With property for sale, whether for personal use or for investment, Bulgaria offers opportunity summer and winter.

And it is an ideal holiday destination as well, with property and accommodation available for rent all year round.

The page below contains both general and specific information on Bulgaria, and sections within this page can be found by clicking the appropriate link to the right here:

BULGARIA . . . . A BRIEF HISTORY

Bulgaria, located on the Balkan Peninsula in southeast Europe, is the most stable country in the region. The country has been spared the turmoil of unrest that most of its neighbours have experienced while on the road to establishing a democratic form of government. The population of Bulgaria is approximately 8.3 million and is a country blessed with great geographical diversity. Three mountain ranges run through the country (Stara Planina-The Balkans, The Pirin and the Rhodopes) offering wonderful conditions for skiing in the winter. The Black Sea borders the country to the east, with 354 kilometres (218 miles) of coastline.
The climate on the coast is warm and dry in the summer, making Bulgarian Black Sea coasts a most favourite holiday destination for many Eastern Europeans during the past 35 years. In the 1980's Western Europeans began to discover the Bulgarian coast as a holiday destination. It now ranks as one of the top seven holiday destinations. The average temperature of the seawater along the south coast is 25 ° C (77 ° F) in July and August.

In 2001, a new government was elected, the NDSV, which is headed by the former Tsar of Bulgaria - Simeon II, who had been exiled in Spain at the age of six. Under the NDSV government, Bulgaria has made great strides on the road to European integration. Bulgaria joined NATO in 2004, while December 2007 is the target date for integration into the European Union. In 1999, the Bulgarian currency - the lev (plural Leva) was tied to the German mark and subsequently the Euro. EURO 1 = BGL 1,95583. This has helped the stabilization of the Bulgarian currency and improved the economic conditions in the country. Bulgaria is also receiving substantial investment from the EEC to redevelop key areas, notably in Sofia, the capital city, where new embassies, offices, conference centres and hotels are being built and big international firms such as Citibank, Price Waterhouse Coopers and Deloitte and Touche are moving in. Already twenty-one roads leading to tourism sites are under way or being renovated. The project is part of the PHARE program. Recently road sections totalling 144 kilometres have been repaired and the EU is funding the Beautiful Bulgaria project to restore and protect the architecture and heritage of the country

THE PROPERTY MARKET

Properties in Bulgaria are still relatively inexpensive in comparison to other holiday resort areas in Europe despite the steady rise in property prices. An average of 20% took place in 2004, with higher escalation along the coastal areas and in the mountain regions. There they have grown more than 25 % and in some regions by as much as 50 %, mostly in Sofia the capital, Varna, Bourgas, and the sea resorts like Sunny Beach, and Albena and in ski resorts such as Pamporovo, Bansko, and Borovetz
Property in Bulgaria offers a good investment considering the long-term prospects for the country. Experience in other eastern European countries, for example Poland and the Czech Republic, has seen a dramatic increase in property prices in the years leading up to and following entry to the EEC, in some cases up to 250%. There is every reason to believe the same will happen in Bulgaria, which in any event, has much to offer in the area of tourism. In our opinion the opportunities are not dissimilar to the situation in Spain some 25 to 30 years ago. Whatever your budget, real estate in Bulgaria currently offers considerably better value for money than in other European countries.

Although the majority of people who are buying property in Bulgaria are looking for holiday/second homes, sometimes with a view to retirement in later years, there are an increasing number of investors who are simply buying property with a view to making a capital gain in the short or long term, or to rent out to the increasing number of tourists.

What Is Available?

An average villa close to the sea can be purchased for around £35,000 with rural properties being offered for even less. Do bear in mind though that properties appearing to be very cheap will almost certainly require work doing to them to bring them up to western standards. Obviously the less expensive or even 'better value' properties will be older style and perhaps more remotely located.

There are an increasing number of new developments under construction, in particular on the coast, where properties can be purchased 'off plan' direct from the developer. These offer excellent value for money and in many cases will have increased in value before completion takes place affording an opportunity to realise a profit without completing the purchase. It is not unusual for a clause to be included in the purchase agreement to allow the sale of the property to a third party prior to completion.

GENERAL INFORMATION

Bulgaria also has one of the least expensive costs of living in whole Europe and one can enjoy the advantage of great geographical diversity there – plenty of splendid "blue flag" sand beaches on the coast and ideal conditions for skiing in the mountains in the winter.

The climate is perfectly pleasant, with some areas enjoying over 300 sunny days per year. The Black Sea Coast averages over 1,700 hours of sun during the tourist season.

