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Buying property in Bulgaria is a trend that has caught the world
with sudden swiftness. One of the reasons is property prices in
Bulgaria have risen by more than 25%. This phenomenal growth of
the property market is improved monetary conditions and the
political and social stability following formal admission to the
European community. The other factor for the growing property
market is the enormous tourism potential that Bulgaria has,
Bulgaria is gifted with many well preserved natural attractions
and a limited amount of urbanization. Bulgaria, located in
Southeast Europe, occupies the eastern part of the Balkan
Peninsula. The climate is temperate continental with four
defined seasons. The capital city of Bulgaria is Sofia and
currently, Bulgaria is regarded as a young but rapidly growing
tourist market in Europe. All of which makes Bulgaria a
tremendous investment opportunity for people looking buy
property to be used for rental income.
Bulgaria is a wonderful destination for foreigners investing
in property. Bulgaria became a member of NATO in 2004 and a full
European Community member in 2008. Bulgaria is politically
stable and as a result, investing in property in Bulgaria
appears safe. However, be wary of the somewhat exaggerated
claims made by estate agents. Promises of double profit should
be taken with a large pinch of salt even if they have been
achieved in the past. A few blatantly dishonest agents may even
rush a final decision by saying properties are in short supply,
and will sell out soon. Some promise unrealistic gains - the
gains are there but this is no short term get rich quick
investment!. When property dealing looks too good to be true
exercise caution rather than risk loosing a large sum of money.
There are laws and rules for foreigners buying property in
Bulgaria. Currently only Bulgarian resident individuals or
companies are allowed to own land in the country. Non-residents
can acquire buildings only. For that reason foreigners wishing
to invest in property have to register a Bulgarian based company
that is allowed to hold the building. As soon as the company is
registered, property may be purchased in the company’s name.
When it comes to buying property, Bulgaria has a lot to
offer investors, and for the wise investor who does some
homework before buying there is money to be made.
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