A great opportunity at present - whether holiday or investment - just take a look at Bulgaria and see what great properties and investments are on offer !

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Why Invest in Bulgaria?

Now has never been a better time to invest in Bulgaria, with recent times having seen record property sales registered. Holiday apartments in Bulgaria's Black Sea and Mountain Ski Resorts have increased by up to 40% in the 12 months to Dec 2004. Forecasters expect prices will continue to increase 20%-30% annually until 2007 at least (the year EU accession for Bulgaria).

Bulgaria’s tourism sector is well established and has recently become one of the fastest growing tourist destinations in Europe. The number of tourists visiting Bulgaria is expected to reach 4.4m in 2005 and as tourism continues to grow exponentially, rental opportunities for the right property are high.
The country has a number of unique features in its favour 

• Political and economic stability
• Sustained GDP growth of 4.7-4.9 % per year
• The currency is stable and linked to the Euro
• NATOmembership achieved in 2004
• Rapid economic growth ahead of EU membership

• EU membership set for 1 January 2007

• Very competitive labour 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

Top tourist destination:

• Established and fast growing tourist industry
• Bulgaria voted No. 4 tourist destination worldwide by The Washington Post
• Budget airlines expected to start servicing the Black Sea coast from mid-2007 or 2008
• Bulgaria is a 2.5 hour flight from the UK direct and once Low Cost airlines start to operate there watch the country open up and demand soar
• 22% average annual growth of tourist arrivals for 2002 – 2004
• 43% year-on-year increase in British tourists for 2003
• 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:

• Bulgaria on the agenda of top European real estate investment funds
• All properties we sell have a 10 year building guarantee
• All properties we sell are freehold
• Rapidly emerging property market>
• Bulgarian property prices are rising but are still below other comparable countries, the major boom is yet to happen there
• Bulgaria has yet to see the spiralling property prices that have typified areas such as Spain, France and Greece>
• 25% price growth in the last 12 months
• Still lowest real estate prices in Europe
• Dramatic increase in demand for quality accommodation at Bulgarian resorts
• Strong drive for property purchase from Bulgarians living abroad

Buy to Sell

We have made it possible for foreign investors to take advantage of this extremely lucrative investment vehicle. At the initial “opening price” of a new off-plan development, prices are at their lowest - and, of course, all the best properties are still available. Investors can reserve as many properties as they wish - paying only the initial deposit (usually up to 30% of the total price). Before the completion (usually 18 months to 2 years) the property can be re-offered for sale.

As building work progresses, the builder’s price will escalate - as will the value of the investors purchases. Price increases of up to 50% have been seen from initial “off plan” stage to completion. We have a dedicated re-sale division to re-sell investors properties. It’s a great alternative to the practically non-existent return given by UK Banks and Building Societies. Our Investment Division will advise and undertake to build a portfolio for investors - anything from a single property to a complete apartment block.

Buying Off Plan

Buying an ‘off plan’ apartment in Bulgaria is essentially the same as buying in the UK and means reserving a property on a new development before the property is completed, often before construction has started. Buying ‘off-plan’ can prove a fantastic investment and prices are extremely competitive at this early stage as potential investors only have floor plans and artist impressions of the finished development to view and developers are keen to sell to minimize risk and to provide the project with some forward momentum.

You then have the option of selling straight away upon completion for a profit, or you can hold on to your property for further rental/ capital growth whilst having a great holiday destination to visit. Holding on to the property for a longer-term means you can benefit from Bulgaria’s expected accession to the EU in 2007 where considerable appreciation is expected throughout the Bulgarian real estate market, with holiday apartments expected to lead the way and appreciate the most in value.

'Off Plan' purchases have provided spectacular returns for hundreds of people over the last couple of years. The real key to why buying 'Off Plan' can prove such a good investment lies in the fact that in many cases you only have to pay initially a deposit as low as between 10% - 25% of the purchase price and then nothing until various stages of the project are completed.

