Sofia
Buy house or flat in Sofia
Housing Market in Sofia
Currently the housing market is balanced with excellent conditions for buying and selling. There is still a demand and available selection of new construction as well as better quality and priced property on the secondary market. The cost of a house or apartment in Sofia depends on the age of the building, how close it is to city centre, and the date of the apartment or house's last renovations.
The average price to own an apartment or house in Sofia is 93,000 Euro. Purchases of property in new developments account for 60% of Sofia's annual sales. The most common property to own in Sofia is a one-bedroom apartment, due to the lower cost and demand. Second would be two-bedroom apartments, which are mainly bought by families and are higher in price.
The most expensive houses and apartments for sale are in the city centre and Lozenets with an average price range from 1,800 Euro per sq.m. in the centre and 1,430 Euro per sq.m. in Lozenets. Homes located in the suburbs of Sofia are in a cheaper price range from 1,000 to 1,300 Euro per sq.m.
Foreigners Buying Property in Bulgaria
Since 2014, foreigners are able to buy property in Bulgaria, but not land. One exception to the rule is that EU physical and legal persons can own a garden or land with a home if purchased in person under their name.
Once you have found a property that you are interested in buying, you have to make an offer. You may try to make a lower offer than the asking price but be prepared to pay the full price.
If your offer is accepted, the next step is signing the purchase agreement and the document for signing of the property to your name. You must pay a down payment to ensure that the property gets taken off the market and put in your name. The cost of the down payment is usually 10% of the full price.
How to Search for Real Estate in Sofia
Online
Most Bulgarian properties that are for rent can be found online. The best websites for searching for properties are:
Newspapers
Searching for properties in newspaper ads is not very common in big cities, but some properties may be advertised occasionally, especially for properties in smaller towns outside of Sofia.
For property ads consult the print and online versions of these newspapers:
- 24 Chasa
- Dnevnik
- Monitor
- Novinar
- Novinite.com
- Onlinenewspapers.com provides a list of newspapers and other media sources available in Bulgaria.
- Standart
- Trud
Real Estate Agents in Sofia
When looking for an agent in Sofia, the agent should be knowledgeable in the area that you are interested in and experienced in real estate transactions in Bulgaria. A good agent should be able to arrange a viewing of units in your price range that fit your criteria. If you do not speak the language, then an English-speaking agent is necessary. An agent will consult you on your search, accompany you with viewings, and help with necessary documentations.
Be sure to agree to a fee in writing before the process begins and determine precisely what services you will be receiving in exchange for that money. While on your search, receive quotes from several agents so you are getting the best deal.
Before you sign a contract with an agent, be sure you understand the clauses and terms. Have a lawyer look over the contract if necessary. Estate agents also earn their commission from the seller and it is usually 3-5% of the agreed purchase price, but can go up to 10%, so choose the best agent that fits your budget.
Property Auctions in Bulgaria
If a property owner has been unable to pay the loan on their purchased property, it becomes available for public auction. Auctioned properties cost, on average, 30-40 % less than the market value.
With the low cost, comes with some disadvantages as well. When auctioning on a property, usually there is little to no information about the property condition and it can only be viewed after the purchase. Also, it is unlikely to pay the price of an auctioned property with a bank loan and the cost must be paid off in a short amount of time.
You can find inexpensive properties on this site with public listings: sales.bcpea.org.
Update 6/06/2018
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