Useful Information about Bulgaria
Index to Useful information about Bulgaria
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The following information is compiled to the best of our knowledge and in good faith. E&OE.
General
Overview
Bulgaria is currently one of the EU's newest members having joined on 1st January 2007. Bulgaria has gone through dramatic changes in the last few years. Many of the cities and resorts have enjoyed major construction booms, with rising property prices tempting buyers from Western Europe with relatively cheap property.
The Bulgarian beach and ski resorts have expanded quickly as a result. The main cities have shrugged off their weary Communist-era image and have become vibrant and chic, with well-kept streets, varied shopping facilities and lively nightlife.
Beautiful mountain ranges occupy much of the country's territory and the unspoilt golden beaches along the Black Sea Coast bring in hordes of tourists from around the world. Bulgaria, although a small country, is rich in ancient culture and scenic splendour. The people tend to be warm and friendly in this wonderfully unspoilt country.
Situated in the south east of Europe on the Balkan Peninsula, Bulgaria is not yet as much of a tourist destination as its Greek and Turkish neighbours to the south are. However the popularity of its Black Sea resorts is rapidly increasing, they are scenically beautiful with their fine sandy beaches, sunny climate, and so inexpensive too.
Although better known for its sea resorts, the best scenery is to be found in its spectacular mountainous regions. The six very different ranges vary from high, snow-covered peaks to gentle green slopes and forests, harbouring thermal springs and mineral spas, and valleys where the air bears the fragrance of flowers and herbs. The Valley of Roses lies in the heart of Bulgaria and is the largest producer of rose oil in the world.
The Rila and Pirin mountains form a spectacular setting for the ski resorts, as well as the famous Rila Monastery and the beautiful landscape of the Pirin National Park, a World Cultural and National Heritage site. The Balkan mountain ranges offer some of the best hiking in Europe.
As varied as the different mountain ranges are the people who inhabit them, with distinctive customs, crafts and colourful festivals, folklore, religious beliefs and language. Small picturesque villages welcome guests with typical warm-hearted Bulgarian hospitality, sharing age-old traditions and traditional cooking.
Sofia, the capital city lies at the foot of the Vitosha Mountains and boasts a great number of architectural monuments and museums.
Bulgaria's history is displayed across the country in its old towns, ancient Thracian relics and treasures, decorated churches and monasteries, and in the rustic settlements that have preserved the traditional beliefs of its people.
Bulgaria’s biggest asset for visitors is its variety, but whatever aspect one chooses to explore, there is always the assurance of a warm welcome.
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History
Bulgaria's lands were inhabited from the earliest times and have been occupied by several ancient civilizations, most notably the Thracian. Some of the world's oldest gold artefacts suggest that Bulgaria's Black Sea coast was the cradle of the world's metal production at that time. Somewhat after, Bulgaria was incorporated into the Roman Empire, as exemplified by the well-preserved Roman amphitheatre in Plovdiv.
The forerunner of today's Bulgarian state was founded by the Bulgar Khans from Central Asia, who adopted Christianity as early as 865. They fought against the Byzantine Empire and dominated the entire Balkan region for several hundred years.
Bulgaria fell under Ottoman rule in 1396 and remained part of the Ottoman Empire for 500 years until the end of the 19th century when the country began making rapid advances to catch up with the rest of Europe.
Bulgaria became a Communist state after the end of World War II and became one of the staunchest supporters of the Soviet Union. Then in 1989, after 45 years of communist rule, Bulgaria started its process of democratisation.
Bulgaria has experienced a turbulent history but recently the Bulgarian people have experienced the most radical political change. Having been a satellite of the Soviet Union for nearly half a century, Bulgaria elected its first democratically-elected president in 1990.
The Bulgarian constitution was adopted in 1991, the political parties were restored, and then a process of privatisation and restitution of the land started. Such changes escalated in the run-up, and subsequent accession, to the European Union during January 2007.
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Geography & Climate
Bulgaria shares borders with Serbia, Macedonia, Romania, Greece, and Turkey. Two mountain ranges and two great valleys mark the topography of Bulgaria, a small yet diverse country situated on the Black Sea. Bulgaria's principal river is the Maritsa, and the River Danube also flows through the country.
