Bulgaria's partial integration into the Schengen area has fueled interest in real estate in the country. Foreign and residential investors aspire to own Bulgarian properties, including elite apartments. Last year, there was a significant increase in transactions in major resort cities, surpassing all previous records. There is an anticipated increase in demand for real estate in Bulgaria.
Bulgaria And Economic Stability
The Bulgarian market has an appeal to foreign investors mainly due to favorable economic conditions. The country is currently experiencing an increase in personal income, low unemployment rates, and a low crime rate. The state has created comfortable conditions for obtaining mortgages with low-interest rates. It's also worth praising the political stability, which is essential for a flourishing market environment.
Bulgaria is a popular place on the Balkan Peninsula for high-return real estate investments. Costs on acquiring residential property in the country are lower than those in cities like Athens, Bucharest, Belgrade, and Skopje.
Bulgarian Coast Prospects
Those who enjoy the sea breeze, the sound of waves, and golden beaches should consider real estate in Bulgaria, which is located on the coast. People into active lifestyles and generally fresh air may consider ski resorts
In Bulgaria, you can find a variety of properties, including cozy village houses, cottage settlements, and elite apartments in resort areas. Residential properties in Burgas, Pomorie, Nessebar, Saint Vlas, and Sunny Beach are popular due to their picturesque settings.
Pomorie
Located on the Black Sea coast in Bulgaria, Pomorie attracts tourists with picturesque beaches and a mild climate. However, it also has unique natural resources for spa tourism, such as salt lakes and mud baths. Salt lakes provide mineral salt for spa procedures, while the mud from local lakes is beneficial for treating joint diseases, skin conditions, and neurological disorders, making the region perfect for rejuvenation and relaxation. You can find properties starting from €35,000. Houses and villas in the area typically start at around €100,000.
Sunny Beach
It's the most popular resort on the coast. Real estate at Sunny Beach is diverse and starts from budget-friendly options to luxury apartments. Prices in Sunny Beach vary: €28,000+ for a studio apartment, €37,000+ for apartments, and €75,000+ for houses.
Burgas
It's the fourth most populated and developed port city in Bulgaria. This amazing city captivates visitors with its romantic ambiance, cozy atmosphere, and picturesque surroundings, leaving a lasting sense of tranquility and joy.
The city's sandy beaches, parks, dining options, and accommodations attract numerous tourists each year. Visitors who want relaxation and investors seeking lucrative opportunities are drawn to this location. In Burgas, the price of built homes ranges from €1,000 to €1,500 per square meter, while new construction can reach up to €2,500 per square meter.
Cost Of Living In Bulgaria
Bulgaria ranks 43rd in the quality of life index among other countries. The abundance of green spaces and parks and minimal industrial presence contribute to a favorable environment in Bulgaria. The cost of living in Bulgaria is significantly lower compared to the USA, UK, and other Western European countries.
These are the factors used to calculate the average cost of living in Bulgaria:
- Food costs.
- Rent.
- Medical insurance (from €80).
- Mobile communication (from €5.55 per phone).
- Transportation.
A ticket for all types of public transport typically ranges from €27.75 to €33.30 per month. For mandatory car insurance, you must pay about €100. Toll roads in Bulgaria cost around €20. The cost of living in Bulgaria is approximately €1,000 per month for a family of two. These expenses don't cover leisure, entertainment, travel, clothing purchases, or services in spa salons, hairdressers, and gyms. Individual preferences and financial circumstances influence the cost of living in Bulgaria.
Bulgarian Real Estate Market Analysis
Experts predict a significant rise in real estate prices in Bulgaria this year. Bulgaria's potential entry into the eurozone in 2024 may lead to uncertainties in the real estate market. Foreign investors are interested in Bulgarian real estate due to the option to buy residential property without the need for currency conversion.
The implementation of European standards will lead to a significant price surge. Builders' salaries will rise, the cost of materials will increase, and all associated costs will increase the cost per square meter of housing. This price increase will impact new constructions and properties on the secondary market in Bulgaria.
Investment Benefits
Bulgaria's legislation doesn't hinder foreign investors from acquiring real estate. Property acquisition imposes certain obligations on the future owner through tax payments.
Here's what you should do to get property in Bulgaria:
- Find a suitable real estate property and make a deposit.
- Sign a preliminary purchase agreement.
- Collect all documents.
- Prepare a notary for a real estate deal.
You can use the services of a reliable real estate agency, Bulgaria House. This option ensures a faster and smoother process of acquiring real estate, and as a result, you become a happy owner of residential property.
Foreign owners must register with the tax authorities within two months once the purchase is conducted. The owner pays the necessary taxes, including property tax and basic services like water and electricity. The amount can be paid once or divided into several equal parts. A 5% discount is provided for full payment. Not following the rules may lead to punitive sanctions for the investor and problems with obtaining visas and residence permits.
Overall, real estate in Bulgaria is one of the most reliable investments. Leasing residential property in resort areas will ensure good profits and serve as the first step towards starting your own business. Property ownership provides the right to obtain residency.
Favorable investment conditions in the country contribute to a comfortable life and prospects for personal growth. The benefits of living in Bulgaria include a developed transportation system, infrastructure, schools, medical facilities, well-maintained areas in residential neighborhoods, delicious cuisine, eco-friendly products, a mild climate, and a warm sea — the list can go on.
Please contact our managers by phone, messengers, or email for detailed information on real estate investments in Bulgaria.