Foreigners buying property in Bulgaria are aware of local regulations since in most cases they use the services of Bulgarian companies that deal with legal issues, representative of Home for You Ivan Goranov said.
Goranov responded to an article that appeared in Daily Express saying that a number of British property seekers were cheated in Bulgaria. Problems occurred since foreigners do not own the land on which their apartment or house is built.
The Daily Express article is exaggerated, Goranov said. Bulgaria is turning into a top property investment destination and interest towards it increases. The country managed to move ahead Spain and Turkey as an attractive investment destination.
Foreigners, especially British property seekers, know regulations and use the services of well-known Bulgarian companies that advice them concerning land ownership and usage, Goranov told Focus news agency.
Buyers still prefer property in the well-known resorts like Sunny Beach, St Vlas and Bansko.
EU accession made Bulgaria increasingly attractive to second home seekers. British and Irish buyers purchase property with the idea to sell it later on and make profit, Goranov said. Russians invest in the country because Bulgaria’s EU accession guarantees security, he said.