If we use for an example an apartment in Sunny Beach

Let us assume that you sell the property in March 2006 just before the completion, and that you sell for 100 000 Euros (this is a much lower return than has been achieved in recent years)  - Your profit is € 20,000, a 25% return on the € 80,000 asking price, but remember all you have had to pay is a € 20,000 deposit, so your actual return on cash invested is 100%

International interest in the property market was initially concentrated in the coastal beach resorts of the Black Sea. As the market as developed and matured an ever increasing variety of property has become available catering to the differing interest and needs of international buyers. Prospective buyers can now choose between mountain ski resorts, historic villages, luxury apartments in the capital or coastal villas.

With in depth knowledge of the property market in Bulgaria, we help our clients choose the appropriate property that meets their aspirations. Our clients achieve early access to new developing areas due to our extensive network of offices and contacts within Bulgaria.  

Buy to Rent

Once you have completed on your property then we can take over the management and renting of your new Bulgarian home. We offer a complete furniture pack and cleaning/maintenance service. They will find the tenants - either short or long term - collect the rent and provide monthly statements.

As a “rule of thumb” guide a well located 2 bed apartment in Sofia rents out for around £ 250/ €350 per month long term or £ 175/ €250 per week short term.

An apartment in Sunny Beach rents out for €400-500   per week in low season and €550-650 in high season.

GUARANTEED RENTALS

Developments with guaranteed rental scheme are Northern Star and Bansko Complex in Bansko with about 10% Return of Investment. In Sunny Beach such developments are Buena Vista, Vechna Resort, Majestic, Severina, Sunny VIP Complex, Sunny 2 with 5-7% Return of Investment. The guaranteed rental is different depending on the type of apartment. The price appreciation of 25-30% yearly is not included. The guaranteed rental does not come from the Developer but from the rental management services.

Rental Management

We offer rental management services to all apartments bought through us. The service is 'hands free' for the owner as we manage the rentals, arrivals, airport transfers, etc.

Investment Opportunity in Bulgaria – A personal view

Bulgaria is turning into the hottest property market in Europe. It has been interesting to see the development and recognition of the market over the past eighteen months. Nobody asks anymore ‘’ I hear Bulgaria is a great place to invest, but, tell me, where is it!’’ . However, the number of a developments has also increased dramatically. 

Contact us for a guide on buying in Bulgaria.

As a team of professionals, our Bulgarian Property Consultants will do everything possible to satisfy our clients needs and to provide the best possible service. Our most important goal is to supply complete and comprehensive service. In the process of doing so we present to you our services:
- Property investment consulting
- Property management
- Research of the property you intend to purchase
- Registering a limited company for you
- Renovation, redecoration or construction services
- Interior and exterior solutions
- Help in the process of choosing and purchasing furniture and equipment
- Advertise and sell your property

We will assist you all the way; If you need an advice regarding your stay in Bulgaria, how to get medical assistance, buy a car, arrange a holiday or go out to a bar or restaurant - we will be there for you!

PAYMENT TERMS:

2000 Euro Reservation Deposit  
40 % upon signing a Preliminary Contract of Sale
40 % in two or three payments until the completion of Complex  
20 % upon completion/signing Title Deeds

RESERVATION DEPOSIT

This needs to be paid as soon as they find the property to take it off the market and the fix the price as property is selling very quickly. Deposit is payable by travellers cheques, cash or bank transfer, although the developers, lawyers and agents do not accept take credit cards they can withdraw cash from them at many selected banks. When a client pays the reservation fee our lawyer will open a bank account for them in a Bulgarian bank.  

PRICES

The prices quoted for Bulgaria include VAT All properties are freehold No need to incorporate a Bulgarian company unless buying villa with own land

10 YEAR BUILDING GUARANTEE

All new build properties in Bulgaria come with ten years building guarantee. The Bulgarian national standards require this. This is written in all Preliminary Contracts

PAYMENT PROTECTION

Most of the developers work with banks who finance the building works of the development

However some companies have other financial sources but now the construction business in Bulgaria is very lucrative and all developers are abiding the contracts they sign in order to keep a good reputation because they plan to launch many new projects. I can assure you that nevertheless our lawyers check all their companies' documents very strictly and we make every effort to protect the buyers.

