Reviews about real estate agencies in Bulgaria

Investment Attractiveness of Bulgarian Real Estate

Bulgaria's economy is quite diversified, with developed industrial and agricultural sectors. Tourism, construction, and real estate also contribute significantly. Tourism attracts over 12 million foreign tourists to the country. Many of them fall in love with Bulgaria's unique culture, nature, and history, and decide to purchase real estate there.

Foreign investors highlight several key factors that make Bulgarian real estate attractive. A significant factor is the low price per square meter of real estate compared to other European countries. Few other European cities offer neighborhoods in major cities where prices per square meter are less than €1,000. In Bulgaria, this is the real price of real estate in many cities outside the capital.

A second important factor is the growth in real estate values, which has averaged 10% over the past five years, sometimes reaching 15%. This growth is due to high domestic demand for real estate, which local residents are purchasing not only as primary residences but also as an investment. Real estate values ​​are also rising thanks to the attention of foreign investors, particularly from Germany, the UK, Romania, the Czech Republic, Poland, Israel, and Scandinavia. A significant favorable factor is the country's low crime rate. Many foreign investors are interested in purchasing property in Bulgaria's resort towns along the Black Sea coast.

How to buy real estate in Bulgaria

There are no restrictions on foreigners purchasing real estate in Bulgaria; they can purchase both residential and commercial properties. Owning real estate in Bulgaria provides visa benefits, as the property owner (including spouses and children under 18) is entitled to a visa for a year or more with a permitted stay in Bulgaria of 180 days.

Stages of purchasing real estate through a real estate agency:

1. Consultation and selection of a property, discussing budget, preferences, and important property characteristics;
2. Inspection and selection of the property;
3. Verification of property documents. The real estate agency conducts a preliminary due diligence independently or with the assistance of a lawyer. It is important to verify that there are no encumbrances or debts on the property, and that the documents comply with current legislation.
4. Signing the preliminary agreement.
5. Execution of the main purchase and sale agreement. Notarization of the document and registration of ownership in the Real Estate Register are mandatory.
6. Payment of taxes and fees.

Real Estate Agencies in Bulgaria

Dozens of Bulgarian and international construction companies of varying sizes operate in the country, specializing in residential and commercial real estate development. Any foreign citizen has the right to purchase real estate in Bulgaria; the acquisition process is simple and transparent.

A real estate agent is not required; a notary must be present during the purchase and sale transaction. However, a good, professional realtor will not only help you find the right property but also recommend an attractive investment location and a quality property. An experienced real estate agent can also prevent you from purchasing an unsuitable property, thereby preventing loss of funds.

There are thousands of Bulgarian real estate agencies and real estate agents specializing in Bulgarian real estate operating in the country.

How to Choose a Real Estate Agency in Bulgaria

Important Rules for Choosing a Reliable Real Estate Agency:

• Read reviews of real estate agencies in the area of ​​Bulgaria you're interested in, paying particular attention to customer opinions about the agency's staff's qualifications;
• Check for licensing: Make sure your employees have permission to carry out professional activities and licenses.

Peculiarities of Buying Real Estate in Bulgaria

After selecting the property the buyer wishes to purchase, it is advisable to open a Bulgarian bank account to transfer the deposit, the principal amount, and the necessary taxes, fees, and utilities. A reservation agreement must then be signed, which specifies the main details of the purchase and sale transaction (property, transaction amount, payment method).

The deposit is transferred to the agent's account and rarely exceeds €3,000. Next, the main purchase and sale agreement is signed, which must be concluded in the presence of a notary. When conducting a transaction where one of the parties is a foreign citizen, the presence of a translator is required.

After signing the notarized purchase and sale agreement, the remaining amount is transferred to the seller's account or to a special account held by a lawyer in Bulgaria. The lawyer then transfers the funds to the seller's account.

It is important to note that when purchasing any property over €5,000, payment must be made strictly by bank transfer. If payment is made in cash, the purchase and sale transaction will be considered invalid.

After payment for the property is confirmed, the notary will submit the documents for registration in the property registry. Within a week of the payment being made, the buyer should receive a certificate of ownership of the property. The property must then be registered with the Statistical Office of Bulgaria, the Tax Office, and the Agency for Geodesy and Cartography.

The notary fee is approximately 1% of the property's value, while municipal tax in Bulgaria ranges from 2.5% to 3.5%. The fee for entering information into the state property registry is 0.1% of the property's value.

To make a choice when buying real estate in Bulgaria, you can check out the rating of real estate developers. And if you are interested in a specific location, check out the offers of real estate agencies in Burgas.