Europe: Bulgaria – A new property market in an ancient country

Situated in the southeast of Europe; it borders Romania and to the west Croatia and to the south its neighbours are Greece and Turkey. To the east Bulgaria touches the Black Sea, which also links it to Russia. The Black sea borderline is 240 miles long. It is situated at a crossroad between Europe and Asia and a key position for motor, river and sea transport of a large group of countries.

Bulgaria has four international airports and extensive network of road and train services. The country has four seasons with dry hot summers and much to do, such as activity holidays – skiing, climbing, riding, hunting and fishing. For those who wish to relax, there are the beautiful beaches, healing spas, amazing nature and hospitable and friendly people in the towns and villages.

The country is now a full member of NATO and has received formal invitation into the EU in 2007. The likelihood of EU membership is believed high, as Bulgaria has complied with most of the EU accession criteria.

Under the Bulgarian act on Foreign Ownership, foreigners are not allowed to own land but may own buildings. Foreigners can however own land by setting up a Bulgarian company to hold the property for them. Exceptions to this are off plan properties and some apartments.
Bulgaria’s ownership policy may well be harmonised with the EU in the future.

The country has a fast growing tourist industry and investment here comes with high expectation. The cost of living is particularly good value and the quality of life high, with property prices currently some of cheapest in Europe we expect to be dealing with Bulgaria more and more in the near future.

 

Bulgaria Useful Resources

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