subject: A House By The Sea ... In Bulgaria by:Nancy Hall [print this page] In contrast to European buyers, the Russians offered to Bulgaria as a country, which are interested in real estate investing.
Purchase of apartments and houses are gradually becoming an alternative to the acquisition of suburban housing. Underlying this approach is based on the geographical proximity of the country, its mild climate and low prices.
Success factors
For Russians, Bulgaria has always been something of a middle ground: on the one hand, this "foreign countries", on the other - the country with the proximity of engaging the culture and history. Common place in the Black Sea coast of Bulgaria gained a special significance, underlining the status of guests. In general, the attitude towards Bulgaria always be defined as a warm and sister. And yet, interest in the Russian real estate buyers appeared not so long ago, and only starts to really gather momentum. Famous in Soviet times, places like beaches or ski resorts, attracting foreign investors, and influencing real estate prices.
The key to the liquidity of housing could be purchased by the proximity of the sea. "The cost of such real estate in Bulgaria proposed, depends primarily on the stage of its construction and location of the complex - the distance from the sea, the prestige of the resort / city, infrastructure development," - says Karina Gayger, a consultant on real estate Lemestia & MonVille Group.
The quality of infrastructure is determined, inter alia, the number of nearby shops, beauty salons, swimming pools and gymnasiums. At a price, of course, also affect the success of the architectural and building solutions, and quality used in building materials. Just the standard factors of pricing and the increase in such an important event as the entry of Bulgaria into the EU from 1 January 2007. A major advantage is the overall stability of the country's economy, which has an impact on the geographical status of a bridge between Central Europe, Southern Europe, Middle East, Russia, Eastern Black Sea and Balkan regions. In 2001 Bulgaria was elected non-permanent UN Security Council, which once again confirmed its growing status as a democratic state with market economy.
Increased investment interest in Bulgaria, in principle, repeats the experience of countries that have joined the EU: the Baltic states, and before that - Cyprus, Spain and Portugal. "As in Latvia, the first in the Bulgarian real estate market emerged, and the British Irish, have accumulated sufficient experience in transactions in Spain. Then there were the Lithuanians and Latvians, who up to a small parts know how to change the situation on the market after the entry into the European Union (the Baltic price increase for the year amounted to 112% after EU accession), "- says Karina Gayger.
How much is the market square meter
To date, the cost of housing is relatively small, Bulgaria is still holding one of the lowest in Europe the level of prices - up to 2500 euro per square. m. "The most popular are now proposals in complexes of high class with a broad infrastructure for the first line of the sea. These complexes during construction prices grow at 25-30%", - says Denis Zababurin, General Director of Virtus. The price of square meter in the complexes at the initial stage of construction begins with a 800 euro for the first-line price of one square meter of finished apartments with sea view - from 1600 euro.
Investment Prospects
The acquisition of the resort real estate is always beneficial, and Bulgaria is no exception to the general rule. "This property is always liquid - explains Karina Gayger. - Price it less dependent on political and economic situation and rising prices ahead of the national average. For the current year increase in prices in the country amounted to 16-22%, the rate at the resort ranges from region of 50%, and the entry of Bulgaria into the EU will further boost this growth. By the way, investing in real estate Bulgaria also stimulated and tax laws.
Bulgarian legislation allows the purchase of apartments by foreigners: both natural and legal persons. In addition, foreigners full equality with Bulgarians, including the provision of housing for rent. Prohibited only purchase foreign land, but as a compromise, it is possible to conclude an agreement for the lease of the land on which building is located on the long term and for a symbolic payment. There is another solution: the land could be sold to a legal entity, registered in Bulgaria, whose founder is a foreign natural person. According to Dennis Zababurina, in 2007 in Bulgaria is scheduled to authorize the purchase of land by foreigners, however, only citizens of the EU. As professionals, Bulgaria today has one of the leading places among the "new markets", is actively developing Russian buyers.
About the author
Nancy Hall is a Real Estate Consultant from UK. She is working with Nomore Hotels. You can get more information about Bulgaria Property and Cyprus Property at Nomore Hotels.
