The demand of Latvian citizens for real estate by the sea in Bulgaria has increased markedly. In recent months, we have seen an increase in applications for the purchase of resort housing from Latvians.
Who is contacting us? Those who:
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tired of the cold Baltic Sea and wants to have his own studio or apartment near the warm Black Sea in order to come with his family on vacation;
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has small savings (up to €100,000) and plans to profitably invest them in foreign real estate;
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wants to emigrate to Bulgaria in retirement to live by the warm sea and enjoy the wonderful climate of Bulgaria, as well as tasty cheap fruits.
It is expected that the trend will continue and the Latvians will gain a foothold among the most active buyers of Bulgarian property. Therefore, we decided to prepare a special article for those citizens of Latvia who are just planning to buy a house by the sea in sunny Bulgaria!
Why do Latvian citizens choose Bulgaria?
The average price of a studio by the sea in Spain is from €65,000, in Greece – from €70,000, in Croatia – from €80,000.
Profitable investment
"Deep knowledge of the resort real estate market in Bulgaria and its trends allow our managers to suggest to clients the best investment options."
What do Latvians buy?
Most often, citizens of Latvia are interested in studios, as well as two- and three-room apartments within walking distance from the sea. Less often they buy houses or villas.
In which cities do Latvians buy property in Bulgaria?
The greatest demand on the south coast is in the municipality of Nessebar: Nessebar, Sunny Beach, St. Vlas.
There is a comfortable urban environment, several large supermarkets, numerous restaurants / cafes, and a developed transport infrastructure. A hospital, a fire department, and banks operate year-round. Less than 40 km away is the international airport in Burgas.
In recent years, many modern apartment complexes have been built in Sunny Beach - it is much easier to find housing here that meets 100% of your needs.
St. Vlas is chosen by those who prefer a relaxing holiday by the sea with a view of the mountains.
TOP 4 real estate buyers by the sea in Bulgaria
Germans
Most German citizens buy houses and cottages, as well as three-room apartments. Studios are very rare.
Poles
Polish citizens are interested in studios and apartments in modern apart-hotels with a swimming pool, 24-hour security, reception and supermarkets within walking distance.
Israelis
More often they buy studios and two-room apartments in order to come for a vacation in the summer for several weeks, and at other times to rent out housing.
British
Invest in apartments with two / three rooms, as well as houses. Someone buys to fly for the whole summer. Others are planning to move from the "cloudy" island to permanent residence in sunny Bulgaria.
“Just 2-3 years ago, the main buyers of resort real estate on the southern coast of Bulgaria were citizens of the Russian Federation. However, against the backdrop of recent events, the Russians, on the contrary, began to sell their housing, and for a good price. At the end of 2022 and the beginning of 2023, the main buyers are Europeans!”
Stages of buying a home in Bulgaria by a Latvian citizen
The procedure for buying property in Bulgaria is one of the most convenient and simple in Europe. There is even the possibility of remote execution of a purchase and sale transaction.
Object selection
"If you wish, you can order a free service "Walk around the area". – Our manager will take a video of the area where the studio or apartment you are interested in is located."
Reservation
To pay the deposit, and then the remaining cost of the object, you need to open an account with a Bulgarian bank.
The amount of the deposit is deducted from the total price of the purchased housing. Until the completion of the transaction, the deposit is kept in the bank account of our agency. If the transaction fails due to the fault of the seller, we will return it.
Deputy Director of BolgarskiyDom:
“Before making a deposit, the object is checked online for legal cleanliness. By the date of the transaction, we receive an official document from the court.
Answers on questions
- Property tax. From 0.15 to 0.25% of the tax value of the object.
- Community tax. From 0.14 to 0.45% of the book value.
- Support fee. From €6 to €15 per square meter.
- Electricity. Day rate - €0.061 /kWh, night - €0.071 /kWh.
- Water. €2.5 per cubic meter
As a citizen of an EU country, you will be able to apply for a residence permit in Bulgaria, and then, renewing it every year for five years, apply for permanent residence status. The procedure for obtaining a residence permit is simple. You need to provide proof that you own Bulgarian housing and finances for life (it is enough to have €1,000 in an account in a Bulgarian bank.
“Our managers will help you choose housing for your purposes - for a family summer vacation by the sea (we take into account the wishes and needs of each family member) or for profitable renting (we know which types of real estate and in which areas have the highest occupancy rates). We will honestly and objectively tell you about the pros and cons of each object you like.”