LEGAL FEES & TAXES

We do have a fixed rate deal with a good English speaking lawyer that we recommend to clients.  This is usually €450 for all the searches, legal work etc. at completion and can include a power of attorney agreement if the purchaser is unable to travel to Bulgaria in person. Local taxes and notary fees total approximately 5% of the Notary price (property tax value)

As in many countries in the Balkan region the Notary price is based on a local tax evaluation conducted by the municipality, which is usually four times lower than the price paid. Some of the developments share the cost 50/50 with the purchaser.  As such clients should budget a maximum of 3% in addition to their purchase price.  In cases where the municipality places lower Notary prices, these taxes are obviously much less.

GUARANTEED RENTAL

The owners choose whether they want to sign a rental management contract after they buy the property in Bulgaria and this contract is annually renewable .They can only build so many homes on beach fronts and next to ski lift/slopes, thus those currently being sold should have continued rental demand and renewals for many years rather than late comers to the market with secondary positions

The guaranteed rental is different depending on the type of apartment. The price appreciation of 25-30% yearly is not included. The guaranteed rental does not come from the Developer but from the rental management services. It is a net payment after the 20 % management fee has been taken which includes paying all fees like electricity, water etc. except from property taxes.

The owners are paid the money by bank transfer every three/four months. Own use of the property can be arranged in the rental management contract. The ROI is based on the purchase price but this can be only guidance. In the rental management contract it is written down that the owner receives all the income from the rent minus 20 % for the rental management agency.

RENTAL MANAGEMENT  

We offer rental management services to all apartments bought through us. The service is 'hands free' for the owner as we manage the rentals, arrivals, airport transfers, etc.

VIEWING TRIPS  

What could be more exciting than a viewing trip to see properties in Bulgaria? During their stay, 95% of clients that view with us find the property that they are looking for and many are purchasing more than one for investment purposes prior to Bulgaria’s schedule entry in EU in 2007.

No mass multiple family tours, we make individual arrangements for clients that allow us to tailor the itinerary and to fit around their availability.  We meet and return clients to airport

With sales, aftersales, legal, contracting and admin office coverage across all the main regions in Bulgaria (Sofia, Bansko, Pamporovo, Barovets, Sunny Beach, Varna and Golden Sands) we can uniquely offer a high level of support on the ground. Please note we do not charge per km or for airport collection etc

You arrange and book flights, and  many book complete packages but if not let us know the arrival and departure dates and times and we book the hotels. Unfortunately there are no budgeted flights to Bulgaria like to Spain and Cyprus for example and flight costs are about 250-300 Euros for return ticket but use the charter companies as below

FLIGHT INFORMATION

To Sunny Beach :

It is best to fly to Bourgas Airport, which is 30 min. from Sunny Beach,   75 minutes to Varna and 1 hour from Sunny Beach Varna Airport is 60 minutes from Sunny Beach

www.skydeals.co.uk/

www.cheapflights.co.uk/flights/Bourgas/

www.charterflights.co.uk/flights/bulgaria/bourgas/ep

FROM Heathrow  
            Austrian Airlines              www.austrianair.com  
           Malev Airlines                   www.malev.com

FROM Manchester  
            Malev Airlines                 www.malev.com

FROM Gatwick  
            Bulgaria Air                    www.balkanair.co.uk  

To Bansko, Pamporovo & Barovets :

Fly to Sofia then all approx 2 hours by car.

FROM Heathrow  
             British Airways             www.ba.com  
            Austrian Airlines          www.austrianair.com  
            Lufthansa                      https://aero.lufthansa.com/aerodyn/fb_main.aero?l=en&pos=DE&p=fly  
            Malev Airlines               www.malev.com

FROM Manchester  
           Malev Airlines                www.malev.com  

FROM Gatwick  
          Bulgaria Air                     www.balkanair.co.uk

HOTEL BOOKINGS

In some areas we have available cut-price accommodation staying in our client apartments in the relevant area.  This not only allows you to see previous developments but experience our available rental management service as well.

Just state when they will arrive and we will book hotel and we will meet them at the airport and will arrange viewings of properties that meets their requirements

LENGTH OF TOUR

3 - 4 days is sufficient if they are visiting one area, for example the coast or just the ski resorts. However because the ski resorts are geographically separated from the coastal resorts it isn’t feasible to try and squeeze both areas into just a 3/4 day trip.

