Property Abroad - Bulgaria

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Property Abroad - Bulgaria

Set in Eastern Europe, with 354km of beautiful coastline, Bulgaria is an up and coming property investment goldmine. Its seawater is exceptionally clean, non tidal and is bordered by beautiful sandy beaches. In summer, the Black Sea is actually warmer than the Mediterranean.

Bulgaria is not currently a member of the EU, but the country has received a formal invitation to join in 2007, with the likelihood of membership being high.

Direct flights from the UK to Sofia in Bulgaria take approximately two and a half hours, thus making it an ideal holiday destination.

Property prices are still well below those of other European countries, but with the economy expanding rapidly, property prices are beginning to rise. Once you have found your property, it is advisable to instruct a reputable Bulgarian Solicitor to act on your behalf. When the time comes to sign the purchase contract (notary act) this must be done in front of a Bulgarian Notary either in Bulgaria or at the Bulgarian embassy in London.

Under current Bulgarian law, whilst foreign private individuals can purchase property in the country, they cannot purchase land. Foreigners can, however set up a Bulgarian company to hold land and property for them. To set up such a company will cost less than £600. It is likely that once the country becomes part of the EU, these regulations will be relaxed.

With its currency fixed against the euro, rapidly expanding economy, rising property prices and excellent travel links, Bulgaria could well prove to be a sound property investment.