Bulgarian 'off plan' Black Sea property
available at Triumph Holiday Village
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Finding real estate in
Bulgaria has never been so straightforward! Sunshine Estates
specialise in providing Bulgarian real estate specialising in
the mountain, spa and Black Sea coastal regions including Sofia
(the capital), Plovdiv, Pleven, Stara, Zagora, Sliven, Varna and
Burgas . If you have never considered Bulgaria before
Buying a 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.
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