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Question to the expert

Elizaveta Fuchidji - Sales Department Manager answers the questions


Tell me, please, in which cities does your company deal with real estates? – Victor

Our company deals with the real estate sale not only in all resort towns and villages but also throughout Bulgaria. Our portfolio includes all types of properties in all cities in Bulgaria.

In 2013, as far as I know, the possibility of Bulgaria’s admission to the Schengen Area will be considered. Shall it change the real estate prices? – Yurok

Of course, since after 2007, i.e. after Bulgaria’s admission to the European Union the real estate prices have changed abruptly, now when entering the Schengen Area the real estate value would increase significantly. Increase in prices has already been observed.


How much will maintenance of a real estate cost me, what are the exemplary prices for voduel - vo? And what kind of taxes I will have to face after the purchase? – Alexander

After purchasing you will face the following costs:

• The one-off tax on the real estate upon acquiring the ownership thereof amounting to 3.5 - 4% of the real estate value (state fee + notary fees about 1 - 1.5%).

• Tax on buildings - annual, amounting to 0.15% of the real estate value.

• Maintenance (if the property is located in a resort town, then the maintenance of the complex will cost € 7 - € 10 per square meter annually, if the real estate is located in a city, where it is an ordinary building with no pools and other infrastructure, then the maintenance will cost about € 10- € 15 per month).

• Cost of water and electricity: for a two-bedroom apartment during the summer season it is about € 100 per month and more, and during the winter season from € 150 per month and more depending on the electricity and water consumed.


And if buying a house together with the land, are there any difficulties for the acquisition? I just thought about the conference in Thailand, there a company has to be established as a whole a lot of trouble. – Vika

When buying a house with the land the foreign individual can not acquire the land in his/her name, it is necessary to acquire it in the name of the company. To establish a company in Bulgaria is very simple, since 2009 the share capital may be € 1, the procedure of establishing a company takes maximally about a week. Then a vehicle may also be purchased in the name of the company. 


I wonder if I buy a real estate in Bulgaria, how it will be inherited by my children? Are there any underwater stones in the Bulgarian legislation? – Victor

According to the Bulgarian law your children automatically become heirs, even if they are not included in the title deed.


Prompt me what kind of documents the owner must have at hand: a full package to feel an absolute owner of an apartment in Bulgaria? – Pavel

The foreign owner of a real estate in Bulgaria must have at hand the following documents:

• Title deed of ownership;

• Reference and registration in the tax office;

• Cadastral plan;

• BULSTAT card (based on which taxes will be paid later).


What is the procedure for payment of taxes, what is sent and where and how they are paid at all? - Ivan Kalimov

Taxes are paid once per year at the local municipality where the real estate is located as per the BULSTAT card specifying the identification number.

I read about some acts № 14, № 15, № 16, which are somehow related to the real estate, what is it? – Dmitriy

• Act № 14 – the foundation of the building is ready (walls + roof);

• Act № 15 – the building is ready at rough stage of construction;

• Act № 16 – commissioning of the building.

Hello.Somefriendsarrivedfrom Bulgariaand theyboughta small apartmentthere(a studioof 40squaremeters).Anda questionarosefor me,if Idecide tobuy astudiotogosometimeswithoutstayingata hotelbutat home,and provide accommodation forsomefriends, how can I besurethatno one willtake me the apartment? It is possiblenot to appeartherefor a year, isn’t it...andanother smallquestion, how many days during the year I canstayin Bulgaria?– Smith

• You will already have a title deed and a delivery and acceptance protocol where it is written that no one will have the right to enter into and use your property.

Where is better to choose a real estate for vacation for 3-4 months during the summer in a city or in a resort? – Milena

For 3-4 months it is better to choose a real estate in a resort area, depending on the purpose of acquisition, if you buy it for a summer vacation - sea, then it is better to buy on the coast, and if you buy it for a mountain and ski vacation, then it is better to buy it in Bansko, Borovets, Pamporovo, Razlog.

Is it worth the risk to buy an apartment having a mortgage, an encumbrance? And how is right to conclude the deal? We arrived for a deal, but the apartment was pledged with the bank. What is right to do? - Nina Romanova

If the apartment is pledged with a bank, mortgaged, then our lawyers will help you to prepare a proper contract of sale and purchase, stipulating all conditions that the seller is obliged to delete the mortgage after payment of the apartment and that he undertakes to transfer you the ownership thereof without any encumbrances wahtever. Trust our lawyers.

