Bulgaria is a good country for investment. With a relatively low cost of housing, Bulgaria has great recreational potential, moreover, since 2007 it has been a member of the EU. Any foreigner can freely buy apartments in this country, but there are some pitfalls here, which we will talk about in this article. We will also discuss what is good to buy in Bulgaria from real estate.
Why people buy property in Bulgaria
Recently, more and more foreigners are buying property here. However, many still think: “Should I invest in property in Bulgaria?” For those who doubt, we will once again list the attractive aspects of this European country:
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Transport accessibility. Easily accessible by plane, bus, or train.
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Financial stability and economic growth.
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Low taxes. For example, income tax is one of the lowest in Europe - 10% and real estate tax please investors. Usually, even in large cities, it is no more than 2.5%.
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The country has a rich original culture and ancient history. Many old buildings are well preserved and attract visitors.
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Lots of opportunities for tourism. Long sea coast and there are ski resorts. You can spend time in different ways: visit the deposits of therapeutic mud, taste new wine or enjoy the sound of trendy music at festivals.
Therefore, it is clear that this country is in a promising direction. And now let's take a closer look at the question of what property is profitable to invest in Bulgaria.
Hotel rooms
Quite a popular type of real estate among foreigners. This is the easiest way how to buy investment property in Bulgaria. Tourist complexes with rooms are usually built right next to the sea. Hearing the surf right from the bedroom window sounds more than tempting. Often the rooms have not only a room, a balcony, and a bathroom, but also a kitchenette, which is very convenient. In addition, in your absence, the hotel staff will take care of the room, which saves a lot of nerves and free time. But everything has its downside.
Now the market is already oversaturated with complexes, so it can be problematic to attract tourists and rent out your room. In addition, in such hotels, as a rule, there is no heating, so you can relax there for a maximum of 4-5 months a year, and you need to pay a fixed amount to the hotel management monthly.
Apartments
Bulgaria is a good place to buy property. Among foreigners, apartments are in stable demand. You can live there all year round and/or rent out the property. The whole process of drawing up a contract of sale is simple and straightforward. There are many different options on the market for every taste and budget. In the last few years, apartments in the north of the country have risen in price, while in the south, on the contrary, they have fallen in price a little.
For a penthouse in the capital Sofia, they can ask for 800,000 euros. A spacious apartment in Sofia or the large seaside city of Varna will cost about 400,000 euros, while a picturesque apartment in the major tourist center of Burgas costs a more modest 200,000 euros, but if you look, there are even more affordable options.
Houses
A cozy house surrounded by a garden or a luxurious villa with a swimming pool - whatever you want is sold in Bulgaria. But here everything depends on who can invest in Bulgarian real estate. Hotel rooms and apartments are freely sold to foreigners, but only Bulgarians or people with a Bulgarian residence permit can buy houses with adjacent land plots. If you still want to become a happy homeowner in Bulgaria, there are two ways:
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Buy luxury real estate. When buying an object worth at least 300,000 euros, foreigners are issued a residence permit.
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Register a company in the country. This will require some time and effort on your part, but not as much as it might seem at first glance. The firm may not generate income, and its activities may be purely nominal.
Another reason why the Bulgarian property market is so popular for investment is that if you have a limited budget, you can buy a luxury house within a 15-30 minutes drive from the sea. It turns out to be an inexpensive purchase. Regular buses run between popular destinations, for greater convenience, buy a car.
Mortgages in Bulgaria
Many are interested in the question: "Can a foreigner get a mortgage in Bulgaria?". Indeed, if there is not enough money for a dream house or apartment, it is possible. Immediately you need to be ready to pay at least 30% of the cost of housing, and the rest can be borrowed. On average, interest rates are about 7%, although recently many banks have offered profitable offers with a rate of only 3%.
Conclusion
Bulgaria is a good place to invest in real estate. Whichever option you choose - a room, an apartment, or a house - on our website you will find more information on all popular topics. If you have any questions, contact us now and our consultants will help you with difficult moments.
