Real Estate & Legal News in Bulgaria from Propertyshowrooms.com

Stolichna: Lawsuit against real estate company of Sofia municipality starts in February

Mon, 5 Jan 2009 00:00:00 GMT

The first session on the mega lawsuit Sofiiski Imoti (company of Sofia municipality ) will start in days near the St. Trifon Zarezan holiday (February 14). Marian Markov was selected for judge on the case. After he was introduced with the materials on the...

Unprecedented EU decision on Bulgaria

Wed, 26 Nov 2008 00:00:00 GMT

Bulgaria loses a total of EUR 220 million and another EUR 340 million are under question as a result of the decision of the European Commission not to unfreeze the aid for the country because of fraud and corruption, Pari reports...

Scathing EU report on Bulgarian corruption has implications for property market

Sun, 20 Jul 2008 00:00:00 GMT

The withering European Commission report on corruption and maladminstration in Bulgaria which has resulted in the freezing of up to a billion euros in funding has major implications for the property market...

New construction banned as concerns about over development in Bulgaria increase

Mon, 7 Jul 2008 00:00:00 GMT

Over development in Bulgaria is having a serious effect as various projects are being halted over concerns about quality, standards and a lack of planning and vision...

Sofia City Hall to ban construction in Studentski grad

Mon, 30 Jun 2008 00:00:00 GMT

Construction in Studentski Grad Students town borough will come to a complete halt in a matter of several weeks, Monitor daily reported, based on Sofia mayor Boiko Borissov and chief architect Petar Dikovs intentions to issue an ordinance to ban further construction of the area.It is quite possible that this will be a temporary solution, and, as of now, it not clear when the ordinance would be implemented or how long it would be in effect, Monitor daily said. A random check in Studentski grad done by the newspaper in March revealed that there were close to 60 projects in the works and just as many planned to begin in the near future.

Bulgarian banks go cold on loans for overdeveloped resorts consultants

Mon, 30 Jun 2008 00:00:00 GMT

Bulgarian banks have started introducing stricter requirements on applicants seeking loans to buy property in Bulgarias bigger resorts, including Bansko and Slunchev Bryag Sunny Beach, over worries that these locations faced overdevelopment, credit consultants said, as quoted by investor.bg on June 30.Foreign nationals interested in buying property in Bulgaria and applying for loans from local banks were increasingly being asked to show their credit history for a period of up to six years, the website quoted Tanya Yakimova from Bulgarian Home Loans, a British consultancy firm that focuses on advising foreigners.

Foreign buyers 'entering Romanian market'

Wed, 3 Oct 2007 00:00:00 GMT

Overseas property buyers from different countries are increasingly choosing to enter the Romanian market, an expert has said.

Real estate lawyer Anthony Raftopol stated that investors from countries such as the UK and Germany were buying in the country to cash in on its current property boom.

He said that factors such as a fast rate of economic growth had impacted on its property market, along with high levels of demand.

However, he added that the supply of available properties was falling behind the level of demand, requiring the construction of thousands of new buildings across the country.

This could attract further investment and interest in the Romanian market among foreign buyers.

Speaking to the New York Times, Mr Raftopol said: "Prices have exploded here - the boom in prices should continue for a decade."

This comes after the American Automobile Association said the country was becoming a highly popular tourist destination among people from the US.

"Rough Spots" in Bulgaria's Laws on Property Acquisition

Mon, 3 Apr 2006 00:00:00 GMT

Bulgaria's administration of law governing the buying and selling of property are marred by rough spots, part of the country's bumpy transition from communism to a multiparty free market system, the International Herald Tribune wrote. "Foreign citizens are free to own buildings, but only Bulgarians can own land. So foreign citizens buying properties with land -- including apartments, most of which include partial land rights -- usually register as a Bulgarian firm, most often a limited liability company, in whose name the purchase is then made. A Bulgarian lawyer would handle the work for about $600." The article cites the recent changes to the Bulgarian Constitution, under which EU citizens will have the right to own land when Bulgaria's accession treaty takes effect, as it is scheduled to do Jan. 1, 2007. "But there is a seven-year moratorium, so the right will not take effect until 2014." The article warns foreigners that frauds are a small minority of problems they can face when buying property in Bulgaria. "The much greater risk is doing business with people who have little or no professional experience in real estate."