Location

Bulgaria,
9000 Varna,
Sea Port Passanger Terminal, Office 13
tel: + 359 887 241 339
info@dombg.eu

My List
 

FAQ

 

Tourism in Bulgaria?

As a traditional holiday destination Bulgaria has a variety of attractions to offer visitors including some of the most unspoilt countryside in Europe in contrast to other more famous European destinations. There are many sources of information on Bulgaria among them is 'Bulgaria - The Rough Guide' (ed J Bousfield and D Richardson), 'Eastern Europe - A Lonely Planet Guide' ('Bulgaria - A Lonely Planet Guide' published in 2002) and the Blue Guide to Bulgaria. These are just a few. A good source for history buffs is the Concise History of Bulgaria, Professor Edwards, Oxford University. All good book shops should have a selection.

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Are there any restrictions for foreigners?

According to the Bulgarian Constitution, foreign individual persons can buy buildings but not land. Therefore the most common method for foreigners buying property in Bulgaria is to set up a company which then owns the land and the buildings. We can organize the entire process from start to finish, together with all aspects of conveyancing. We expect the law to change within the short to medium term as Bulgaria opens its doors fully in line with its expected entry into the European Union (2007). This historic restriction is one of the reasons why property in Bulgaria is so competitively priced compared to Western and Central Europe.

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What's the weather like?

Bulgaria has long been a summer tourist destination, as well as offering popular winter resorts. Generally summers are longer and warmer (and guaranteed) whilst the winters are shorter but can be more severe. The Black Sea coast is less cold in the winter and rarely sees snow. For 5 months (May - September) average temperatures are 25 degrees Celsius and often above in the peak summer period

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Do we need a visa to travel to Bulgaria and how long can we stay?

UK passport holders do not require a visa in order to visit Bulgaria for a period of 30 days. Long-term visa (D) can be obtained from the Bulgarian Consular service in London. Visa control has been considerably relaxed between the UK and Bulgaria. Russinas need a visa to go to Bulgaria.

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What are the living costs in Bulgaria?

It's not possible to compare living costs in Bulgaria and Western Europe. Living costs in Bulgaria are extremely low! For example the food is generally twice cheaper than UK. House insurance: around 100-200 . EURO per year depending on the type of house, together with the belongings and furniture inside. For a property of price 30,000 . EURO insurance against theft, flood and fire costs about 125 . EURO per year with a decent insurance company like Allianz. Gas: the gas system network is not developed in Bulgaria yet. People here mostly use electricity to cook. For heating: there are central heating systems in the big cities: monthly costs for a 2-bedroom apartment around 120 . EURO. In the small places people use charcoal and wood, which is even cheaper way to heat a house. For electricity, when used for cooking, light or hot water one pays about 30 . EURO monthly. Local and national taxes for owning a property: depending on the place where the property is located, the most expensive area is the capital Sofia, where the annual taxes of 2 bedroom apartment are around 150 . EURO per year, but the rest of the country is around 80 . EURO per year.

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How do we travel to Bulgaria?

Direct international flights are available to the capital, Sofia, all year round. Direct charter flights to the Black Sea (Varna/Burgas) are available during the spring/summer months and can be booked through local travel agents.

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Why Bulgaria?

"Bulgaria? It is the new Costa Del Sol", Daily Mail, April 4TH, 2004. Macroeconomic stability:

  • Political and economic stability
  • Sustained GDP growth of 4.7-4.9 % per year
  • NATO membership achieved in 2004
  • EU membership set for 1 January 2007
  • Very competitive labor cost compared to the rest of Europe
  • Very competitive tax regime - 15% corporate profit tax as of 1 January 2005
  • Well educated, highly trained English speaking workforce
  • Strategic geographic location
  • Full national treatment of foreign investment

Top tourist destination:

  • Bulgaria voted No. 4 tourist destination worldwide by The Washington Post
  • 22% average annual growth of tourist arrivals for 2002 – 2004
  • 43% year-on-year increase in British tourists for 2004
  • Well developed and constantly improving summer resorts
  • Excellent skiing opportunities with guaranteed winter snowfall
  • Unbeatable prices guaranteeing best value for money holidays
  • 1600 thermal mineral water springs
  • Rich historical and cultural heritage
  • Easy access from Europe

Booming real estate sector:

  • 25% price growth in the last 12 months
  • Prices of real properties in Bulgaria grow by nearly 20% per year
  • Still lowest real estate prices in Europe
  • Strong year round corporate letting market in Sofia
  • Dramatic increase in demand for quality accommodation at Bulgarian resorts
  • Strong drive for property purchase from Bulgarians living abroad
  • Bulgaria on the agenda of top European real estate investment funds

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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% in the five years to today's date. Bulgarian property prices themselves have increased by 17% nationwide over the last 9 months. The increase of the value of a property depends on a number of factors, including the condition of the proprety its location and the type of property.

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How long will it take to buy a property?

Generally it will take 3 weeks to buy a property. This is dependent on a number of factors, not all of which are in your control. Once you have decided on a property, contact will be made with the seller or his estate agent. The terms and conditions of the sale can be negotiated very quickly. The Preliminary Contract is then exchanged and a deposit paid. There is then a period of, at maximum, a few days while the money tran sfer is arranged and any final checks made. The sale will take place in front of a Notary at an agreed date and time.

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How long is the coastline?

The Bulgarian coastline is 354 km (220 m) long of which more than 200 km (125 m) is sandy beach.

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Population?

7,517,973 (July 2004 est.)

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What religions are there?

  • Bulgarian Orthodox 82.6%
  • Muslim 12.2%
  • Roman Catholic 1.7%
  • Jewish
  • 0.1%, Protestant, Gregorian-Armenian, and other 3.4%.

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How big is Bulgaria?

Bulgaria is not big compared to the other European countries:

  • total: 110,910 sq km
  • water: 360 sq km
  • land: 110,550 sq km

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What is the Bulgarian currency?

The currancy is Bulgarian lev (BGN).

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Do I have to register a limited company if I want to buy an apartment?

The answer is "NO". Foreign individuals can buy the buildings, but not the land. Company is needed when you want to buy the freehold.

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