How a citizen of Israel can buy property in Bulgaria?
Bulgarian property is becoming more and more popular among citizens of Israel. Many people consider purchasing a flat in Bulgaria to move from Israel upon retirement. Cottages, village houses, townhouses and apartments near the sea, in mountains and large cities are suitable for permanent living, short-time vacations and as an investment.
Apart Estate agency specialists have more than 15 years’ experience in the real estate business. During this period hundreds of foreign citizens, including people living in Israel, have become our clients. We do not just help to buy (sell) real estate in Bulgaria, but also provide real estate management services, advise on issues of moving, obtaining a residence permit and permanent residence right. If necessary, we organize a transfer, introductory tours in Bulgaria and remote purchase (sale) deals.
We do not recommend buying property in Bulgaria without a real estate agent. Purchasing an apartment or a house in Bulgaria without knowing the language and all the legal issues is an unjustified risk. To avoid potential risks, 97.8% of all sales and purchases involving foreigners in Bulgaria are carried out with the assistance of real estate agents.
Apart Estate takes care of its clients, and since 2021, the agency has its own representative in Israel – Irina Malazin. You can contact her by phone / viber / whatsapp: +972 52-287-2608, +972 54-308-5825. Irina speaks Russian and Hebrew. Her main focus is to advise clients in Israel on buying the Bulgarian real estate.
You can also write or call our Bulgarian office directly using the messengers convenient for you, or send an email (section - Contacts).
Please note that based on the current legislation, foreigners (with the exception of EU citizens), cannot acquire ownership of land plots. However there is a legal way to get around this limitation. It is enough to register a legal entity and register a land plot for your own company.
If necessary, Apart Estate agency will help you to open a company and prepare all the necessary documents.
The procedure of closing the deal for the sale and purchase of real estate in Bulgaria includes several steps:
- Opening a local bank account (you still can use your account in your own country, but it will slow the deal).
- Signing a deposit/ preliminary sales agreement which regulates advance payment and property reservation issues.
- Notary registration of the transaction. Full payment is to be made at this stage.
- Registration of the Act of purchase and sale in Bulstat.
- Registration of the property with the tax office and conclusion of public utilities’ supply contracts.
Apart Estate offers services of remote (remote) transaction registration. The buyer needs to come to Bulgaria once in order to choose a property, agree on all the points connected with the deal and issue a notarized power of attorney for an Apart Estate representative. Our specialists will do the rest based on the power of attorney.
Why to buy real estate in Bulgaria
There are many Israeli citizens among our agency clients. These are mainly people who used to live in previous USSR republics and then moved to Israel. Still, there are many customers who were born in Israel.
There are several reasons why it is Bulgarian real estate which is so much demanded by the Israelis.
The main reason is economic. An easy calculation shows that the Israelis get higher salaries and pensions. Bulgarian food and services prices are low. This gives a good compromise – an income which seems to be quite low in Israel turns out to be sufficient for a comfortable life in the Balkan country.
Not all the people can afford buying an apartment in Israel. At the same time high-quality real estate in Bulgaria is cheap. Pensioners, families with children can afford purchasing luxurious houses and flats. And the choice is huge – there are modern townhouses, elite villas, studio apartments on the first sea line, flats with one, two bedrooms with sea views.
Among other reasons:
- Israeli citizens do not need a Bulgarian visa.
- Retired people can get a residence permit. They are eligible to apply as pensioners with stable income, owners of property which cost over 300,000 Euro or representatives of international companies.
- Israeli pensioners keep a right to get a pension.
- Bulgaria has a wonderful climate.
- There are many unique and very beautiful places to live. Real estate is offered near the sea and in the mountains.
- High-quality food at cheap prices.
- Local people are loyal to foreigners.
Special opportunities for pensioners
Apartments and houses in the Balkan country fascinate Israeli pensioners. One of the main reasons is that there is an agreement between Israel and Bulgaria based on which Israelis keep on receiving a regular pension.
It consists of 2 parts. The first one is paid to elderly people as soon as they achieve a specific age. This old-age pension is about 400 Euro or 800 Leva. To better understand what this amount means for Bulgarians, will give you one sample – their average salary is less than 800 Leva.
The second part is paid to the people who had sufficient working experience. If it is not enough, senior citizens can apply for a special social allowance. This rule is valid providing they stay in Israel more than 72 days a year.
Is it expensive to buy an apartment in Bulgaria?
Bulgarian property prices are low. Still, construction uses modern materials and new technologies, so low prices do not mean poor quality.
One-bedroom apartments’ average prices vary from 25,000 to 40,000 Euro. The cheapest property in Sunny Beach costs 15,000-22,000 Euro. Real estate in fashionable hotels is 1,500-2,500 Euro/ sq. m. Flats’ prices in living houses in Burgas, Varna start from Euro 60,000.
Additional charges and fees to be paid:
- Notary charges;
- Real estate tax;
- Lawyers and translators’ charges;
- Real estate registration agency fee.
The total costs are about 4-4,5% of the selling price.
Is there a way to earn money renting Bulgarian property?
If you decided to buy a sea apartment or a cottage, but do not plan to live there more than 1-2 months/ year, you have an excellent chance to get an additional income.
Sea property is a good short-time and long-time rental option. Renting housing on the first or second sea line for 3 summer months will bring you about 3,000 Euro. Annual long-term rental of housing in residential buildings will secure the same income.
Is there anything which requires your special attention?
Bulgarian real estate is available for sale in complexes and residential buildings. Owners of housing in closed complexes get a right to use swimming pools, playgrounds and sport’s grounds. A managing company is responsible for security and order and charge annual maintenance fee. Amounts are determined by each complex.
The average monthly service charge in residential buildings is 5 Euro and covers lighting and cleaning.
The Apart Estate agency database has all kinds of property. There are studio apartments on the first sea line, flats with one, two bedrooms with sea views, cottages on a shore and village houses. Property is suitable for permanent living, vacations and rental.