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"High and blue mountains, rivers and
golden valleys, the sky which looks like
woven out of blue silk..." - this is how a
famous and deeply loved by the nation
Bulgarian writer Mladen Isaev, described
my native country. Bright,warm and sunny
summers, crystal-clear, cold and snowy
winters - Bulgaria has it all.The Black Sea
Golden Sands and Sunny Beach Resorts,
the famous Danube river, the highest peaks
of the Balkan Range Mountains, the
Thracian Lowland and the Valley of the
Roses, and of course the ancient Rhodope
Mountains at the Southern border, with
Orpheus’s melodies still resounding in the
air - all of this and much more can be found
only two and a half hours away by plane
from the United Kingdom.
Plamen Dimitrov
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The aim of this article though is not to
teach you geography, but simply advise
you (especially if you have missed out on
the real estate booms in Spain or
Florida) to be quick in making your
choice to invest in property in Bulgaria.
Nowadays Bulgaria occupies the
southeastern part of the Balkan
Peninsula with a territory of 110, 993.6
square kilometres. The country enjoys a
stable macroeconomic climate with
economic growth of around 4.5 per cent,
yearly inflation of 3.8 per cent and a
steady growth in tourism.The Bulgarian
economy presents great opportunities for
foreign investors.The prices are relatively
low and affordable for the UK or Irish
citizens. According to some sources, the
number of Britons buying property in
Bulgaria has risen by 77 per cent in 2005.
In spite of its relatively small
territory, the country has a wide variety
of natural landscape and variable and
complex climate with four seasons.The
scenery changes from vast plains to
areas of rolling hills and high
mountains occupying half of the
country’s territory. The Bulgarian
mountains are easily accessible and
provide very good conditions for winter
sports. Large sandy beaches and
beautiful rocky shores stretch out along
the Bulgarian Black Sea coast. Bulgaria
has got the highest number of mineral
springs in Europe (over 500) - all of
them with proven curative properties.
For more than 13 centuries the
country has been a commercial and
cultural link between East and West.
Bulgaria has served for millennia as a
crossroads of civilisations. Once a bridge
between the Eastern and Western
Roman Empires, Bulgaria today links
the Islamic and Christian worlds, though
considers itself firmly as a Christian
country. In the late seventh century a
branch of the Bulgars, led by Khan
Asparuh, migrated into the northern
Balkans, where they merged with the
local Slavic population and possibly
remnants of the Thracian population to
form the first Bulgarian state in 681 AD.
The Bulgarian state was crushed and
completely subdued in 1018 by the
Byzantine Empire. It was re-established
in 1185. By the end of the 14th century
the country was conquered by the
Ottoman Empire. An autonomous
Bulgarian Principality in its ethnic
borders was proclaimed by the Treaty of
San Stefano on March 3, 1878. After
World War II, in 1946 Bulgaria became
an independent People’s Republic.
Bulgaria joined NATO on March 2,
2004 and is set to join the European
Union on January 1, 2007.
The Bulgarian people have succeeded
in keeping the country’s traditions and
religion as well as its independent spirit
tested in the numerous fights
throughout history. Bulgarians are
famous also for their tolerance and
hospitality. There are lots of
architectural and historical monuments
throughout the country. Some of them
are of international importance and are
under the protection of UNESCO.
Bulgaria is especially proud of its rich
folklore traditions. Folk dances, music,
historic national costumes and
traditional rituals have an important
place in the life of all Bulgarians and
will most certainly be enjoyed and
remembered by all those who visit this
beautiful and culturally diverse country.
The quiet Bulgarian villages, historic
buildings and cosmopolitan cities make
it ideal place to visit all year round.
- In cultural, climatic and geographical
aspects Bulgaria is a marvelous
European spot.
- Bulgaria is a country that not only
has weather comparable to Spain and
other top holiday destinations, but also property prices that are less than
a quarter of their Spanish
counterparts.
