FAQ - the questions and answers page
for properties in Bulgaria
| Is it worthy to buy a real estate in Bulgaria? |
| Is it possible for a foreign citizen to buy a property in Bulgaria? |
| What do I have to know when Im going to Bulgaria? | Border crossing | Currency Regulations | Visa Formalities | Medical Services | Insurance |
| If the new property will be occupied for a short period during the year, do we really need to have good security for the rest of the time? |
1. Is it worthy to buy a real estate in Bulgaria?On June 2004, Bulgarian government finalized the negotiations with the European Union and agreed to cover the necessary parameters in order to join the EU in year 2007. As this date is not far the property prices are going up nearly every month. Here is a figure of the real estate market prices.
Average Prices of houses and villas in some resorts in Bulgaria
National Statistics 04.2004 |
| Region |
Houses |
Villas |
Region |
Houses |
Villas |
Region |
Houses |
Villas |
| / m2 |
/ m2 |
/ m2 |
/ m2 |
/ m2 |
/ m2 |
|
Bansko |
315 |
|
Ribaritsa |
401 |
|
Rila |
132 |
|
|
Melnik |
200 |
|
Velingrad |
432 |
|
Apriltsi |
94 |
151 |
|
Sandanski |
178 |
|
Hisaria |
102 |
|
Teteven |
92 |
|
|
Arbanasi |
355 |
|
Ahtopol |
294 |
412 |
Troian |
83 |
103 |
|
Triavna |
103 |
|
Nesebar |
537 |
|
Sozopol |
526 |
643 |
|
Balchik |
197 |
307 |
Obzor |
390 |
435 |
Sunny Beach |
356 |
|
|
Shabla |
150 |
|
Pomorie |
224 |
|
Saint Vlas |
467 |
|
|
Albena - Sea resort |
415 |
312 |
Primorsko |
317 |
200 |
Saint Konstantin - Sea Resort |
439 |
417 |
For more information on the real estate market, please visit our newsletter section.
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2. Is it possible for a foreign citizen to buy a property in Bulgaria?Yes it is. There is of course a certain procedure, which is explained in the Legal Section of this website. In briefly, Bulgarian legislation makes difference between buying a land and any other property. You can buy any kind of property without limitation or any restriction, but to acquire a land in Bulgaria, a foreign citizen must register a local Bulgarian company. All the deals with land should be done on the behalf of this company. EstateConsult layers will be glad to help you in registering and running your company in Bulgaria.
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3. What do I have to know when Im going to Bulgaria?
Border crossingUpon crossing the state border of the Republic of Bulgaria passengers may import and export commodities that in type, quantities, and value are not of a commercial nature. These do not include objects the passenger carry for personal use and consumption objects.
Passengers have the right to import at no custom duty or import fees the objects necessary to the foreign individuals for their stay in the country, which in their type and quantity correspond to both purpose and the duration of their stay, as well as consumption objects:
- tobacco products (passengers over 16 years of age) - cigarettes - 200 items, or other tobacco products - 250 gr.;
- alcoholic beverages (passengers over 16 years of age) - wine - 2 litres, and alcoholic liquors - 1 litre;
- other drinks: coffee - 500g. or coffee extract - 200g. tea - 100 g. or tea extract- 40g.;
- perfumes - 50 ml. and toilet water - 250 ml.
Passengers who are under full 16 years of age are not entitled to duty-free import of the commodities listed above, except for medications.
Passengers older than 16 can import duty-free commodities acquired abroad other than those listed above of a total value up to US$ 100 or the equivalent in other currency units. For passengers under 16 the duty-free import rate for commodities acquired abroad is US$ 50 or their equivalent in other currency units.
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Currency RegulationsForeigners may export and import Bulgarian banknotes and coins in circulation to the amount of up to BGN 10,000. Sums exceeding this amount may be imported and exported only with a permit by the BNB (Bulgarian National Bank), valid for a period of up to 90 days of its issuance date. The foreign persons may export convertible (hard) currency in amounts that do not exceed the amount of the foreign currency they had imported and declared. They can import unlimited amounts of foreign currency, which is to be declared.
Upon entering and exiting the customs territory of the Republic of Bulgaria foreigners obligatorily fill in a declaration after a sample for the following currency value they carry:
- Bulgarian banknotes and coins in circulation in amounts over BGN 10,000;
- Bulgarian coins in circulation of numismatic value;
- Foreign currency equal to more than US$ 1,000;
- Shares issued by foreign entities in foreign currency, obligation notes, treasury-bonds, investment and depository certificates, cheques, bills of exchange, order bills, credit letters and other similar valuable papers;
- Precious metals and precious stones and products of these other than the usual amounts for personal and family use - in type, weight, and value;
- Coins, containing gold, silver and platinum - in type, weight, and value;
- Other (hard) currency values.
The export is prohibited of articles, coins of gold, silver, and platinum of historic, archaeological, artistic, and numismatic value included, except for the cases when there is a permit issued by the Minister of culture.
Foreigners leaving the customs territory of the Republic of Bulgaria may export precious metals in the form of ingots, articles made of them and precious stones, as well as coins containing precious metals within the amounts imported and declared, as well as articles purchased within the country, whose equivalence does not exceed the amount of the foreign convertible currency imported and declared by them.
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Visa FormalitiesA foreign person can enter the Republic of Bulgaria with the following documents: - A valid passport or other alternative document allowing the travel abroad. - An entry permit - either an entry or a transit visa.
European Union citizens, as well as citizens of Iceland, South Korea, Estonia, Malta, Monaco, Norway, San Marino, Hungary and Switzerland with valid international passports can spend up to 90 days in Bulgaria without a visa.
Citizens of Tunisia with valid international passports can spend up to 60 days in Bulgaria without a visa.
Citizens of Australia, Andorra, the Vatican, Israel, Canada, Liechtenstein, Lithuania, Latvia, Macedonia, New Zealand, Poland, USA, Slovakia, the Czech Republic, Serbia and Monte Negro, Slovenia, Romania and Croatia with valid international passports can spend up to 30 days in Bulgaria without a visa.
For more information, contact the Bulgarian embassies and consulates in the respective country.
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Medical ServicesForeigners arriving to Bulgaria are not required to have any compulsory immunisations. All medical establishments in the country perform medical checks, tests and treatment of foreigners.
Foreigners pay for the medical services in exchange of an invoice in Bulgarian Leva in cash at the cash desk of the medical establishment or else with a bank transfer from abroad.
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InsurancePersons visiting Bulgaria as tourists or guests may be insured. Insurance of foreign citizens is normally included in the tourist packages of the Bulgarian tour-operators. Foreign tourists may also enter Bulgaria with insurance policies from foreign insurance companies.
What are the living costs in Bulgaria? How much one pays for house insurance, gas, electricity, local and national taxes, to hire a gardener or a builder, to drive a car?
5. If the new property will be occupied for a short period during the year, do we really need to have good security for the rest of the time?
Professional security is available in all big cities in Bulgaria. In small villages or towns there is no such security companies. Most of these areas can be described as Neighbour watch areas and crimes are quite rear. In this case an alarm system is strongly recommended or a house insurance, which is not quite expensive.
Lending your property for the rest of the year also helps for higher security.
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