Bulgaria is a country with extremely varied scenery. Bulgaria has high mountains, the Rila, the Pirin, the Balkan and the Rhodope ranges. Vast and fertile valleys are abundantly nestled between the mountain ranges.
Bulgaria has four distinct seasons, enjoying a generally favourable climate which is one of the country's best features. Summers are typically hot and dry, but rarely oppressive, with moderate relative humidity. Winters are cold but not bitterly so. In the south and the Black Sea coastal regions, Mediterranean influences temper the harsher continental climate of the interior. The country's mountain ranges also play a significant part in determining regional variances.
A Mediterranean climate, with dry summers and mild, humid winters, prevails in the valley of the south-western Rhodope Mountains. The northern limits of the climatic zone are the Balkan Mountains.
The average January temperature in Sofia ranges between -4°C and 2°C. The temperature during July ranges between 16°C and 27°C. On the Black Sea Coast, the temperature during January ranges between -1°C and 6°C, and the temperature during July ranges between 19°C and 30°C.
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Culture & People
Bulgaria is a country with a diverse culture and an ancient history dating back to prehistoric times. Even though Bulgaria has recently joined the EU, it is still a developing country.
Ethnic Bulgarians make up almost 85 percent of the population. The only significant minorities are Turks and Roma (Gypsies). Bulgarians are Southern Slavs whose language is written in the Cyrillic (Russian) alphabet.
The traditional religion is a branch of Eastern Orthodox Christianity. About two thirds of Bulgaria's people live in cities. Sofia, which was founded by the ancient Thracians, is by far the largest city.
Bulgarian has a Southern Slavic language with about 12 million speakers in Bulgaria and also in Ukraine, Macedonia, Serbia, Turkey, Greece and Romania. Bulgarian is mutually intelligible with Macedonian, and fairly closely related to Serbian, Croatian, Bosnian and Slovene.
Bulgarian was standardised after Bulgaria became independent in 1878. Many Turkish words were adopted into Bulgarian during the long period of Ottoman rule. Words have also been borrowed from Latin, Greek, Russian, French, Italian, and German and increasingly from English.
Due to the history of this country and the different people that have tried to invade the Bulgarian lands, the Bulgarian people enjoy a culture of which many people are envious.
Bulgaria carries a lot of folk lore and legends from the past which are embraced by the Bulgarian people. Their special traditions come in many forms like the celebration of spring by the wearing of red and white cotton wrist bands until they see a stork and then they tie it on a fruit tree. They also walk on hot coals as part of their religious belief.
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The Economy
Until 1989, industry and communications were controlled by the State. From then on, competition in free market conditions has been the practice. Bulgaria is now considered the most industrialized country of members of the previous Soviet Block. Countries such as Poland, the Czech Republic, and Hungary joined the EU in 2004; Bulgaria became a member from January 2007.
During the Soviet era, Sofia was considered an important centre for the electronic and hi-tech industries. Today, the labour force with their computer skills attracts overseas investors to Bulgaria.
The services sector contributes some 58% to the Bulgarian economy; industry contributes some 30% while the balance comes from agriculture and forestry. The main exports are clothing and footwear, approximately 21%. Metal exports are also some 14% of the total; Bulgaria has a wealth of natural resources including bauxite, copper, lead, coal and zinc. The main imports are oil and gas, some 16% of the total. Other significant imports are of textiles, they make up a further 10%.
Bulgaria's main trading partners are Italy and Germany. By 2003, some 15% of exports were to Italy, to Germany 12% and to Turkey 9%. The main imports in the same years were from Germany, some 15%, from Italy 12% and from Greece and Russia about 9% each.
Bulgarian economy is a free market economy. Economically Bulgaria can be qualified as a developed industrial-agrarian country and an attractive place for active tourism and sport-lovers because of its incredible natural resources.
Of great importance for the country are the industries of food-processing, wine and tobacco production as well as plant growing and the stockbreeding. Bulgaria produces and exports the best tasting and nitrate-free agricultural products, vegetables, fruits, tobacco and dairy products as well as its famous wines. Bulgaria is famous for yoghurt production.
