How to sell or to buy property in Bulgaria during quarantine
These days, the majority of countries announced self-isolation of people and quarantine. This violated the plans of those who planned to acquire property in Bulgaria. The borders are closed institutions work in a remote mode or half a day. The world seems to stay on one place. But there is no need to panic and reject the plans. Probably, quarantine is the best time to buy cheap apartment in Bulgaria.
Action plan – what should people do if they plan to purchase an apartment in Bulgaria during quarantine
Authorities of Bulgaria, like many countries of Europe, Asia, America, have announced quarantine and an isolation regime. It means people must stay home. They can go outside only for shopping, to a drugstore or work.
It seems that it is impossible to buy an apartment now. Is it so?
There are several situations real and potential property buyers face now:
- The preliminary sales contract is signed, downpayment is made but the country borders are closed, so the seller or the buyer cannot attend the deal.
This situation can be solved if the party, who does not have a possibility to come, issues a Letter of Attorney to the Apart Estate specialists. The document should entitle the company brokers to order and collect a cadastral scheme, tax evaluation certificate, certificate that the real estate is not encumbered, and other documents. The L/A must entitle the broker to represent the buyer/ seller at the notary, in a bank, real estate registration institutions. Additional declarations required by the law, to be provided along with the Letter of Attorney. We will send you the list and the samples. After that the representatives of our company collect the documents, register the deal and make sure that the payment per the contract is made in time and in full volume.
- The second situation happens when the buyer has chosen the flat, but the sales contract is not signed, prepayment is not made.
We can easily solve this issue as well. The preliminary contract will be signed electronically. If necessary, the original to be mailed. After that the buyer makes downpayment to a bank account. The party, who is outside Bulgaria, submits all the necessary declaration and a L/A to Apart Estate. We gather the documents and register sale.
- The buyers have visited Bulgaria, but have not chosen a flat, living complex or a location.
Still, they want to acquire an apartment. No need to worry – this problem can also be solved. Tell us your budget, how many rooms should be in the apartment; on what floor it should be located, what views you prefer, what is acceptable service fee, if there are any special infrastructure requirements. We will find the best offers, make high-quality pictures, video, submit all the necessary information. You will see each corner of your future flat as if you yourself are there. The option works if you want to buy property from developers or resellers. A routine procedure follows after you have chosen an apartment or a house. It includes signing the preliminary contract, downpayment transfer, documents’ collection, deal registration and full payment.
Nothing is impossible, there are workable solutions in any situation.
How notaries and other institutions work during quarantine
One of the main concerns in the current emergency situation is how notaries, banks and state institutions work, if work at all.
All above listed entities are open with some working time corrections. If the procedure is properly planned, one can quickly prepare and pass the deal.
The notary deal registration is the most important step in the sales process, so find some comments how the notaries work these days:
- Not all the notaries may register property sales.
- The working time is short.
- Only a limited number of deals to be registered per a day.
Apart Estate pays special attention to all these chances and plans all the deals in the best possible way. This allows avoiding any issues with the sales process and keeping the parties happy.
Property prices tendencies
In the end of 2019-beginning of 2020, the analytics forecasted that the property prices in Bulgaria will stay the same as during the last year level or start growing.
However, the life has made corrections. An emergency situation was announced, and prices for flats went down. Today, the general reduction is not obvious and can be seen when sellers provide deep discounts for actual sales.
The tendency of housing prices reduction will become obvious, if quarantine lasts long. Both developers and resellers would sell real estate at deep discounts. As no one knows how long these low prices sya valid, it is better not to delay buying a flat. As soon as quarantine is over, the borders open, and the prices go up. That is why the best time for purchasing real estate is now.
Several pieces of advice from Apart Estate
Taking the current situation, let us share some pieces of advice with you:
- Do not be afraid of acquiring property during crisis. Based on the many years of experience, we can tell – the crisis is the proper time to make important steps. There is a rich choice of housing and just a few buyers.
- The situation is a good time for discounts. It is your chance to buy a luxury apartment at a low price.
- Demand for houses with land grows up. If you have planned to buy a cottage, villa or a townhouse, throw the doubts away, purchase now!
Apart Estate keeps on working for you. We have adopted our business in compliance with today’s situation, learned to fulfill many tasks remotely in a complete compliance with legislation.
Contact us – we would be happy to offer you the best studio, one-bedroom, two-bedroom, three-bedroom apartments, houses and cottages. We will advise you how to buy property in Bulgaria during quarantine.