- Over 150 days of sunshine a year,
with average summer temperatures of
26ºC (79ºF) and occasionally
climbing to a sizzling 35ºC (95ºF).
- Concentration of all possible forms of
tourism on relatively small area.
- Beautiful blue flag beaches for the
summer holidaymakers and top ski
resorts for winter holidaymakers only
a few hours away.
- Flights are only two and a half to
three hours from the UK or Ireland.
Low-cost airlines are entering the
market and the number of direct
flights is increasing.
- Bulgaria is the fastest growing
holiday destination in the world.
- The cost of living is significantly
lower than in other European
countries.
- Bulgaria is a full member of NATO
and is due to join the EU on January
1, 2007.
- The currency (Lev) is pegged to the
Euro, making it stable and less
volatile. Most property can be bought
and sold in Euros.
- Bulgaria is politically stable, with
government bonds being of
investment grade.
- Excellent capital growth.
- In the last two years property prices
have risen by over 50 per cent in some
regions and are expected to grow at
the same rate as seen in Spain during
the property market boom.
- Highly profitable rental returns are
achieved through holiday rentals.
- Decreasing mortgage rates in the
country make borrowing cheaper.
- The spa properties can be exploited
all-year-round.
- Bulgaria is turning into a leading golf
destination.
- Unique nature and ecological
environment.
Sofia, the Bulgarian capital city is
one of the oldest capital cities in Europe
and can trace its roots back 7,000 years
ago. Today, Sofia has a population of
1.8m people and like all capital cities is
a cosmopolitan city and the hub of the
country’s political, business and
cultural life.  Sofia is modernising
rapidly and the Government has
recently invested substantial sums into
the capital to improve the life of its
people. There is a wide selection of
restaurants in Sofia, catering for every
palette. As well as Bulgarian food, you
will find Italian, Chinese, Indian, and
Mexican. In general, a main course in a
restaurant costs in the region of €5-7.
Bulgarian wine is a well-kept secret,
but not for long, we feel.The quality of
the red and white is very good. Expect
to pay €7-10 Euro for a bottle in a
restaurant. Cafe society is alive and well
in Sofia with a coffee shop on every
street. Even the most expensive bars in
the city are still cheap by the UK and
Irish standards. Hotels vary in price
and quality.You can go for the Sheraton
or SAS Radisson at €150-200 a night,
but if you are on a budget, then choose
one of the local hotels. A night at the
Rodina, for example, costs €50-70. If
still not happy with the price, you can
find a hotel for as little as €30 a night.
You may also consider self-catering
appartments. These generally start at
€35-50 a night and are a great option
for those who are not fussed about
those extra luxuries provided by hotels.
Shopping in Sofia is as good as in any
other European city, with many of the
multinational retailers moving in the
Bulgarian capital. Jewellery, religious
art and art in general are all great
value. Markets are very popular and are
open seven days. Sofia boasts many
parks and green areas for rest.
Investing in property in Sofia is
considered to be the most solid and
offering good returns. The property
market in the capital has experienced a
boom over the last year and this growth
will continue for at least a few more
years, until the property prices in Sofia
catch up with the property prices in
other European capitals. If you are
looking to invest in Sofia, then you can
check out, for example, the Aquarious
Apartment Complex. It is offered as a
four-star apartment complex, situated
at the foothills of Vitosha Mountain,
just 15 minutes’ drive to the city centre
and only four minutes’ one to a ski lift.
The Aquarious is a luxury new
development set within its own
extensive and peaceful grounds. The
complex offers a swimming pool, a
playground and numerous footpaths
that will transform it into a highly
desirable location. Such apartments are
for sale completely finished, and with
kitchen electrical appliances. Prices
start at €55,230 (£37,657).
