Alliance development
Coastal holiday property
Inland holiday property
Golfing holiday property
Skiing holiday property
Useful Information - Bulgaria Property
Bulgaria is now a member of the European Union as of January 1st 2007
The European Union has earmarked over 8 billion euros for investment in Bulgaria in 2007
Bulgaria had the highest GDP (capital growth) in Europe in 2006
In several recent serveys Bulgaria was voted in the top 5 hot spot for property investment in 2007
- An all year round tourist destination with 300Km of beautiful sandy beaches on the Black Sea coast, historical cities and fantastic ski & mountain resorts, Bulgaria has a tremendous amount to offer.
Mountain & Ski resorts Resorts
- The spectacular mountain ranges harbour some of Europe's finest scenery with the rugged snow-capped peaks and soft green slopes home to a very fast growing tourist industry, where skiers can experience the thrills of the "white sport" in winter, and hikers enjoy the green freshness of the mountains in summer. 2 Golf courses are now under construction in Bansko.
The Black Sea Coast
- The Black Sea coastal stretch faces east and extends over 300 km, its seawater clean and not tidal and its vast beaches covered with fine golden sand. The majority of Bulgaria's beaches have been awarded the EU Blue Flag for their environmental excellence.
What makes Bulgaria currently the top country for property investment?
- Bulgaria is a country that not only has weather comparable to Spain and other top holiday destinations, but also property prices that are less than a quarter of their Spanish counterparts.
- Over 150 days of sunshine a year, with average summer temperatures of 26ºC (79ºF) and occasionally climbing to a sizzling 35ºC (95ºF).
- Beautiful Blue Flag beaches for the summer holidaymakers and top ski resorts for winter holidaymakers only a few hours apart.
- Flights are only two and a half to three hours from the UK or Ireland. Low-cost airlines are entering the market and the number of direct flights is increasing.
- Bulgaria is the fastest growing holiday destination in the world. Major tour operators such as Thompson, First Choice & Thomas cook have been offering holidays in Bulgaria.
- The cost of living is significantly lower than other European countries, with a dinner for two costing about 7 Euros (5 pounds sterling) and a pint for 0.70 Euros (50p).
- The currency (Lev) is pegged to the Euro, making it stable and less volatile.
- Properties are bought and sold in Euros.
- Bulgaria is politically stable, with government bonds being of investment grade.
- Land prices are flying, with the average cost of land rising month by month, this is expected to continue for the next three years.
The Law
- Alliance has a selected a lawyer to look after all our Clients purchases if required. Alliance Have used this lawyer for our own land purchases and trust them 100%.
- UK citizens can create bank accounts. All you require to open a bank account is your passport and whatever fees the bank may charge.
The Process
- • Buying an 'off plan' apartment in Bulgaria is essentially the same as buying in the UK. There is an initial contract signed by all parties, which is basically an obligation to build on behalf of the developer and an obligation to buy on behalf of the client.
- • This contract will set out timescales, prices and any penalties for late completion and will be produced by the developers solicitors. It will have been checked by the agent and the client will also have the opportunity to obtain their own legal advice before signing.
- • The difference comes when the property is completed. In Bulgaria, there is a third party who basically acts on behalf of the government. This person is called the 'notary'. It is the notary's responsibility to ensure that the correct details are entered onto property deeds.
- • In essence, the client (passport in hand) and a representative of the developer will sit down with the notary, who will issue the deeds once they are sure everything is correct. The notary is often considered by clients as a government official, ensuring that everything has been done as it should have been.
- Expect to pay the followings on top of your property price, our own development prices include:
- This is not meant to be a full explanation of property law but simply a guide to the basic process.
Bulgarian Mortgages
- Alliance work in association with a Bulgarian bank to offer Mortgages to Non Bulgarian residences, Mortgages are available for maximum term of 15 years, maximum mortgage advance is 65% of the property value.
Property Insurances
- Alliance has a Licence agreement with a European Insurance company to insure your buildings and contents.
- We have a member of staff trained by the insurance company for this service.
Property Management
- Alliance have a in house property management company based in our office in Sunny beach, they can arrange lettings of the property, Cleaning, regular inspections and arrange to pay all your bills as diect debits are not available as yet, but we expect them from Jan 07.
