Delay to cash purchase ban in Bulgaria

Bulgaria is delaying a ban on cash purchases of property until the summer, which means buyers seeking a bargain still have a chance to pick one up in the next few months.

Quoting a Sofia News report, Balkans.com stated that such an embargo was due to come into force this month, but has not done so as the country's parliament failed to get the necessary legislation passed before Christmas.

Head of the house's judicial committee Iskra Fidosova was quoted as saying: "The best case scenario is for the bill to be approved by parliament at a second reading at the end of January."

She added that this meant May or June is the most probable time for this legislation to come into effect.

The new rules will state that purchases must be made via commercial banks rather than private arrangements, with the system being modelled on that used in France.

Last month, the chair of the Bulgarian-Dutch Business Club Koos Schouten suggested in an interview with Novinite.com that the country offers better value property investments than rival destinations.

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