Bulgaria is beautiful, ancient, interesting and mysterious. What is also important is it is absolutely safe and the cost of living is very low. The warm season is from May to October. The wonderful climate and long stretches of magnificent beaches ensure the tourist industry success story will grow for many years to come.
Natural and Cultural Factors
•11 "Blue Flag" beaches along 354km of Black Sea Coast
•37,500km hiking paths and mountain trails
•Roman, Greek and Thracian historical attractions, which includes nine UNESCO world heritage sites
•Top ski resorts with latest equipment - See Bulgaria ski resorts
•Modern, vibrant city of Sofia, steeped in history and bustling with 21st century commercialism. See Sofia city property investment.
•Budget air services and short direct flight times from Europe.
•Borders with Greece, Macedonia, Romania, Serbia and Montenegro and Turkey
•Low population density
•Average air temperature on Black Sea Coast in summer is 27°C and the average water temperature is 22°C
•Over 500 mineral springs, some with world-class spa facilities
1.Early stages of development in Bulgaria make it an ideal time to buy.
2.Huge tourism growth.
3.The World Tourism Organisation predicts Bulgaria to welcome in excess of 20 million tourists by 2020.
4.EU member with stable government, committed to further economic reform.
5.Large amounts of ongoing foreign direct investment.
6.Excellent property prices
7.Widely considered as one of the most rapidly advancing European countries.
Population: 7,385,367 (July 2006 est.)
Area: 110,550 sqkm
Time Zone: Eastern European Standard Time (EET) is 2 hours ahead of Greenwich Mean Time (GMT+2).
Languages: Bulgarian is the official language in Bulgaria.
Religion: Approximately 90% of the population of Bulgaria belongs to the Bulgarian Orthodox Church.
Currency: The Bulgarian currency is the Lev (BGL)
Weather: The climate in Northern Bulgaria is moderate continental, while the climate in Southern Bulgaria is intermediate continental tending to Mediterranean.
Electricity: 230V 50HzHz (European plug with two circular metal pins)
International Codes: Ireland to Bulgaria 00+ 359 + Area Code + Tel #
Bulgaria to Ireland 00 + 353 + Area Code + Tel #
Entry Regulations: Irish nationals do not need a visa to visit Bulgaria for a period of up to 90 days within a six-month period. A passport valid for the period of intended stay is required.
The Bulgarian Property Market
Before buying in Bulgaria, determine your budget and if you are obtaining a mortgage from an Irish financial institution, make yourself aware of the sum available to you and any terms and conditions applying.
Bulgaria still represents excellent value in comparison to most of the rest of Europe . EU membership and the booming tourist industry have contributed to this growth and significant construction projects continue especially along the Black Sea. The costs associated with property purchase in Bulgaria are generally less than other territories and this is also a factor in its growth.
Taxes, Fees & Charges
Land tax and notary fees, amounting to approx 5% of the purchase price, fall due for payment at the final sale. VAT is generally exempt in transactions involving land and lease of property for residential purposes. However, levied at 20%, it pays to ask the agent if the property is exempt or if VAT is chargeable if it is included in the purchase price. The owner of a building or a plot is obliged to pay a property tax. Where a building is built on a State or municipal plot, the value of the plot will also be included in the tax base. The tax is equal to 0.15% of the book value of the property. Should you rent out the property, tax on the income is payable at 15% and if at later date you decide to sell the property Capital Gains Tax on any profit between the purchase and sale price is charged at 15%. You should consult your tax advisor on these matters.