Bulgaria abounds in natural mineral springs and a high proportion of products are organic. Much of the food is grown naturally, as commercial farming is not as widespread as in the rest of Europe. Bulgaria also has the advantage of being close - it is located in Europe so naturally it is just 3 hours away from the United Kingdom, less still from Holland and Germany. Some companies now offer charter flights direct to the coastal areas and the growth in the tourist industry, particularly from the U.K. has expanded rapidly in the past 2 to 3 years. Budget airlines are also planning flights to Bulgaria from 19 regional airports in the U.K., which will make travel not only easier but cheaper.

LEGAL ASPECTS

Purchasing a property in Bulgaria is not too dissimilar from buying anywhere else, in fact the procedure is not unlike the system in Spain but it does differ from the U.K. We hope to cover most of the more important points for you to bear in mind below. No entry visas are required for citizens of the EU and EFTA member states

What is the law on foreigners owning property in Bulgaria?
According to the Bulgarian Constitution, foreign individual persons can buy buildings but not land. Therefore the most common method for foreigners buying property in Bulgaria is to set up a company which then owns the land and the buildings. The law is expected to change within the short to medium term as Bulgaria opens its doors fully in line with its expected entry into the European Union (2007). This historic restriction is one of the reasons why property in Bulgaria is so competitively priced compared to Western and Central Europe.
The most popular form of engaging in business in Bulgaria is via a Limited Liability Company (OOD).

Who can form a Limited Liability Company & how?
A foreign or Bulgarian person (judicial or physical) can form a company and only one person is needed so an individual purchaser is not excluded. The procedure is similar to that required to incorporate a private limited company in the U.K. or Spain. The person/persons will be liable for the company's obligations to the value of his/hers share in the company's registered capital. The shareholders conduct preliminary discussions on the commercial activities they intend to engage in. Based on their agreement, Articles of Incorporation are prepared & signed by all shareholders. Standard Articles for property purchase are now readily available.

A dedicated bank account is opened to collect all share capital. The minimum share capital required is 5,000 leva (approx 2,500€). Shareholders at time of registration must have paid at least 1/3 of their respective shares. It is required that at least 70% of the capital is raised at time of registration.

The company exists from the moment it is added to the Commercial Register of the district court of where the company will be based. The entry is made upon issue of a district court decision for the incorporation. The following documents must be available at the time of the submission of registration application to the district court.

1. Articles of incorporation;
2. Memorandum for the appointment of Director/ Directors;
3. Proof that each shareholder has paid at least one third of its interest, but not less than 10 leva;
4. Proof that at least 70 per cent of the registered capital has been paid.

The Bulgarian State Gazette is the official paper of Bulgarian State. All Bulgarian legislation is published there for the law to take effect. Publication of the company entry in the Commercial Register does not complete your company formation, it announces to the general public the act of formation.

The process of forming your company can take anywhere between a few days to a few weeks. Finally, your new company will need to register immediately with the National Tax Register Authority.

The costs involved are:
3,500 leva = 70% share capital. Administrative costs (payable to the state & registration court) are 250 leva (just over 125€). This is the minimum capital that you need to raise for registration. Once the entire share capital has been paid up these funds can be accessed and withdrawn.

Allow between EUR 500 - 700 for charges relating to the formation and registration of your company.

REAL ESTATE TAX SUMMARY

Transfer taxes
Apart from corporate tax, no other direct taxes are levied on the transfer of property. The transfer is, however, subject to notary and municipal fees. The notary fees are paid on the higher of the market price or the book value of the property at varying rates, with the maximum being BGN 3,500. In addition, 2% of the market value of the property is paid to the municipality in which the property is situated upon completion.

Local taxes and rates
The owner of a building or a plot is obliged to pay a real property tax. Where a building is built on a State or municipal plot, the value of the plot will also be included in the tax base. The tax is equal to 0.15% of the book value of the property. Arable land is exempt from local taxes. In addition to the real property tax, owners also pay waste-collection fees.

Value Added Tax
Transactions with land and lease of property for residential purposes are exempt from VAT (Value Added Tax), all other real estate transactions are subject to VAT at the uniform rate of 20%. The buyer/lessee is entitled to a VAT refund, provided that it is registered for VAT purposes.

Estate Agents Charges

Unlike the U.K. and Spain it is often the purchaser who pays the Estate Agent a fee for “finding” the property that you subsequently purchase. These fees can vary enormously, as do the levels of service you can expect to receive from one to another! The buyer can be charged anything from 3% of the purchase price to as high as 10%! And more often than not a 'minimum' commission is charged regardless of the purchase price. You therefore need to be aware of the Agents charges and to include these in your calculation of costs and what you can afford before committing to a purchase. On our details our fees have already been included in the prices we quote so need not be taken into account. You may also find that many agents in Bulgaria will want to charge you to go on viewings (refundable if you actually purchase), whereas some will just charge you for the taxi fare should you not have your own transport.

