You want to own property abroad and make a fortune? The right time and the right place is Bulgaria!
Properties in Bulgaria are still the cheapest in Europe but prices are already rising as 2007 when Bulgaria joins the ЕU is coming! By 2007 they will rocket!
Prices rose up 100% in 1 year! After Bulgaria joined NAТO in April'04 and with the closing of 2007 when Bulgaria enters ЕU they'll keep growing and any investment made now will double or triple by 2007. Plus you can rent the property for additional profit. Remember the prices in Spain, Greece or Portugal before Е U ! Even if BG property prices reach Spanish they still be selling because you pay for house ones but for beer every day. Well, the beer here is 10 times cheaper than Spain and Spanish properties are way over 100 000.
Property pricesNew villas are from 80 000 Euro, resale vary from 30 000 to 300 000. New apartments are from 30 000. Prices at seaside are usually higher than inland or mountain areas. Country homes with gardens (for renovation) can be found in small quiet villages by the sea, inland, or in the beautiful mountains even for 10 000- 20 000 Euro. Whatever your budget and wish, you can find the right property - villa/second house, apartment, plot to build on, hotel, agricultural land, office, buildings to let, commercial property, etc.
Property ownershipBy the Law in Bulgaria, foreign persons may own buildings but not land. Because of that if a foreigner wants to buy a property (apartments are an exception) he has to register a local LТD company and buy the land on company's name. This is not needed for the apartments. As a matter of fact this law is one of the main reasons keeping the prices from explosion. But it will drop after 2007.
Property transactionin Bulgaria it is similar to Europe but the cost is lower. The notary fees, state taxes, mortgage check and legalization are around 3 % altogether.
Property running cost is VERY LOWAnnual real estate tax - 0.15 %. Annual Community and waste collection tax - about 0.5 %. If the property is a part of a residential complex or apartment building, monthly tax to the housing union - around 40 - 50 Euro for security, cleaning, lighting, garden, pool, etc.
Resale/Renting/MortgageIt's easy to resale your property as prices rise every month. By renting it you can earn (depends on status and location) from 2000 to 8 000 Euro per year and get your investment back. Banks in Bulgaria mortgage at credit rates from 9% up.
VisasUK citizens can visit Bulgaria without a visa and stay 30 days. For longer periods they need a visa.
Living costs in BulgariaGood red wine - 2.00 Euro per bottle, good beer - 0.30, local cigarettes - 0.60, Marlboro - 1.50, delicious dinner for two - 10 - 15 Euro, petrol - 1.1, house keeper - 150 Euro per month.
Total normal life cost for family of 2 is about 400 Euro per month. Very good life - 600. Luxury life - 1000+.