Property In Bulgaria Free Real Estate Offers

Property in Bulgaria

According to the Bulgarian law, embodied in the Constitution of the Republic of Bulgaria, the Property Act and the Foreign Investments Act foreign physical and also juridical persons such as companies cannot acquire the ownership of land in the country. However, they are permitted to acquire the ownership of houses or flats and limited ownership rights with regard to every kind of immovable property situated in Bulgaria. Under the heading limited ownership rights the Bulgarian law understands the rights of use (usus), the right to build a house on a piece of land (superficie) and the servitudes (e.g., the right of access to the street through another person's piece of land).

Until recently there was a further limitation on the purchases of immovables by foreign persons - the obligation on the part of the respective foreign person to obtain the permission of the Council of Ministers (the Government) of the Republic of Bulgaria or other administration organs authorised to decide on such requests, if the property is situated within border areas or other territories under special regime for reasons of national security. Following the latest amendments to the Foreign Investment Act, as of May 2004 this limitation is no longer in place.

With the view to establish an enhanced protection of foreign investments in Bulgaria there is a special regime with respect of the expropriation of foreign persons. Expropriation of the immovable property of foreign persons is only legal, whenever it is done by an Act of Parliament, passed because of extraordinary needs of the government, which cannot be satisfied otherwise. In addition to that the foreign person has to be provided with a replacement of his immovable property before the expropriation takes place. The replacement has to be equal in market value to the replaced property and has to be located close to it. The owner may give his consent that the replacement would be located elsewhere or that he would be awarded money instead of a replacement property.

29-06-2006
COASTAL CONSTRUCTION Representatives of the Regional Development Ministry would discuss on Friday Bulgaria’s coastal construction problems. The regional governors of Varna and Bourgas would also take part in the talks, mediapool.bg reported. [Read more]
26-05-2006
The part of the shared building space is not a part of the apartments area The area shown in the apartments’ advertisements must be the same as in the Notary act. But the inventive Bulgarians have found many ways to increase the area when selling the property. And it is not only a common practice of the property owners, but also [Read more]
18-05-2006
YAMBOL CHAMBER OF COMMERCE AND INDUSTRY The Yambol Chamber of Commerce and Industry as an independent, private-law organization of the business circles from Yambol region has always targeted its aims and purposes at assisting, promoting, representing and protecting the economic interests of the [Read more]
23-10-2005
Financing a property purchase in Bulgaria Bulgaria is a relatively new opportunity for property purchasing and as such the number of finance options are still very limited. This article will briefly explain your options and make you aware of a couple of areas where you should be vigilant. [Read more]
18-08-2005
Bulgaria Looms as the Next Real-Estate Hotspot: Matthew Lynn A villa overlooking the Black Sea? Or a flat in the Bulgarian capital, Sofia? If you happened to be vacationing in the area this year, you might have noticed just how temptingly cheap all those properties for sale are. [Read more]

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