Land ownership now possible in your own name

Buying rural homes or detached houses in Bulgaria got a lot simpler at the start of 2012, thanks to a change in the law that means EU citizens can now own land there without setting up a company.

From January this year, EU citizens have the right to buy properties that come with land in Bulgaria in their own name. The Bulgarian Government made this amendment to the law according to an agreement made when they joined the EU in 2007. For citizens from outside of EU or EEA countries, the restriction to buy land in Bulgaria remains, meaning they can only purchase through a registered company.

Historically, the bulk of properties sold to British people in Bulgaria have been apartments within a complex, typically in the beach resorts along the Black Sea coast, such as Sunny Beach, or in one of its ski resorts, namely Borovets, Bansko or Pamporovo. Brits have always been able to buy these types of property in their own name.

A leading property agency in Bulgaria, BULGARIAN PROPERTIES, had this to say about the law change: “This is a major change and liberalisation of the Bulgarian real estate. It comes in combination with lower property prices, which have dropped by around 50 per cent since the beginning of the crisis. Presently Bulgaria offers the most attractive real estate prices among all other European countries. These factors will contribute for a greater demand for properties by foreign European buyers.”

Rural village properties in inland Bulgaria typically come with land and are popular with foreign buyers looking for a quieter more traditional lifestyle. The areas around Plovdiv and Veliko Tarnovo in particular have a wide choice of very affordable properties with land.

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