Bulgaria's economy is in good shape, 2006 marked the ninth successive year of growth since the 1996-1997 financial crash. Consumption and GDP are growing and investment, both foreign and overseas, is breaking records, thanks, in part, to EU accession. Unemployment levels, though still high in relative terms, are falling and imports and exports are continuing to increase at a robust rate.
The industrial sector, which includes construction, was cited as one of the main factors behind this success story, with annual growth of 8.3% in 2005 and 2006. Of course, tourism has become another growth service sector. Some economic challenges do remain though; inflation is still high at 6.5% per year at the end of 2006. The current account deficit stood at a record 3.88bn Euros in 2006, representing around 16% of GDP, up from 2.43bn Euros in 2005.
There is debate over when Bulgaria will join the Euro zone – estimates differ between 2010 and 2012.
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Bulgaria for Investors
Reasons to buy Property in Bulgaria
Much has been written about investing in Bulgarian property and there are some conflicting reports as one might expect because it is a boom area in terms of emerging property markets. We believe investing in Bulgaria for long term investment is still a great option.
Bulgaria is a country with some of the most spectacular mountains, beaches, lakes & countryside that you are ever likely to see. It is a very clean country with an eco-friendly outlook which makes it popular with tourists and investors alike. The people in Bulgaria are very friendly & welcoming making Bulgaria possibly Europe's best keep secret. Property in Bulgaria is currently the country's fastest growing asset and currently offers excellent value for money.
The improved economic conditions, political and social stability in Bulgaria over the last few years have caused a rapid increase in the prices of property for sale in Bulgaria. Another important factor for the rising property market is the huge tourism potential in Bulgaria. During the past 12 month’s property prices on average rose approx 25%. Some properties have experienced 100%+ gains in the more rapidly developing tourist areas.
Bulgaria is considered as the fastest growing tourism market in Europe. This is something that foreign buyers of property in Bulgaria appreciate the most. Together with the constantly rising prices, we believe that buying property in Bulgaria is one of the best investments that one can make in the mid to long term.
Bulgaria joined the EU in 2007 & is predicted by many to see steady & fairly large increases in property prices over the coming years.
Low-cost airlines are one of the best indicators of where property hotspots will be in the next few years, as the boom in Bulgaria and the Baltic states has shown.
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How to Buy Property in Bulgaria
Pre Contract Stage:
Research and even visit the area in Bulgaria in which you are considering buying to satisfy any concerns you may this will help with your decision. Viewing trips can be arranged with English speaking Bulgarian staff who can accompany you to view selected developments.
Alternatively, many investors buy off plan without visiting the area. Their decisions are based price, growth and their expectation of gain. Experience has shown that it is not always necessary visit the site and we can provide detailed information should you so require.
You should decide on your budget and the area you would like to purchase. You may wish to buy in the Mountains or on the Black Sea Coast, the choice is yours. Then you should choose the property that best suits your budget and other requirements. Having done that, review the payment schedules and the construction program so you know when payments will be due.
When you are ready to make you commitment you can telephone or e-mail us with your reservation.
We will then ask you to sign a reservation form and return it with your deposit payment in order to hold the property and take it off the market. The deposit is non refundable but will be deducted from the purchase price of your property on receipt of your first installment.
Contract Stage:
Normally a preliminary contract of sale will be issued within 21 days of receipt of your reservation deposit. If the property has land you will need to register a company, similar to a Limited company in the UK.
We advise you to use a Solicitor to carry out checks on Title Documents, Licences and Statutory Permissions. The Solicitor will also check the property to see whether there are any outstanding debts on the property whilst assessing the Terms of Contract generally.
After these checks have been carried out when you are satisfied it is normal to sign and return the contract together with the first installment payment.
You will already have been advised on the schedule of payments as outlined in the preliminary contract of sale.
You will need to honor those payments through the various stages in order to comply with the terms of the contract.
