationship manager in BB Media Ltd - a communication agency with years of experience in graphic and web design. The company has developed successful marketing campaigns for Bulgarian Real Estate and Best Bulgarian Properties
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