What is the difference between costs (annual) for an apartment in a resort complex and residential building? Or that is not essential? – Vladislav

• There is a difference as in the resort complex there is more infrastructure and it is required to pay for maintenance 7 €/sq.m. -  10 €/sq.m. annually, and if the property is located in a residential building in a city, then you will have to pay for maintenance about 2-3 €/sq.m. per year.

And is it obligatory to buy the land around the building (terrain) if you buy a house? Or it can be let out (and of course to pay rent)? So that not to establish a legal entity. – Igor

It is better to buy the land and acquire the ownership thereof, the procedure is simple. A limited liability company shall be established for 1 week, since 2009 the amount of the registered capital may be € 1, and then zero balance sheets shall be submitted annually, the accounting services are not expensive. We will help you with that. 

To what extent are the real estates in Bulgaria popular and sought by foreign nationals? – Leva

Now in all real estate ratings Bulgaria takes the first place: with respect to the price, quality and location.

We decided to buy an apartment in Bulgaria, in a mountain ski resort, we can not choose between Bansko and Pamporovo. What are the pros and cons of living in these places? To what extent prices differ?

Hello. Bansko is a larger and modern resort in Bulgaria, developed by the English because once they invested in the construction of complexes in this mountain ski resort. That is why the prices are higher there than in other mountain ski resorts. Pamporovo is also a very beautiful resort, that is not worse than Bansko. The magnificent slopes, nature, modern complexes make it possible to feel in a real modern mountain ski resort. In Pamporovo wealthy Bulgarians love to take a holiday while in Bansko there are many English, Irish. You should always consider where local Bulgarians prefer to take a holiday - they would never choose something worse. I advise you Pamporovo. But you must also see Bansko, because there are different units. But in Pamporovo cheaper real estates can be found and it is not worse than Bansko.

Hello! I really need your advice.

Last year my parents bought an apartment in Varna, we have a title deed, but a BULSTAT card we do not have for the present. Now my parents want to transfer the real estate in my name. What is required for the new transfer? Is it obligatory all participants to be present for the deal or a power of attorney may be granted? Waiting for your reply, thank you in advance!

Good afternoon. To acquire the ownership of the real estate it is not required to be present in person, but you may grant a power of attorney to a lawyer or your authorized representative. Or you may grant a power of attorney to your parents in Russia, and the translation and legalization to be made here. BUT! If your parents are going to transfer the real estate to you only, you are their son, i.e. a direct relative, then they can make a donation without paying additional fees for acquisition. Only the notary fees for signing of the title deed. If you need more detailed procedure after you arrive you can meet our lawyer and he may fully assist in the acquisition procedure.

In Saint Vlas there are complexes for all year round living? They vary in price than the ordinary ones? How many people for example stay in the village during the winter, does it stand still in winter? – Novosibirsk

Saint Vlas has been already declared a city. It does not stand still in winter, such as Sunny Beach for example. There are about 4000-5000 residents - in the winter. The complexes generally work all year-round, just practically no one lives therein, but you may find a person living there. Or, if considering the housing complexes in the very town located in the mountains above the sea, where there are also some apartments for sale, the value is lower than in the complexes around the sea, because there is also an infrastructure to the complex, and, of course, the proximity to the sea. If you wish, then we can make a selection of apartments in the town of Saint Vlas.

Is it obligatory to insure the property if I am not living permanently in the country? How much the insurance will cost, what are the charges? Thank you for your reply! – Surgut

Hello. In our country many people insure their apartments; especially I advise people who are not living permanently in their apartments, but for the season only. However, from among 100% buyers – non-residents of the country, only about 20% insure their real estate. But I recommend you to insure it. Regarding the charges - all depends on the insurance companies, what exactly you insure, as insurances are different. If you write us what kind of property you have, e.g. how many square meters it is, we will tell you how much it will cost. We work with one of the largest insurance companies in Bulgaria. For example, if you have a two bedroom apartment, 60 - 65 square meters, the insurance will cost you (except for theft) about € 100-120 per year.

How to transfer money to buy a real estate in Bulgaria? Are there any limits on the amount? And when and how it must be reported to the tax authorities, Bulgarian and local? – Omsk

Good afternoon. To make payment for purchase of a real estate from Russia to Bulgaria, you must have the original of the preliminary contract with the seller, which specifies the details of the builder - seller. Take it and go to any bank in Russia to make a payment and as grounds you must specify - payment for an apartment number X. It is not required to report to the tax authorities either in Russia or in Bulgaria. Just in case you have an account opened with a Bulgarian bank you must declare to the tax authorities in Russia for opening an account with a foreign bank up to 1 month after opening the account.