DISCOVER BULGARIA'S BLACK SEA COAST

Originally an enclosed fresh water lake, some 8,000 years ago rising sea levels allowed salt water from the Mediterranean to infiltrate and salienate the Black Sea. Beginning in the 7th century BC, Greek colonists established trading centres along the coast on the site of pre-existing Thracian settlements. Later, under the successive rule of Romans, Byzantines, Proto-Bulgarians and Ottomans, these colonies took on strategic importance as fortified military outposts guarding lucrative shipping routes to Asia and Western Europe. They rose and fell in importance according to the fortunes of war and diplomacy.

Today, the coast is best known for the modern beach resorts of Golden Sands, Albena and Sunny Beach, and the historic settlements of Sozopol and Nessebar. The resorts annually attract hundreds of thousands of visitors, mainly package tourists from Western Europe and the former Soviet Union.

But the 380-kilometer-long coast offers much more than just resort hotels and sandy beaches. The topography is surprisingly diverse. Pink limestone and sandstone cliffs distinguish the north, while inland the flat Dobrudzha plain constitutes one of the country's major agricultural areas. The middle coast is mountainous and densely forested, as the eastern end of the Balkan range extrudes here. The southern coast is similarly hilly and forested, the shoreline full of shallow inlets, small bays and protected coves. Two large rivers, the Kamchia and the Ropotamo, are designated nature reserves, their lush jungle-like environs supporting a wealth of flora and fauna.

Distinguished by a mild continental climate with Mediterranean influences, moderating coastal breezes keep the coast cooler than most inland areas. Summer daytime air temperatures average 28 degrees Celsius; the water averages 23-25 degrees. Rainfall is infrequent in summer, while humidity is moderate (70-75%).

BEACH RESORTS

Ahtopol - this quiet, laid-back place offers restful relaxation
Balchik - A small resort town with an ancient history. Established 2600 years ago, it is a wonderful combination of history and modern vacation sites.
Burgas - the busiest port and second largest coastal city
Chernomorets - a budget alternative to nearby Sozopol
Djuni - a stylish purpose-built resort, consisting of five mini-complexes of contrasting, yet complementary, architectural designs.
Golden Sands - cosmopolitan resort with both a wooded park and wide beaches
Kiten -
Kranevo - A resort village on the Northern Black Sea Coast, between Golden Sands and Albena, with nice beaches and a variety of restaurants and small family hotels.
Lozenets - a quiet village with a beautiful beach and a calm, pastoral atmosphere.
Nessebar - ancient roman ruins and museum atmosphere combined with modern hotels and nice beaches
Obzor - cosy little town appropriate for family tourism
Primorsko - small town with both family hotels and a good nightlife
Ravda - a small town with a variety of family hotels, close to Nessebar
Sarafovo - Sarafovo is a Burgas neighbourhood, close to the airport. It is a laid-back resort village full of small family hotels and restaurants located at a nice and calm beach.
Sinemorets - The village is only 15 kilometres away from the border with Turkey and attracts tourists for its laid-back atmosphere and secluded beaches.
Sozopol - picturesque old fishing village; comfortable family hotels
Sunny Beach - the largest Bulgarian beach resort, good for budget family tourism; long shallow beaches
Sv. Sv. Konstantin I Elenena -
Varna - distinctive, red-tile roofed buildings and casual atmosphere lend this coastal city a Mediterranean allure that is hard to resist
Vlas - newly built resort with modern family hotels

DISCOVER BULGRIA'S SKI RESORTS

First-time visitors to Bulgaria are invariably struck by the country's natural beauty and, especially, by the predominance of spectacular mountains. In fact, Bulgaria boasts the tallest peak, 2,925-meter Mt. Moussala, in Europe between the Alps and the Trans-Caucusus mountain ranges.

Bulgaria's half-dozen mountain groups range from the gently rounded contours of the Rhodopes, in the south, to the jagged peaks of the Rila and Pirin mountain ranges. The Pirin National Park, included on the list of UNESCO-protected World Cultural and Natural Heritage sites, attracts hikers, skiers, climbers and spelunkers, as well as the less physically inclined who are drawn to the natural spas and mineral springs.

The diversity of physical characteristics that typify these mountain groups is matched by the diversity of the people who inhabit them, in their native folklore and customs, linguistic dialects and religious beliefs. It can safely be said that the heart and soul of Bulgaria are to be found in its mountains.