TYPICAL INSPECTION TRIP ITINERARY

Day 1
Pick up at the airport by one of our sales executives and transferred to a hotel.
Clients are left to relax or explore, as they so desire.
Day 2
Pick up from the hotel by a sales executive.
We take you on a viewing trip. This can be as long, or as short as you desire. Once we have shown you the properties of your interest in that region and the complex sites, you get the opportunity to ask our sales executives any questions/concerns that you may have. You are then returned to your accommodation.
Day 3
Pick up from the hotel by a sales executive.
We take you on a viewing trip if there are any other properties you want to see. We offer a full independent legal service. Our lawyers are fully qualified and have a complete knowledge of Bulgarian property law. Then we will transfer you back to you hotel where you will stay the night.
Day 4
Pick up from your accommodation by one of our sales executives and transferred to the airport.
Flight home.

AIRPORT INFORMATION

Sofia International Airport

This is the main gateway to Bulgaria and handles more than half of the international air traffic to Bulgaria. The flight from the UK takes 2.5 hours. Bulgaria Air and British Airways provide daily flights to London. While low cost airlines do not operate flights to Sofia yet, the round trip is unlikely to cost more than J250. The Czech, Austrian and Hungarian airlines may be a good alternative if you do not mind a short stopover in the respective capital.

Once in Sofia, various means of transportation are available. You can rent a car from the airport should you need flexible transportation arrangements. Four pounds is the highest taxi fare you can expect to pay for the longest one way trip within Sofia, but usually it would be just 1-2 pounds. Regular bus (coach) services can take you anywhere in the country in comfortable environment. The longest one way trip imaginable (Sofia – Varna or so) is about 5.5 hours and costs just 10 pounds. The winter resorts – Borovets, Bansko and Pamporovo are 1, 2, and 3 hours drive from Sofia, respectively. In general, transportation services are of good quality and reliability.

Varna International Airport and Bourgas International Airport

The importance of these seaside airports sharply increases during the summer months. They handle significant traffic of incoming tourists from Western Europe and Russia going for their summer vacation. Numerous charter flights operate to and from the airports and can go as low as J80 one way. They cover the main markets of the UK, Germany, Scandinavia and Russia. Out of season demand sharply drops and arranging a direct flight to the seaside becomes more difficult, but still possible, especially to Varna.

Shuttles and regular bus services are readily available between Bourgas and Varna (2 hours) and the resorts in between. Such services are also at your disposal should you want to visit the resorts south of Bourgas or north of Varna.

Bulgaria is about two and a half hours flight from the UK direct. A number of Bulgarian and foreign airlines fly to Bulgarian airports from most capitals of Europe, Africa, Middle East and North America. Two scheduled airlines currently fly direct to Sofia once a day, most other major European carriers fly indirectly.

Bulgarian International airports are at Sofia and on the Black Sea Coast at Bourgas and Varna. Some chartered flights also land at Plovdiv and Gorna Oryahovitsa. Direct international flights are available to the capital, Sofia, all year round. Direct charter flights to the Black Sea (Varna/Bourgas) are available during the spring/summer months and can be booked through local UK travel agents.

Varna Airport (VAR) is 9km (5.5 miles) from the city of Varna. Bus service to Varna city centre departs every 20 minutes. Bourgas Airport (BOJ) is 13km (8 miles) from the city. Bus service departs every 20 minutes to the city centre.

There are also several international Bus stations where all international busses arrive and you can use a rail transport too. Although there are no direct rail services between Bulgaria and Western Europe there are frequent services between Sofia and Belgrade, Bucharest, Thessalonica and Istanbul.

Reaching Bulgaria by car is also convenient. Travelling by car you must enter at an official border point (those with Romania, e.g. Vidin, Oryahovo, Rousse probably being the most convenient). When entering you have to present a document of ownership over your car, if such ownership is not explicitly shown on the documents of its registration. You must also declare your exit crossing and pay the corresponding tax. Speed limits in Bulgaria apply on all public roads - 50 km/h in populated areas, 90 km/h outside towns and villages, 120 km/h on motorways.  

For property in Florida (especally Orlando, Kissimmee, Davenport and Clermont) Greece, Alonissos, The Peloponnese, Skiathos, Skopelos, Zakinthos and Crete contact: John Goodwin - Tel: + 44 (0) 1590 626266