In this article we offer insider tips on what you need to do to sell your property in Bulgaria quickly. Bulgaria has one of the lowest costs of living in the world. It is possible to buy a decent apartment in Sofia, the capital of Bulgaria for under €30,000.
With such low prices, there’s a lot of demand, as you would expect, for properties in Bulgaria. But the property has to be analysed properly before being placed on the market. Buyers look for more than just the price – just because an apartment is cheap, it doesn’t mean it is going to get sold.
So for those of you who want to know how to sell my apartment in Bulgaria fast, well, you have to first of all understand that mindset of the buyer, and find out what draws them to Bulgaria.
For a lot of people in the UK, buying apartments in Bulgaria is an attractive option because it costs a fraction of what a comparable London apartment would go for. So there’s a lot of attention on Bulgaria coming from people in the UK who are looking to retire abroad.
There’s a lot of demand from Russian buyers too. Russia, as you may know, enjoys close a close relationship with Bulgaria. The ties between Bulgaria and Russia have remained strong since the 18th century. Bulgaria was the Soviet Union’s closest ally during the second half of the 20th century.
Even after the breakup of the Soviet Union, following which Bulgaria exchanged communism for free market democracy, the Russian fascination for all things Bulgarian has continued.
Today, Russians are the biggest buyers of villas and apartments in Bulgaria. So if you want to know how to sell my villa in Bulgaria online, well, you must promote your property aggressively on Russian property portals, online forums and the social media. Participating in international property shows held in Russia is a good idea as well.
So the best way to go about it is to hire UK or Irish estate agents who specialise in selling overseas property, especially in Bulgaria. The top overseas property estate agents will have an extensive agent network across Europe and Asia and will know how to market your property online in the right forums to the right people – to buyers who are most likely to offer serious all-cash deals for your property.
Now, what about the costs related to selling your Bulgarian property? Well, the Bulgarian government charges a flat VAT of 20 percent on property sales. There is nothing you can do about that.
Selling a home in Bulgaria is very different from selling one in Spain or Britain. The property market in Bulgaria, you must understand, is a very illiquid one. In Sofia for example, only 3 percent of the 607,000 apartments in the city, or 18,166 apartments were sold back in 2012.
That hasn’t changed. People in Bulgaria are very hesitant about selling their properties. This is a good thing for you as you will have less competition to worry about.
In Bulgaria, it is very difficult to find homes with clear titles. So if your paperwork is in perfect order, you are already at a great advantage over your competition. Also, as long as it is your single and sole Bulgarian residence, you won’t have to pay any capital gains tax either.
So as long as you are able to find a decent buyer for your property in the country, you won’t have to worry about the rest of the property market in Bulgaria. The demand may be low, but as long as you promote your Bulgarian home or apartment in the right places and hire the right estate agents to handle the marketing for you, you will still be able to get it off your hands for an above average price.