"Investing" in peace of mind
A cottage in a village in Bulgaria can mean anything from unsightly buildings requiring renovation for 10,000 20,000 euros to good-quality cottages for 150,000 350,000 and even luxury mansions for 1-2 million euros. With due diligence, everyone will certainly find an option here to suit their request, whether it's a manor house with land and a garden or a townhouse with a small plot. Any wishes will be satisfied - close to the sea, at a distance from the sea, or not at all by the sea, in a secluded corner or in the vicinity of major urban centers. Even next to golf, stables, lakes, fields of roses, the main thing is to determine your priorities in advance and correlate them with the budget.
Europeans and Israelis are actively buying houses in Bulgaria, both for permanent and seasonal living. They are often pensioners (there is still a special residence permit program for non-EU pensioners), and sometimes families. There are few Russians among the buyers, as flights are now expensive and difficult, and it is not as easy to make a deal as it used to be. However, there are enough Russian-speaking people from all over the world - from Israel, first of all.
According to realtors, there are few purely investment transactions for resale. If we are talking about investments, it is "investing" in a way of life, in your peace of mind.What do foreigners need to know about buying a house in Bulgaria?
There is an important feature that distinguishes buying a house in Bulgaria from buying an apartment.
Foreigners from outside the EU can buy land in Bulgaria only as legal entities, not individuals. That is, in order to purchase land, it is necessary to register a company in Bulgaria in advance. This is a standard procedure, you should not be afraid of it, however, it takes time and some effort. The restriction applies only to the land, foreigners can easily register the house itself as an individual. Just a passport is enough.
EU citizens have the right to acquire both land and houses for themselves as individuals.
Classifying villas
Please note that a villa in Bulgaria is what we call a cottage, and it has no premium connotation. "Villa zone" simply means a country zone.
Conventionally, houses can be divided into four categories:
"Under renovation": A house under complete renovation, often without communications, in small towns and villages located in remote areas. They buy for the "character", location, availability of a plot, garden trees on it. Price: 15,000-70,000 euros (depending on the region and location).
Example: In the village of Zagortsi, Burgas region, on a plot of 1600 sq.m. m four-room house for sale made of red brick with a basement. Price: 17,000 euros.
"Semi-renovated": A house with a preserved traditional spirit, but requiring investments in wall decoration, plumbing and electrics. Price: 50,000-150,000 euros (depending on the region and location).
Example:Near Balchik a new house is for sale with an area of 150 sq. m, ready to the interior decoration. Plot: 1,200 sq. m. Price: 61,000 euros.
"Turnkey": A fully renovated or newly built house from developers with modern renovation, utilities, often with a swimming pool and a plot. Price: 110,000 350,000 euros.
Example 1: In the Burgas region near the town of Akheloy, 2 km from the sea for 190,000 euros for salebeautiful 3 bedroom house, private pool and courtyard in the beautiful Vinyards spa complex. The house is fully equipped with furniture and appliances. Sea view.
Example 2: In the village of Bata in the municipality of Pomorie, 20 km from the sea a fairly spacious two-storey house is offered with furniture and appliances. There is a garage and a swimming pool on site. Price: 110,000 euros.
"Exclusive": Spacious mansions with a swimming pool, garden, and sometimes expensive interiors. Price: from 300,000-350,000 euros.
Example 1:In Sveti Vlas in the Etera complex on the first coastline for sale Beautiful 3-storey house with 4 bedrooms for a large family. Price: 295,000 euros.
Example 2: Not far from Sozopol, in the village of villas, which pays tribute to the architecture of old Sozopol, 2-storey villa for sale. There is a marina nearby. Price: 1.3 million euros.
According to realtors, most often people are looking for houses in the "semi-renovated" segment, the golden mean between authenticity and investment.
Popular regions for buying a house
- South (Rhodopes): Smolyan, Shirokoyka, Kovachevitsa. Clean air, nature, traditional architecture. The places are suitable for living. West (Stara Planina): Bansko, villages around the ski resort. They are suitable for tourism business and winter and summer holidays.
- Northwest: Vidin, Belogradchik. Low prices, but distance from the sea.
- Center (Karlovo, Kazanlak): Rose Valley area. Beautiful nature, close to Plovdiv. South-East (Strandzha): Villages by the sea, but away from the resort bustle.
Is it expensive to maintain a house in Bulgaria?
Here is an approximate calculation.
Utilities (electricity, water, garbage collection): 50-150 euros per month.
Property tax: 50,500 euros per year (depends on the cadastral valuation).
Home insurance: 150 500 euros per year.
Care of the plot and the house (if you are not there, but someone keeps order): from 150 euros per month (depends on the size and scope of work).
Reserve for repairs and maintenance: 1,500-2,500 euros per year.
If your home is in a rural area, but in an organized complex, you will have to pay a support fee for the maintenance of public areas. Find out in advance how much you will need to deposit, because you may not be happy about it.
Pitfalls and risks when buying a house in Bulgaria
Legal: The main risk is disputed property rights, inheritance disputes, encumbrances (liens, debts). It is mandatory to check with a lawyer before buying!
Technical: Old houses may have hidden defects: rotten beams, foundation problems, unauthorized buildings that are not legalized.
Communications: It is necessary to make sure that electricity and water are connected to the house (especially in summer), and check if there is an Internet connection. This is often a problem in remote villages.
Neighbors and thefts: In remote villages, the risk of theft is higher, especially if the house is empty. The problem can be solved by having an alarm system, a caretaker, and good relations with neighbors. "Unfavorable neighborhood" is not uncommon, it is worth visiting the area of interest at different times.
Tips for a home buyer in Bulgaria
1. Come and stay in Bulgaria for a while, travel to different regions, take a closer look. Don't buy a house on your first visit. Spend several days, preferably weeks, in the region at different times of the year.
2. Hire your lawyer! Don't just trust the realtor or the seller. A lawyer will check the entire history of the facility and act in your best interests.
3. Perform a full technical inspection. Hire an engineer/specialist to assess the condition of the house.
4. Be realistic about your budget. Set aside 20% and 30% of the purchase amount for unforeseen expenses in the first year of construction.
5. Meet the neighbors! They can be your main safety and assistance resource.
6. Think about how you will maintain the house in your absence. Without this, real estate will quickly decline.
7.Evaluate the proximity of the infrastructure and how you will get to the supermarket or pharmacy if they are in the distance. Most often, getting a house in Bulgaria means getting a car. Please note that some shops and cafes are closed during the low season.
Buying a rural house in Bulgaria is not just the acquisition of property, but a certain lifestyle. With the right approach, it will bring you great pleasure.
Thank you for your help in preparing the material Eva Samarskaya, managing partner of the company Grand Estates Group
