Some useful general information and top tips about Bulgaria

Facts

Geography

Bulgaria is situated in Eastern Europe and bordered to the north by the River Danube and Romania, to the east by the Black Sea, to the south by Turkey and Greece and to the west by Serbia and the Former Yugoslav Republic of Macedonia. The Balkan Mountains cross the country reaching to the edge of the Black Sea and its golden beaches. The land is heavily cultivated, covered with forests and crossed by rivers. Although Bulgaria lies in the very South East corner of Europe, the climate is never extreme in summer, even on the red-earthed plains of Southern Thrace. The Black Sea resorts have some of the largest beaches in Europe and offer sunbathing from May until October, while in winter heavy falls of snow are virtually guaranteed in the mountain ski resorts. 

Political

The Citizens for European Development of Bulgaria won the latest election in summer 2009. Boyko Borisov, the new Prime Minister has also promised to intensify the campaign against corruption and organised crime. President Georgi Parvanov won a second term in the October 2006 Presidential elections. His role is mainly ceremonial.

Religion

The majority of the population are Christian, the main denomination being Bulgarian Orthodox Church with a membership of 83% of the population. Eastern Orthodox Christianity is considered to be the traditional religion in Bulgaria. There is also a significant Muslim minority (13%) and a small Jewish community.

Language

Bulgarian is the official language and the Cyrillic alphabet is used - Bulgaria is the only EU nation to use it. Turkish and Macedonian are amongst the minority languages. English, German, French and Russian are spoken in major cities and resorts

Currency

The lev's peg effectively switched to the Euro, at the rate of 1.95583 leva = 1 Euro, The rate is unlikely to change before the lev's retirement. On 25 April 2005, when Bulgaria's EU accession treaty was signed, the BNB (Bulgarian National Bank) issued a commemorative coin with the face value of 1.95583 leva. The lev was expected to be replaced by the Euro on 1 January 2012 however, some recent analysts state that Bulgaria will not be able to join earlier than 2015, due to their inflation problems and the impact of the global financial crisis of 2008. However, in February 2009, The Economist suggested accelerating Bulgaria's path to the Euro and the new Government has set about meeting strict guidelines for joining the EU currency.

Social Conventions

Normal courtesies should be observed and handshaking is the normal form of greeting. Dress should be conservative but casual. If invited to the home, a small souvenir from one's homeland is an acceptable gift, and something for their children is always welcome. Do not give money. Remember that a nod of the head means ‘No' and a shake from side to side means ‘Yes'.

Electricity

220 volts AC, 50Hz. plugs are two-pin.

Smoking Rules

Bulgarian restaurants, cafes, nightclubs etc have zones for smokers and non-smokers. There is no smoking in public buildings, banks etc.

Bulgaria

Bulgaria emerged from the shadow of communist Eastern Europe in 1989 and joined the European Union on January 1st 2007. While the national economy is still regarded as infantile, it is developing quickly – with GDP growth of roughly six per cent annually, up until the crisis of 2008, according to the World Bank. It is still seen as a favourable place for investors.

Over the past ten years Bulgaria has emerged as a very popular investment option for Europeans and other nationalities looking for property overseas, and is now perhaps behind only Spain and France in terms of property investment.

Variety of opportunity

Its popularity has been partially based on the country's impressive natural variety; from the up-and-coming ski resorts, beautiful Black Sea beaches and picturesque scenery.

The country's natural diversity has presented a wealth of options for investors. The coastal resorts along the Black sea have proved popular with tourists, including areas around Sozopol and Sunny Beach. These areas are proving exciting for buy-to-let investors, with net rental yields of five per cent, according to PropertySecrets.net. Skiers have also made other areas popular, including Pamporovo and Bansko.

The latter resort has over 75km of ski slopes, with something suitable for all abilities, as well as a golf course and the Pirin national park.

Capital City

Sofia is another popular location. The capital has the highest property prices in the country, but can also provide the largest returns.

As well as investors, the country as a whole is increasingly popular with tourists – providing a possible increasing stream of rental income.

Tourism

Tourism to the country has increased 50 per cent in the previous three years, according to property investment specialists Shooba, and the World Tourism Organisation predicts the country will receive 20 million visitors by 2010.

The climate in Bulgaria is one of the major draws for investors and tourists alike, with long, balmy summers followed by cool winters, and a Mediterranean influence along the Black Sea coast.

The cuisine is influenced by flavours from Turkey and Greece, and benefits from the prevalence of a small shop culture which has thus far not succumbed to the influence of supermarkets.

Bulgaria can be reached from a number of UK and European airports and sea ports by many low-cost airlines and ferry operators as well as bordering many countries, again making the country a prime investment location.

Positive prices

In response, prices in the country have risen by an average of 31 per cent annually in some areas over the last three years, according to PropertyShowrooms.com. However, growth has now slowed a little of late, but still comfortably outpaces other European markets.

A well renovated property in a good area can still be yours for around 70,000 Euros in most areas of the country. Despite warnings in some quarters, Bulgaria looks like increasing in popularity for some time to come.

Land purchase in Bulgaria is only possible by setting up a Ltd company, this includes even if you purchase an apartment with say a parking lot or garage you will need a company set up.  Please ask for more details.