MOUNTAIN RESORTS

Apriltsi - A small town located in the most scenic part of the Balkan Mountain. It is a starting point for many tourist paths and is suitable for hiking, mountain biking, hunting and horseback riding.
Bansko - this charming, historic village nestled between the Pirin, Rila and Rhodope mountains is a year-round destination that offers a slice of village life plus good skiing, hiking and restaurants.
Belitsa - A small town in the foothills of the Rila Mountain, close to the Semkovo ski resort.
Belogradchik - A town from the fairy tales, famous for the unique wonder of nature - the Belogradchik rocks. They are like a huge museum in the open.
Bojenci - an ethnographic enclave with over 100 old Bulgarian houses built more than a century ago.
Borovets - over 40 km of various ski slopes adjoining 12 hotels and 4 villa camps, only 73 km away from Sofia. The ski season continues from November through May and the snow cover is over 1.5 meters.
Chepelare - a quiet and laid-back village near both Chepelare and Pamporovo ski slopes.
Devin - standing in tiers in the Devin hollow, the town is famous for its mineral water springs and the vicinity of a number of caves.
Dobrinishte - A picturesque village in the foothills of Pirin, only 5 kilometers away from Bansko. It has its own lift and a ski-slope.
Drianovo - Located close to Gabrovo and Veliko Turnovo, this small town is a perfect complement to your tourist route. It is popular with the Drianovo Monastery and the Drianovo Ecotrail that will take you to exotic natural recesses.
Elena - a nineteenth-century National Revival crafts town.
Hisar - a spa resort very popular in the past for its 16 mineral water springs.
Koprivshtitsa - a lovely ensemble of half-timbered houses nestling amid wooded hills.
Melnik - the smallest Bulgarian town is known for its robust red wine, impressive houses and white sand hills.
Momchilovtsi - an ethnographic enclave 17 kilometers due east of the mountain resort town Pamporovo.
Pamporovo Resort - the sunniest Bulgarian winter resort.The gently sloping mountain hills provide a variety of ski runs appropriate both for beginners and for advanced skiers.
Sandanski - one of the country's best-known spa resorts, it is also Bulgaria's warmest and sunniest town.
Smolyan - in the heart of the Rhodope mountains, Smolyan is a socialist architectural showpiece that serves as an excellent base from which to ski Pamporovo or explore southern Bulgaria's caves and mountains.
Troyan - ranged along the banks of the Osam River, Troyan has a relaxing, semi-rural feel.
Tryavna - a picturesque little town in the Central Balkan Mountain, known for its 19 century woodcarvers, builders and craftsmen with over 140 listed buildings and a number of museums.
Velingrad - with its diverse springs, excellent climate and leafy parks, this is one of Bulgaria's most popular spa towns.
Yamna - Although it is not a popular resort, Yamna village offers tracks and views which heal the stress. The village is 1 hour away from Sofia, in the foothills of the Balkan mountain.

GASTRONOMY

Throughout Bulgaria you will find catering establishments of different categories serving a variety of foods: renowned luxury restaurants, taverns which serve national cuisine, restaurants serving foreign cuisine, fast food outlets, pizzerias, numerous cafés and pastry shops, entertainment spots, etc.
Menus are usually printed in both Bulgarian and English. Restaurants stay open from 11a.m. to midnight, but may work round the clock.

Gourmets have long since esteemed the merits of Bulgarian cuisine with the verdict that it is tasty, spicy and varied, appealing to one and all. Indeed, who would not enjoy the abundance of fresh vegetables and fruits, juicy meat, grilled or served with piquant sauces, mouth-watering vegetarian dishes, simmered slowly on low heat, the banitsa ( cheese pie) which simply melts in your mouth, and famous Bulgarian yogurt?

The Bulgarian "culinary" geography abounds in delicious specialties and exotic dishes: Bansko-style kapama (meat and vegetables stewed in an earthenware dish), Rhodope cheverme ( lamb roasted on a spit over an open fire), Thracian katmi ( a special type of pancake) and Dobroudjanska banitsa, Danube fish soup and Sozopol-style mussels. The cosy, typically Bulgarian folk-style restaurants will tempt you with Shopska salad and chilled grape brandy, stuffed vine leaves or peppers, kavarma the Miller's Way, monastery-style hotchpotch, moussaka and kebab. The smell of oven-fresh bread rolls is mixed with the fragrance of savoury. Thinly sliced loukanka (flat dry sausage) from Smyadovo, pastarma, feta and yellow cheese are temptingly arranged on ceramic plates.

The delicate white wines, Dimyat, Misket and Riesling are followed by full reds such as Merlot, Cabernet and Gamza. Cups of steaming coffee are served with sweet jam, pancakes with honey and walnuts or baklava.