Is it worth buying an apartment in Bulgaria in 2023? The advantages of buying Bulgarian property for foreigners
Potential real estate buyers and those who just think about buying a Bulgarian property often wonder what the advantages of buying an apartment in Bulgaria are. If you keep on asking yourself the same question or if you doubt whether it makes sense to invest in Bulgarian property, Apart Estate experts will help you determine advantages of buying an apartment or a house in Bulgaria.
Here are just a few key benefits.
Opportunity to choose a convenient place for living
Bulgaria is very different. Fans of the sea, beaches, forests, mountains and historical sites will for sure find their favorite place here.
You can buy a house or apartment by the sea. Thus you will have a possibility to come here on vacation or move for permanent residence. Sozopol, Nessebar, St. Vlas, or Burgas are cities that are perfect for living and vacationing. It is here where you can find a job. There are schools and kindergartens for children. Shops, restaurants, hospitals, pharmacies, notaries and banks are open all year round.
Apart Estate recommends property in Bansko or Pamporovo for winter sports and nature enthusiasts. Like in coastal towns, these cities have a well-developed social and tourist infrastructure, which makes it possible to live comfortably.
Bulgaria is rich in cozy villages where you can buy a house or a cottage. Many citizens of Germany, Austria, Great Britain, Israel and Bulgaria have already found their homes in Goritsa, Medovo, Aleksandrovo, Marinka, Izgrev, or Kosharitsa. Some have set up a summer cottage here, others have moved for permanent living.
Low living costs
Life in Bulgaria is quite affordable for people even with low income, including pensioners.
According to various studies, this is one of the most inexpensive countries in Europe. The monthly expenses of a person with average needs are about 500 euros. This includes utility bills, the cost of food, medicine, clothes, shoes, inexpensive vacations, and traveling.
Property is also quite cheap. Budget real estate can be bought in Sunny Beach, Ravda, and the resort towns on the southern Black Sea coast. The average price per square meter is 800-900 euros.
More expensive apartments and houses are in large cities, including Burgas. Prices in remote neighborhoods here start from 850 euros/sq. m, in prestigious and central areas – from 1,250 euros. Note that these prices are valid for unfinished and unfurnished apartments in construction. Real estate ready for living is much more expensive.
Opportunity to obtain multi visa
If property owners live in a country whose citizens cannot use the visa-free regime to visit Bulgaria, they may qualify for a long-term multiple-entry visa.
You can get a visa for a period of 3 years, and will have a possibility to come to Bulgaria several times and to stay here for a total of 3 months.
Similar conditions apply to family members of property owners.
Simpler process for obtaining a residence permit
The opportunity to live in another country, to come here at any time, not to depend on obtaining visas, and the political and economic crisis is appreciated by citizens of the vast majority of states. It is especially valuable if a residence permit can be obtained in a European country. Its owners have unique opportunities to develop their internal potential and business.
However, fewer and fewer countries issue residence permits on the basis of real estate ownership. In Bulgaria, it is also impossible to obtain the right to temporary or long-term residence solely on the basis of owning property in this country.
However, it is worth remembering that in order to apply for a permit, you need to provide proof that you have where to live. The easiest way to do this is to show a Notary Act for an apartment or house you own to the migration authorities.
Those who rent real estate have to ask property owners to provide a rental agreement, and a declaration confirming the fact of the rent. It is not always possible.
Pension payment agreements
Bulgaria has entered into agreements with many countries which assure pension transfers. This means that pensioners from Russia, Israel, and Ukraine can live in Bulgaria and receive pensions earned in these states through the BulgariPayments are paid out regularly in Bulgarian leva.
Getting additional income
Quite often, buyers of real estate purchase it as an investment and then rent it out. You can rent out apartments for a long time in Burgas, Nessebar, or Bansko, where life is in full swing all year round. Here, there are always many young people, businessmen, families and retirees who still prefer to live in a rented apartment.
This brings a stable passive income, which allows you to live for your own pleasure, save money for education, travel, and the purchase of a new apartment or office.
At the resorts, studios, apartments, and townhouses are rented for a short time – from a few days to two or three months. Renting resort real estate out, its owners receive a more irregular, but higher income. For example, when renting a one-bedroom apartment out in Sunny Beach for the summer, you can get about 3 thousand euros.
Another reason why Apart Estate recommends buying property in Bulgaria is its high liquidity and constant price growth.
Real estate near the sea and in large cities is in stable demand. This is a great investment and many people take advantage of it, especially during times of economic turbulence.
It is extremely rare for owners of apartments in Burgas, Sozopol or other settlements to sell them at a loss or without profit. The annual price increase is at least 5%, which always allows you to count on additional income.
On the other hand, there is a recent trend based on which people buy apartments under construction and resell them after receiving Act 16. Many investors do their own repairs and sell flats which are ready to move in. The current profit is about 15%, reaching 25% in some cases.
Buying property in Bulgaria gives you many advantages. Experienced staff of the Apart Estate agency will help you to get rid of doubts and choose the best option. Our database includes apartments by the sea, flats in ski resorts, and houses in the countryside.