Bulgaria

Capital: Sofia
Language(s): Bulgarian, Turkish
Population: 7,640,238
Total Area: 110,912 km²
GDP (in billion USD): 53

Bulgaria, officially the Republic of Bulgaria, is a country located in Southeastern Europe. It is bordered by Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south and the Black Sea to the east.

Bulgaria's housing market remains sluggish. Price declines are slowing, and the economy is improving a little, but the changes are happening so slowly that Bulgaria's housing market seems unlikely to go anywhere soon.

In Q3 2012, the average price of existing flats in Bulgaria declined by 2.2% to BGN 881.2 (€451) per square meter (sq. m.), according to the National Statistical Institute (NSI). This price drop was a slight improvement on the 6.1% decline in 2011 and the 4.3% fall during the year to Q1 2012.

Out of 28 provinces of Bulgaria, 18 experienced price falls over the year to Q3 2012. Sharp price drops were recorded in Montana (-13.2%), Vratsa (-7.3%) and Pernik (-7.2%). Moderate price increases occurred in Targovishte (4.5%), Stara Zagora (4.5%) and VelikoTarnovo (3.5%).

European Union citizens can now purchase properties in Bulgaria, including land. The 5-year moratorium on land purchases, set as a condition in the Accession Treaty between Republic of Bulgaria and The European Union, was lifted in January 1, 2012.

Previously, foreigners could purchase land only in the name of a legal entity and were not allowed to own a property. The lifting of the ban now gives European citizens the right to own property as individuals.

 


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