FAQ's
Why Bulgaria?
Bulgaria is a quiet and largely rural country in south eastern Europe - about the size of England but with a population of only around 7 million people. For years Bulgaria has been a favoured holiday destination for eastern Europeans, but only in recent years has it opened its doors to the rest of the world. Its mountains, beaches and old fashioned rural tranquility offer a glimpse of Europe which has long since disappeared under the noise of traffic and concrete in western Europe.
How do we travel to Bulgaria?
Direct international flights are available to the capital, Sofia, all year round. Direct charter flights to the Black Sea (Varna/Burgas) are available during the spring and summer months.
What's the weather like in Bulgaria?
Bulgaria has long been a summer tourist destination, as well as offering popular winter resorts. Generally summers are longer and warmer (and more reliable) whilst the winters are shorter but can be more severe. The Black Sea coast is less cold in the winter and rarely sees snow. For 5 months (May - September) average temperatures are 25 degrees Celsius and often above in the peak summer period.
What is the cost of living in Bulgaria?
The cost of living in Bulgaria is about the lowest in Europe. Red wine from Melnik (Churchill's favourite) is £1.00 GBP per bottle. A cooling pint of draft Zagorka at a local pub ('mehana') is £0.30 GBP. Domestic cigarettes are £0.30 GBP per packet. A taxi journey costs £1.00 GBP. Dinner for two, based on wonderful organic produce, will rarely exceed £7.00 GBP.
Are there any restrictions for foreigners?
The Bulgarian Act on Foreign Investment allows foreigners to buy buildings but not land. This historic restriction is one of the reasons why property prices are so competitive compared to western Europe. However, there is a loophole in the law which involves setting up a company that owns the property. This is now the most common method by which UK citizens invest in Bulgarian property. We can organise the entire process from start to finish, together with all aspects of conveyancing. The law is expected to change within the short to medium term as Bulgaria opens its doors fully in line with its anticipated entry into the EU.
What are the long-term economic prospects?
Following the political changes that took place in 1989 throughout eastern Europe, Bulgaria has been going through a transformation from a state-controlled economy to an open-market economy. Recently, the main economic indicators have stabilized.
Bulgaria has been accepted into the European Union and investing millions of pounds in upgrading the country's infrastructure - roads, airports and so on - as well as schemes such as the Beautiful Bulgaria Project targeted at refurbishing the historical architecture and tourist resorts. At the same time, new private investment will bring Bulgaria in line with its European neighbours in the near future.
What are property prices like in Bulgaria?
Property prices in Bulgaria are considerably lower than those in the UK, and they're also lower than other more traditional European holiday destinations such as France, Spain and Greece. In addition, they're a good investment owing to the fact that Bulgaria is about to join the EU, which will undoubtedly bring economic prosperity to the country.
An average seaside villa can currently be purchased for around £25,000 GBP, with rural properties selling for even less. Whatever your budget, Bulgaria offers considerably better value for money than other European holiday destinations.
What kinds of property are on the market?
The majority of our clients are looking for holiday/second homes often with a view to retirement in later years. We are able to source a variety of properties within different price bands including seaside villas, country homes and commercial property. Whatever you require we will endeavor to locate suitable properties for you to view. We also locate property for commercial use and for business clients.
Are mortgages available on Bulgarian properties?
In Bulgaria mortages are generally impossible to obtain on Bulgarian property for non-Bulgarian citizens.
The UK has the most efficient and competitive mortgage market in Europe, and the cheapest way to finance the purchase of a home overseas is by selling or re-mortgaging a UK property.
Acquiring a mortgage from a UK bank based on a Bulgarian property, or from a Bulgarian bank based on a Bulgarian property, will be both more complicated and more expensive (higher interest rate) than re-mortgaging a UK property.
