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Questions about properties in Bulgaria Questions and answers about bulgarian property market. Information how to buy or sell property in Bulgaria. Low and taxes information. Facts, tips and tricks, trends.
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60. What are the stages of process when I buy property in Bulgaria?61. I am buying an-off plan villa and would like to get it inspected so I can be sure it is well built, etc,. I can not visit Bulgaria at the time when inspection will fall due, and I have been unable to find a surveyor. What would you recommend?62. If i purchase a property do i have to provide yearly accounts if i am not trading?63. What is the trend for Average market prices of dwellings, total for the country?64. Where in Bulgaria (cities and villages) there are highest grow-up in property prices?65. What is the number of homes (houses and apartments) in Bulgaria? How many are the new Bulgarian homes?66. What is the most expensive quarter in Varna?67. What is the normal deposit paid on a property?68. We are are looking to buy a piece of land or property with land to develop. We have seen comments referring to regulated and un-regulated land could you explain what this means?69. What is Rental Income Tax in Bulgaria?
Pages with Questions - PROPERTIES IN BULGARIA: [1][2][3][4][5][6][7][8][9]
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Q60: What are the stages of process when I buy property in Bulgaria?
A60: In generally the steps are:
1. Choose property: Select your property from Internet or other source or give your preferences for property to a Real Estate Agency and they will select properties by your criteria
2. Negotiations and inspection visit: assure of condition of selecting property. You have to arrange a trip to look at the properties and the investment opportunities
3. Start of legal procedures, concerned with the checking of the property /mortgages/
4. Preparation of all the necessary documents, registration of company on your name if land ownership is required and signing the Preliminary contract. At this stage, first charges occur:deposit payable to the owner which normally varies between 10 to 30% depending on the property; legal fees for registration of the company- £400. You also need to prepare a deposit for the company's bank account - around £1800.
5. Sign the final contract and Notary Act: This is basically the last level of the sale process where the ownership of the property is transferred and the due balance of the purchase price paid to the owner. At this final stage, a Notary fee of 1% of the purchase price and Government Purchase Tax of 2% of the purchase price will have to be paid.
more info >> Select your cheap and attractive Bulgarian property
go topQ61: I am buying an-off plan villa and would like to get it inspected so I can be sure it is well built, etc,. I can not visit Bulgaria at the time when inspection will fall due, and I have been unable to find a surveyor. What would you recommend?
A61: If you haven't possibility to inspect it your self you can lease lease independent company for supervision. There are a lot of companies that make Independent Building Supervision. (in Bulgarian Nezavisim Stroitelen
Nadzor). See link in more info for list of such companies.
more info >> http://www.need.bg/en/?c=104
go top Q62: If i purchase a property do i have to provide yearly accounts if i am not trading?
A62: If you have purchased land this means you had registered company there in Bulgaria. In this way you must provide yearly tax declaration independently of this are or not you had operated in Bulgaria. If you have bought apartment or house as individual you don't have to provide yearly accounts but in all cases you must pay government taxes for your property.
go top Q63: What is the trend for Average market prices of dwellings, total for the country?
A63: | AMP of dwellings, total for the country, lv./m.sq. | | | Q1 | Q2 | Q3 | Q4 | | 2006 | 806.1 | 819.3 | | | | 2005 | 700.5 | 730.5 | 751.5 | 769.7 | | 2004 | 452.2 | 507.9 | 568.7 | 633.1 | | 2003 | 336.3 | 350.7 | 376.2 | 402.0 | | 2002 | 319.6 | 324.2 | 329.9 | 331.9 | | 2001 | | | | 318.3 |
go top Q64: Where in Bulgaria (cities and villages) there are highest grow-up in property prices?
A64: For second quarter of 2006 highest growth (for average prices) are for properties in towns: Vidin, Montana, Lovech, Pernik, Pazardjik
(source: Capital newspaper 19-25 Aug. 2006)
go top Q65: What is the number of homes (houses and apartments) in Bulgaria? How many are the new Bulgarian homes?
A65: Number of houses per 1000 persons in last years (2001-2006):
2001 - 466
2002 - 471
2003 - 474
2004 - 477
2005 - 481
The number of new houses for last year is 11092 (fast growing is region of Bourgas - 4863)
go top Q66: What is the most expensive quarter in Varna?
A66: The properties in Greek Quarter (Varna old central part) have highest prices.
For August 2006 average prices are:
for sale: 1055 EUR / m2
1 month rent: 4.53 EUR / m2
go top Q67: What is the normal deposit paid on a property?
A67: 10% deposit is the most common. Thereafter the property is taken of the market and a Preliminary contract is signed by both parties, with dates agreed for payments and transfer of ownership (Notary act).
go top Q68: We are are looking to buy a piece of land or property with land to develop. We have seen comments referring to regulated and un-regulated land could you explain what this means?
A68: About regulated and unregulated plots:
if the plot/land is regulated this means
the land is included in town-planning scheme and you are allowed to
build on it.
If land is unregulated there are a lot of steps to be made before you start build on it (permissions from lot of institutions, local government, organizations, etc.) and you can not be sure your plot will be approved and included in city/village regulation plan.
go top Q69: What is Rental Income Tax in Bulgaria?
A69: A company investing in Bulgarian property is taxed on its gross income derived from the property, minus tax-deductible, property-related expenses and depreciation. Tax-deductible expenses include repairs, maintenance, renovation and similar costs, as well as interest on loans used for acquiring the property.
A Municipal Tax at a rate of 10% of profits is due. This is then deductible in calculating taxable profits which are subject to a flat corporate tax rate of 15%.
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