Rugged snow-capped peaks and soft
green slopes, cool forests carrying the
aroma of herbs and wild fruit, quickflowing
rivers and crystal-clear blue
lakes, mineral springs and bioreserves,
rare plants and game, large ski resorts
and small picturesque villages with
living traditions and folklore are the
most typical characteristics of the
Bulgarian countryside. Every
Bulgarian mountain has its individual
appearance and a beautiful name. The
Bulgarian Government, in an effort to
boost tourism, is investing heavily to
improve the ski resorts and develop
new ones. Ski season is, in general, from
December through to the beginning ofApril. Bansko, Borovets and
Pamporovo are also perfect holiday
destinations during the summer. The
Bulgarian spa resorts have the
advantage of being located in very
favourable climatic regions, affording
the exceptional possibility of
combining balneotherapy with climatic
treatment.
Due to favourable climate, golf can
be played for seven to nine months a
year. At least 40 golf courses will be
built all over Bulgaria by 2020,
according to forecast of Sofia Tourism
Council. The golf complexes will be
mostly situated along the Black Sea
coast, round the major cities of Plovdiv
and Sofia. As the property market has
matured in Bulgaria over the last
couple of years, it was only natural
that, following the "Spanish model",
golf courses would become the next big
thing. It would appear this is now the
case! So,whether you are an investor or
a keen golfer, keep an eye on the
developments in Bulgaria. Certainly,
Bulgaria as a country has the variety of
scenery and locations for golf.There is
a possibility of golf becoming "the next
big thing" here!
Bansko is the only resort in Bulgaria
which combines the three major types
of tourism - ski, golf and spa. As such it
is the most rapidly developing resort
not only in Bulgaria but probably in the
whole of Europe. This top investment
destination has attracted millions of
pounds in investments from Bulgarians
and foreigners alike and will continue
to grow for a few more years. "Now is
the time to act and make profit",
advises Bulgarian Property
Consultants Ltd.
Aparthotel "Emerald" is situated 50
metres from the Gondola lift and 15
min by foot from the centre of town. Its
two sections contain 30 studios and 24
appartments and a hotel section. For
convenience of everyone who invests or
comes to enjoy their holiday, the
complex has modern facilities such as a
lobby bar, restaurant, solarium, fitness
centre and a swimming-pool. Prices
start at €54,187 (£36,946).
The Black Sea washes the eastern
Bulgarian coast, which offers a
fantastic 380- kilometre stretch of
beaches, calm and safe sea, clear water
and healthy air, fine golden sand and
natural dunes, mineral water springs,
blue flag winning resorts, holiday
villages and campsites. Average air
temperature in the summer is about
28ºC, water temperature 25ºC. There
are more than 240 hours of sunshine in
May and September and more than 300
hours in July and August. The two
international airports of Varna and
Bourgas connect the Bulgarian Riviera
to the world.
The Bulgarian Riviera has been a
favourite place for holiday during the
summer since the late 1950s.Today, the
growing interest in the Bulgarian seaside
resorts affected the property market on
the coast as well. The main investment
hot spots are Sunny Beach, Nessebar,
Sozopol,Varna, Golden Sands, and some
smaller resorts. If you are looking to
invest in a beach resort, then perhaps you
would like to consider Apolon Complex.
It will be located two kilometres away
from the centre of one of the oldest
towns in Europe - Nessebar, near to the
road connecting Ravda and Nessebar.
This complex will be built 100 metres
from the sea, next to the planned leisure
centere, near the beautiful resorts of
Nessebar and Ravda. It will have an
outdoor parking, lifts, solarium, tennis
court, 24-hour security, fitness centre,
bar, swimming pool and a spa. Prices
start at €35,046 (23,895).
Bulgaria offers an exceptional value
for money if you are looking to
purchase a lovely home in the
countryside. These properties are
preferred by people who want to live in
a peaceful and unpolluted place, and in
harmony with nature. If you become a
countryside/village property owner,
there will be many possibilities for
hunting, fishing, or just sunbathing on a
river’s bank. Many companies offer
different properties of this type in most
parts of Bulgaria. As an example, a
luxurious, traditional Bulgarian house,located in a peaceful countryside 45
kilometres away from Varna, is
currently on sale for the price of
€75,000 (around £51,000). It consists
of seven rooms, two bathrooms and two
toilets, and a BBQ area in the large
garden of 1,250 square metres.