Completion Stage:
The remaining balance must be paid at the final completion stage in order that the property can be officially transferred into your name. It is normal practice for a Notary to be involved in this process. You can appoint a representative to sign on your behalf if you are unable to be present in Bulgaria at that time. We can advise you about the “Power of Attorney” process should this be necessary.
You will also be required to pay local government tax and notary tax which is between 2.5% -3% of the declared value of your property. You will receive the title deeds shortly after the Property is legally transferred to you.
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Frequently Asked Questions
Q1: Can Foreign Nationals own property in Bulgaria?
Yes, foreign nationals are free to own as much property in Bulgaria as they wish, without restrictions. However, if you purchase land, you are currently required to incorporate a business in Bulgaria and own the land as an asset of the company.
Q2: Do i need a visa to travel to Bulgaria?
At the moment EU citizens do not require a visa in order to stay in Bulgaria for a period not exceeding of 90 days in any 6 months. For longer periods you may need to apply for a long term visa from any Bulgarian embassy.
Q3: How long does buying a property in Bulgaria take?
Usually it takes 2-4 weeks to buy a property in Bulgaria depending on the type of property you buy.
Q4: How much is the cost of living in Bulgaria?
Bulgaria has one of the lowest costs of living in Europe and the quality of life in Bulgaria good. A meal made from healthy and organically pure products in a Bulgarian restaurant costs an average; €5-€10.
Q5: Why choose Bulgaria?
The country is abundant with natural resources, a booming property market and fast growing economy. Many people are seeing this as a great opportunity to invest in this fast emerging market.
Q6: What is the direct flying time from the UK to Bulgaria?
Bulgaria is only a short flight from the UK, two and a half to three hours depending where you fly from. There are connections from many UK airports.
Q7: What is the availability of flights to Bulgaria?
Direct international flights are available to the capital, Sofia, all year round. Direct charter flights to the Black Sea Coast are available during the spring/summer months and can be booked through local UK travel agents or on the Internet.
There are regular direct flights from the major UK airports (London, Birmingham, Manchester and East Midlands). The costs of flights are going down all the time due to the increased demand.
Q8: What is the best location to buy if I want to rent my Bulgarian property out to holidaymakers?
The best places to purchase would be in areas of high volumes of tourists and tour operators. The most visited areas are the Black Sea Coast and the Ski Resorts of Bulgaria. These have a strong regular flow of tourists during the holiday seasons.
Q9: Do I have to come to Bulgaria to purchase a property?
The majority of clients do not actually come to Bulgaria to purchase their properties as a large proportion of them are buying for investment only. However we do advise everyone to come to see Bulgaria at some point as they will be pleasantly surprised at how beautiful this country really is and how friendly and accommodating the locals are.
Q10: What is the time difference with the UK?
Bulgaria is 2 hours ahead of the UK time. (GMT + 2)
Q11: Is it better to buy an off plan apartment in Bulgaria?
As a general rule buying off-plan property in Bulgaria is more attractive. One of the main advantages and benefits is that your property in Bulgaria will not be built for another 12-24 months and you are investing into a development at an early stage. The prices for similar properties for sale in Bulgaria would be significantly higher, as trends have showed good capital growth for properties in Bulgaria.
New apartments in Bulgaria are built to a higher standard with more facilities on the complexes that appeal to foreign buyers and holiday makers. The Resale market has not yet matured and therefore the choice of second hand properties for sale in Bulgaria can be quite limited. In future years we expect see more quality re-sale apartments on the market.
Q12: What level of capital growth can I expect on the value of my property?
It is not possible to say with certainty how the property market will react in the future. However, the property markets of the Czech Republic and Poland, two of the most recent new members of the EU have risen by approximately 250% during the previous five years. The increase of the value of a property depends on a number of factors, including the condition of the property, the location and the type of property.
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Expedia Property has also entered the Eastern European property market, as you will see we have a good selection of property for sale in Eastern Europe. Try searching Bulgaria Property for sale, property for sale in Hungary, properties for sale in Poland or Properties for sale in Romania. We have a good selection of Bulgarian Real Estate available on our website and the selection of Bulgarian Apartments and Villas is growing fast. Consult with us for your Bulgarian Property Investment. |
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