Tuesday, April 21, 2009

A House By The Sea ... In Bulgaria

In contrast to European buyers, the Russians offered to Bulgaria as a country, who are interested in property investment. 

Purchase of apartments and houses are gradually becoming an alternative to buying suburban housing. With 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 compromise: on the one hand, this "alien" on the other - the country with the participation of local culture and history. Common place in the Black Sea coast of Bulgaria acquired a special meaning, emphasizing the condition of guests. In general, the attitude towards Bulgaria is always defined as a warm and sister. However, Russia's interest in real estate buyers appeared not long ago and only really starts to gain 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 property in Bulgaria proposed, mainly depends on the stage of its construction and location of the complex - the distance from the sea, the prestige of the station / city, infrastructure development," - says Karina Gayger, a consultant on real estate and Lemestia Monville Group. 

The quality of infrastructure is determined, inter alia, the number of nearby shops, beauty salons, swimming pools and gyms. For a price, of course, also affect the success of the architecture and construction solutions, and quality building materials used. Only the level of pricing factors and the increase of an event as important as the entry of Bulgaria into the EU from January 1, 2007. A big advantage is the overall stability of the country's economy, which has an impact on the geographical location of a bridge between Central Europe, Southern Europe, Middle East, Russia, Black Sea and Eastern Balkan region. In 2001, Bulgaria was elected non-permanent Security Council of the UN, which once again confirmed its growing status as a democratic state with market economy. 

Increased interest in investing in Bulgaria, in principle, repeats the experience of countries that joined the EU, the Baltic countries, and before it - Cyprus, Spain and Portugal. "As in Latvia, the first in the Bulgarian real estate market emerged, the British and Ireland, have accumulated sufficient experience in the operations in Spain. Then followed the Lithuanians and Latvians, that even a small part for how to change the market after the entry into the European Union (the price increase for the year of the Baltic amounted to 112% after EU accession), "- says Karina Gayger. 

How 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 euros per square. m. "The most popular proposals are now in the complex upper-class with a broad infrastructure for the sea. These complexes during construction prices will grow at a 25-30%", - said Zababurin Denis, Director General Virtus. The price per square meter complex in the initial phase of construction begins with a 800 euros for the first line of a square meter prices of completed apartments with sea views - from 1600 euros. 

Investment prospects 

The acquisition of real property if the action is beneficial, and Bulgaria is no exception to the rule. "This property is always liquid - Karina explains Gayger. - Price less dependent on the political and economic situation and rising prices before the national average. For the current year increase in prices in the country rose to 16th-22nd %, the fee to the appeal of the region ranges between 50% and the entry of Bulgaria into the EU even more growth. By the way, investing in Real Estate Bulgaria also stimulated and tax laws. 

Bulgarian legislation allows the purchase of apartments by foreign natural and legal persons. Furthermore, foreigners full equality with the Bulgarians, including the supply of rental housing. Prohibits the purchase of foreign lands, but as a compromise, it is possible to conclude an agreement for leasing the land on which the building is in the long term and for a symbolic payment. There is another solution: the land may be sold to a legal entity in Bulgaria, whose founder is a foreign person. According to Dennis Zababurina, in 2007 Bulgaria is scheduled to approve the purchase of land by foreigners, however, only EU citizens. As professionals, Bulgaria is now one of the most famous among the "new markets", is actively developing Russian buyers.


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