Property for sale Bulgaria

For a third year in a row BULGARIAN PROPERTIES was announced number one broker in the country in the Property Insurance category by one of the biggest insurance companies in Bulgaria - Allianz. The award was presented to BULGARIAN PROPERTIES' insurance expert Galya Zlatanova during the conference of the insurance company at the Park Hotel Moskva on 16.02.2009.

BULGARIAN PROPERTIES Insurance department is one of the company’s first departments as apart from taking out property insurances for its clients it also takes care of the renewal of the insurance policies and provides assistance in case of an occurrence of an insured event. Besides insurance of immovable property the company also offers all other types of insurance.

For insurance consultations please contact Galya Zlatanova via e-mail or call +359 2 868 1188.

More on the topic:

Property Insurance in Bulgaria. Insurance Prices.

BULGARIAN PROPERTIES Analyze Property Insurance in Bulgaria on TV2 Channel

Property insurance

The Bulgarian natural phenomenon Belogradchik Rocks (northwestern Bulgaria, Vidin region) topped the New 7 Wonders of Nature world ranking as it got ahead of the Davolja Varos rock formation in Serbia and the world famous Grand Canyon in North America.

Currently the Belogradchik Rocks top the category Caves, Rock Formations, Valleys, as the total number of the categories in the ranking is seven.

The voting for the New 7 Wonders of Nature will continue until July 7th when the competing 260 natural sites will be reduced to 77 – 11 in each category. From those 77 a group of experts will then choose 21 which in the end will be reduced to seven. The new seven wonders of nature will become known in 2011.

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On February 12th BULGARIAN PROPERTIES’ Operations Manager Polina Stoykova commented the property insurance market in Bulgaria in the evening program of the national television channel TV2.

Ms. Stoykova explained that as a whole Bulgarians are not used to insuring their properties as she added that an exception to the rule are the wealthier buyers. According to the data of the Insurance Unit at BULGARIAN PROPERTIES most of the insurances made in Sofia region are for apartments whose price is between 70,000 and 100,000 Euro.

The insurance premium is defined on the basis of the insurance company tariffs and depends on the type and location of the property insured, its insurance price, the agreed range of the insurance cover and the specific risk factors. For example, a property in Sofia with a price of 50,000 Euro can have a base cover insurance for about 150-200 BGN. For any extended covers that include furnishing and domestic appliances the price of the insurance increases.

In contrast to the company’s Bulgarian clients the foreign buyers demand almost in all cases to have their properties insured. That is why from the very beginning of the company’s activity BULGARIAN PROPERTIES set up the Insurance Unit. Apart from everything else this unit takes care of the renewal of the insurance policies and provides assistance in case of an occurrence of an insured event. Besides insurance of immovable property the company also offers all other types of insurance.

For a third year in a row the Insurance Unit of BULGARIAN PROPERTIES was announced number one broker in the country by one of the biggest insurance companies in Bulgaria.

For more information please contact our insurance expert Galya Zlatanova by e-mail or at +359 2 868 11 88, mobile +359 888 880 859

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Croatian National Television HRT (Hrvatska radiotelevizija) sought the expert opinion of BULGARIAN PROPERTIES – the company with the widest experience in selling properties to foreigners in Bulgaria. On February 2nd BULGARIAN PROPERTIES’ Operations Manager Polina Stoykova commented on the HRT program Otvoreno the effect of the property market boom, which was the result of property deals with foreigners, had in Bulgaria.

The interest toward Bulgaria’s experience came as a result of the new law that came into force in Croatia according to which foreigners are now allowed to purchase properties in the country. The law came into effect in the beginning of February, before the country’s accession to the European Union. Before that there was a restrictive regime regarding property deals with foreigners in the country.

Polina Stoykova explained that with regard to real estate limitations nothing changed after Bulgaria’s accession to the EU – foreigners are still not allowed to buy land as natural persons. Foreign buyers can buy apartments but this was allowed prior to Bulgaria’s becoming an EU member as well.

The Croatian community was interested in finding out the average prices of properties along the Black Sea coast and in the capital Sofia and how they have changed in the last few years. According to the data of BULGARIAN PROPERTIES in the last 4-5 years property prices increased by about 30% a year as according to the company’s 2008 annual report the average price of concluded deals with houses close to the sea is 30,000 Euro and with apartments in Sofia – 96,200 Euro. Prices of apartments in the seaside resorts vary quite a lot – from 500 to 2,500 Euro per square meter. Croatian specialists commented that these prices are quite low and attractive despite the boom in the property sector as Croatian real estate was a lot more expensive even before the liberalization of the law.

On the question what nationalities make up the majority of property buyers in Bulgaria in the last few years Polina Stoykova replied explicitly that it was the English and Irish as lately Bulgaria was becoming a popular destination with Eastern Europeans as well.

In conclusion, Ms. Stoykova commented on how this process has affected Bulgaria and explained that the overall effect was positive – the boom in the building industry and in the ones related to it which has contributed to the country’s general economic growth in the last few years and in a social aspect the effects are the numerous renovated houses, the new culture brought by the foreign buyers and settlers, the development of the local economies, the higher employment rate in the villages and towns which foreigners have chosen as their second homes.

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BULGARIAN PROPERTIES would like to remind all our clients who have registered companies in Bulgaria that they are subject to Bulgarian tax legislation.

The tax year runs from 1st January to 31st December and company tax returns must be submitted by 31st March. Corporate taxes (if due) must be paid not later than 31st March. Even if your company is not actively trading, a tax declaration still needs to be submitted. The fine for not submitting a financial report plus a tax declaration for the company’s activities is from 500 to 3000 BGN. You as managers and shareholders of these companies are ultimately responsible for ensuring that the tax declaration is completed on time.

Tax return declarations prepared by certified accountants are compulsory no matter whether the company is active or not.

We would welcome any enquiries from clients who have companies registered in Bulgaria and require assistance with arranging their company accountancy in order to avoid any problems with the Bulgarian Tax Administration.

BULGARIAN PROPERTIES took part in a two-day real estate fair which took place on 25th and 26th January 2009 in Kuwait. The fair was organized at al-Raya hall of the Courtyard Marriot Hotel under the theme Most Powerful Real Estate Gathering in Kuwait.
The visitors at the fair had the opportunity to look at and choose properties both in Kuwait and the Gulf area and from all over the world.

The visitors and the potential buyers took keen interest in Bulgaria as a property buying spot. What the Kuwaiti buyers like about Bulgaria is the beautiful nature and the favorable climate suitable both for winter and summer tourism. The lush landscape and the hospitality of the Bulgarian people are the main characteristics attracting Kuwaiti buyers to Bulgaria.

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