Tag Archives: property prices bulgaria

How to sell a Bulgarian property quickly

Do you want to sell your property in Bulgaria  quickly?

1. Nowadays the price is one of the most  important decision making factors to ensure that somebody will buy your apartment over the many others he will see on the internet or view in person on an inspection trip to Bulgaria. Offer your property at the lowest price you can afford. Don’t forget that it is the market that sets the price and right now it’s very much a buyers market in Bulgaria!

2. To be able to offer the best price, optimize your finances, so that you don’t have unexpected expenses such as exchange rate fluctuations. In Bulgaria you will usually sell a property in Euros. After that you will need to repatriate the sales price into another currency (e.g. GBP). So, the best is to fix the exchange rate of your domestic currency to the Euro with a reputable currency broker and Clements Properties Bulgaria can assist you with arranging the best solution!

3. If you can, be flexible when it comes to the payment plan! Recently we have found that many Russian buyers would prefer to pay for their new Bulgarian property in installments over an agreed period of time.

4. And last, most importantly… you should choose a company with a good track record in the Bulgaria resale property market.  By doing this you are giving yourself best possible chances of finding a real buyer as your apartment  will be marketed through all the most effective channels.  Clements Properties Bulgaria are confident that we are the number one choice and we have an impressive sales record to the Russian market!

For more helpful selling trips please contact us. We are able to provide sellers with a free and fast property valuation by e-mail or telephone.

How to buy a property in Bulgaria

Firstly, to buy an apartment in Bulgaria, you do not need to register a limited company as this is only needed when you are buying land. For apartments you are actually buying the right to build (not the land) that’s why company formation is not required by law. There is no reason to worry about that, as once you’ve bought the apartment you will have legal document for ownership – a  title deed which is issued by a legal Notary, practicing in the area where the property is located.

The steps for buying are as follows:

1. Once you’ve chosen the resale apartment that you like to buy through us, the standard way to reserve it is by putting down a 2000 GBP/EUR reservation deposit and this amount will take the property off the market. The reservation fee is not refundable if the buyer pulls out, and is deductible from the total agreed price of the property.

2. Once the apartment has been reserved, we require a scan showing the buyer’s passport details and their home address information – this is required so that a preliminary contract can be prepared by our lawyers. In this contract is described everything regarding your purchase, payments and also penalties – for you, if you are late with the payment and also for the seller if they delay. At this stage, buyers are welcome to find a lawyer to represent them; however one is not required by law so it is the buyer’s choice.

3. Usually 4-6 weeks after the reservation you will need to transfer the price of the apartment into the seller’s bank account.

4. Once all the payments are made, the property will be transferred into your name in the local Notary in Bulgaria. For this also you will either need to either give someone Power of attorney to represent you, or you can fly to Bulgaria yourself. You will then be issued with a title deed, and this document shows that you are now the new legal owner.

5. After the deal you will need to register the property in the Local Tax department so that you are registered as the new legal owner. Also according to the Bulgarian Law you will need to register in the Bulgarian Statistics Institute (BULSTAT) and take a BULSTAT card. You need to do this within 7 days after the purchase but don’t worry, we can arrange everything.

Please click here to contact us with any questions with regards to buying an apartment or house in Bulgaria

Advice on how to sell a property in Bulgaria

Hundreds of people bought property in Bulgaria during the late 1990s-2000s because nice holiday home apartments were very cheap in comparison to other European countries and Bulgaria was considered an up and coming country and the properties were nearly guaranteed to double, sometimes triple in their value, over the next ten years or so. Many properties did see an increase in their value, but many others did not especially those on the coast and in the ski resorts. Because of this, many property investors now wan to get rid of their property and there are a few parameters you should follow to sell your property in Bulgaria. Selling property in Bulgaria can be a very aggravating because there are so many bureaucratic procedures that must be followed in order for the sale of a property to be legal. The entire process can take up to 6 weeks from the sale of the property to the deposit of your funds.

Once you have found a buyer, agreed on a price you should make sure that this price is written down and signed by both parties. It is important that a deposit is taken and this is usually held by your property agent. A reservation deposit should be 1000 euro- 2000 euro, to ensure the buyer has serious intentions about purchasing your property. Once this phase is complete, scan and send all the documents to the agent who is assisting you with sale. There are numerous pages of paperwork that are required to complete the deal and often times it takes the agent some time to complete everything. One of the final steps in selling property in Bulgaria is to have a notary inspect all the documents. Once this is done and the deed for the property is in the new property owner’s name, it is just a matter of a few days before the money for the sale is deposited into your bank account.

To sale an apartment in Sunny Beach doesn’t differ at all from the information above, but there are a few tips that may help you sale the property faster. The first thing is to take lots of pictures of your property and it would also help to send thhe agent a copy of the apartment’s floor plan to go alongside pictures when the internet marketing begins. A good rule of thumb is to also make sure the apartment and rooms are clean, presentable and that the property is in a reasonably good condition for the selling.

Before allowing someone to view your apartment, make a few cosmetic changes to it, or in other words, stage it. Fresh flowers, a new rug or lighting fixture, or even something simple as reorganizing the furniture, can make a world of difference when someone comes in to view a home. This will definitely make selling an apartment in Sunny Beach faster and a more pleasant experience.

Even though selling property in Bulgaria can be more of a headache than learning experience, by following the above directions and having a little patience, the process should be easy enough. By having a representative or agent walk you through the paperwork and process of the sale, you will have your property sold in a matter of no time.

You can contact Clements Properties Bulgaria with any questions relating on how to sell a property in Bulgaria.