Feb-25-2010 By BULGARIAN PROPERTIES Head Office
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.
Feb-24-2010 By primelocation.com, 24.02.2010
The interest in purchasing a property in Bulgaria seems to be increasing once again among British buyers. This is what the latest International Search Index of British property portal Primelocation.com shows.
According to the property portal Bulgaria is among the countries that registered the highest monthly search increase of 60% in January 2010.
Thus despite the fact that Bulgaria has only 0.6% of the total number of enquiries it manages to keep its 10th place from January last year. In the annual change in the number of searches Bulgaria registered an increase of 2%.
The total number of searches for international property increased by 134% between January 2009 and 2010 and by 25% in January 2010 compared to December 2009.
The leader among the most sought property destinations is Spain with a share of 35% of all searches, followed by France with 29% and the USA with 17%. The top 10 countries also include Portugal, Italy, Australia, UAE, Cyprus and Turkey.
Ann Wright, International Development Manager at Primelocation.com, comments:
"The upsurge in interest in international property shows no sign of abating: January is the third consecutive month to have recorded an annual increase in searches of more than 100%.”
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Feb-22-2010 By BULGARIAN PROPERTIES
In a report shown on Bulgarian PRO.BG television on Friday, February 19th, the Chief Operations Manager of BULGARIAN PROPERTIES Polina Stoykova commented that from the middle of 2009 until now the number of property offers with discounted prices the company offers has increased threefold, as the price decrease varies from 5 to 60%.
The prices of holiday properties have fallen most as in the ski resort of Bansko their prices have gone down by an average of 25% and in the seaside resort of Sunny Beach – by 20%.
Prices of city property have fallen less as in most cases the apartments there were purchased with the aim of living in them and not to be rented to affluent tourists. Therefore the price decrease in Sofia, Varna and Bourgas is noticeably lower.
According to Konstantin Kalachev – one of the top sales agents of BULGARIAN PROPERTIES – the lower prices have resulted in more viewing trips and now there are quite a few properties with attractive prices on the market.
The price decrease is expected to continue till the end of 2010, as according to Polina Stoykova prices might fall by a further 10%.
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Has the Bulgarian property market reached the bottom?
Feb-15-2010 By deltanews.bg, 15.02.2010
The real estate agency BULGARIAN PROPERTIES registers a considerable stir on the ski property market in Bansko.
The average price of the apartments sold by the company in January 2010 is 38,000 Euro, as it is the same as in December 2009. The decrease on an annual basis - in 2009 compared to 2008 when the average price was 66,000 Euro – is 41%.
“With prices starting from 650 Euro/sq.m. more and more Bulgarians use the possibility to buy a good holiday property in Bansko. Foreigners are also quite active”, says Polina Stoykova, the agency’s Chief Operations Manager.
According to Ms Stoykova the most sought properties are new apartments, not bigger than 50-60 sq.m., with as many extras as possible in the development where they are located – a parking space, a restaurant, a gym, a swimming pool, SPA procedures, a tennis court, etc.
“In January 2010 the interest in the resorts of Borovets and Pamporovo remains low”, real estate agents say although there are offers in Pamporovo starting from as low as 500 Euro/sq.m.
“Property prices in Borovets have not decreased by more than 10-15% on an annual basis, so there are no deals and it is difficult to make comparisons”, BULGARIAN PROPERTIES experts say.
However, prices of rural properties returned to their levels from five years ago, agency data shows. In 2009 the decrease in the number of deals with rural properties is 41% compared to 2008 (after a decrease of 43.5% in 2008 compared to 2007).
It is exactly the low prices that restored the interest of the buyers in cheap rural properties. However, this time it is not only the Brits who are interested in buying a rural home, but also many Bulgarians, Russians and representatives of various nationalities from around the world, experts explain.
The greatest price decrease is registered in the villages around the capital Sofia (19,250 Euro – 35%), Varna (14 800 Euro - 53%), Bourgas (19 700 Euro - 32%), Kardzhali, Vidin and Montana – these are the regions where property prices increased considerably in the last few years. There is a price decrease even in the area of Veliko Tarnovo – 11,525 Euro or 19%.
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Has the Bulgarian property market reached the bottom?
Feb-12-2010 By Imam Imot Magazine, vol.2, February 2010
Has the time come when more and more people in Bulgaria will prefer to rent a property than to pay big mortgage installments? At first glance we might be embracing this practice which has long been the case in many of the developed countries. Last year the ratio between the number of rental and sale property deals is 70 to 30. But still 2009 was the year of the peak of the economic crisis, the property sector was hit hardest and the number of concluded deals decreased drastically – by up to 50%. In the smaller towns the market was at a complete standstill, there was some activity in the big cities, mainly in Sofia and Varna. That is why for now sales agents are cautious in predicting whether there is a change coming in favor of renting – also a result of the more dynamic life we lead and people’s bigger mobility.
On the whole, the two things cannot be compared in view of the end result because the aim of the purchase of a real estate is not only to live in it but also to make a long-term investment, says Polina Stoykova, Chief Operations Manager of BULGARIAN PROPERTIES. However, both variants solve one and the same need people have – that of having a home.
The choice between renting out and buying depends on the financial status, the manager of a leading lending center comments. According to real estate agents one of the main factors tipping the balance in one or the other direction is how much people feel secure in their job right now.
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Has the Bulgarian property market reached the bottom?
Feb-11-2010 By BULGARIAN PROPERTIES
According to the data of BULGARIAN PROPERTIES 18% of the active offers on the company’s site are with discounted prices as the trend from the beginning of 2010 is for sellers to actively decrease the prices of their offers. In the last quarter of 2009 the number of discounted offers didn't change much as sellers were unwilling to reduce the prices of their offers. To compare the number in June 2009 the discounted offers made up only 5% of the active offers in the company. This means that for a little more than a year there is an almost fourfold growth of the number of discounted properties. A large part of the new offers should also be added to this section as they are published at a lower price as the market demands it.
The average decrease of the offer prices is as follows:
• 20% - average for the country
• 17% - Sofia
• 14% - Varna
• 25% - Bansko
• 19% - Sunny Beach
• 15% - Bourgas
• 15% - Plovdiv
• 22% - rural properties
The decreases in the latest discounted properties on the company’s site is between 4 and 67%, the average decrease being 20%.
The reported decrease in the prices of the actual concluded deals of BULGARIAN PROPERTIES for 2009 compared to 2008 is 36%, i.e. there is still a discrepancy between the offer prices and the prices at which the deals are actually concluded by about 15%.
The additional discounts from the offer prices from June 2009 up to now vary between 4 and 7%.
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Has the Bulgarian property market reached the bottom?
