Purchasing Process

See generic Purchasing Process in addition to this section

It is only in the last few years that Bulgarians have been able to take out a mortgage and buy a home. Mortgage products available to foreigners are on the increase, but it is still a fledgling retail financial services market.

Generally speaking mortgages are available to foreigners at 70% LTV, on a repayment basis.

Many international banks operate in Bulgaria e.g. BNP Paribas, ING

A Bulgarian company needs to be set up if a foreign national wishes to buy land or a property with land. Such restrictions are expected to be removed over time, given Bulgaria’s status as part of the EU.

Property purchase costs:

It would be wise to allow for about 10% of the property price to cover purchase costs:

• Both buyers and sellers may pay commission to estate agents, with charges ranging from 3-6%
  
  
• Legal, notary and translation costs of about 1% of the property price
  
  
• Stamp duty is about 2% of the property price
  
  
• Survey costs