The State Privatisation process has
not finished yet. Essential industrial
and commercial properties, owned by
the Government, could be bought
directly from the owner or, if already
sold, obtained on the secondary market
and on the Exchange. The main
responsibility for these properties lies
with the Privatisation Agency. There
are also Regional Privatisation
Agencies in big cities such as Sofia,
Varna, Bourgas, Plovdiv or Rousse.
With assistance from these institutions
you can invest in small and medium
enterprises, some state hotels as well as
industrial and commercial property
which can also be bought from private
companies and funds.
The Government has been recently
encouraging investors to locate their
capital in agricultural property with
vineyards, vegetable gardens or
orchards. As agriculture used to be and
still is a traditional source of livelihood
in Bulgaria, backed by years of
experience, investing in this type of
property could be highly profitable and
bring good returns.
A new investment always carries a
certain degree of risk. But if it were not
the case, then everyone would want to
be an investor! As far as investing in
Bulgaria goes, for more reassurance
visit the website of SofiaEcho
(www.sofiaecho.com). On 12 of July
2006, visitors to the website where
asked the following question: "Do you
think it is a good investment to buy a
property in Bulgaria?" Unsurprisingly,
the answers were:
"Yes" - 81,08 %
"No" - 18,92 %
To make a successful investment you
need to buy at the right moment and in
the right place. My believe is that now is
the time to invest in property in
Bulgaria.The decision is yours.
The purchasing process can be
summarised in a few consecutive steps.
- Obtaining legal advice and getting
acquainted with the country, its
legislative system, population,
traditions and different areas;
- Choosing an area;
This should depend on your taste and
preferences;
- Choosing a real estate agency;
One of the most important things is to
choose a reliable real estate agency
with a good reputation. A customer
should be offered a range of services
and be assisted throughout the entire
process of buying a property and
beyond, including: consultancy and
recommendation, arranging viewings
and transportation, assistance in
furnishing your new home, managing
your property.
- Choosing legal advice and solicitor
services
It is strongly recommended that one
uses the services of a Bulgarian
English- speaking solicitor who will
eliminate any troubles that may
occur as a result of your lack of
knowledge of the Bulgarian law or
dealing with malevolent agents and
building companies.
In your investment attempts in
Bulgaria you could try to consult
organisations such as the
Privatisation Agency, the Bulgarian
Association of Real Estate
Specialists, Bulgarian Property
Consultants Ltd. and other Regional
and Branch Associations. All these
organisations offer quality services
provided by a reliable team of
professionals.
- Choosing a property
The type of your property should
depend on the purpose for which it is
being bought, i.e. are you looking for
an investment, permanent residence
or a holiday home? With this in mind
you should remember that according
to the Bulgarian Law of Trade, in
order to purchase property in
Bulgaria a non-Bulgarian purchaser
has to set up a company. It is an easy
process,which takes between five and
twenty days and costs €500
(inclusive of the notary fees, stamp
duty and some taxes).The minimum
starting capital required for company
registration is €2,550. This amount
is 100 per cent refundable after the
registration of the company has been
completed! Once the company is set
up, it is allowed to own as many
properties as it desires.
With such knowledge on hand and a
strong desire to own a property in
Bulgaria, you are bound to make a
winning investment in this marvellous
European country, which I thoroughly
recommend!
Plamen Dimitrov is Counselor and
Head of Commercial & Economic
Section at the Embassy of the Republic
of Bulgaria in London. He assumed this
position in June 2006. Mr Dimitrov
worked for many years at the Ministry
of Foreign Economic Relations in
Bulgaria and was Deputy Minister of
Industry of Bulgaria and Head of
Bulgarian Delegation to several
sessions of UNIDO.
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Ski, spa and golf resorts
