The Bulgarian real estate market has changed a lot over the last 10 years.
Between 2004 and 2007, in the run-up to Bulgaria's accession to the European Union, Bulgaria was seen as a development opportunity comparable to Spain, and significant investments in residential real estate and holiday developments were made by local and international buyers.
Then and since, NBLO has acted for a range of property investors, representing individuals, families and syndicates of buyers of Bulgarian property throughout the process: from analysing the Preliminary Contract (which governs the relations of the buyer and seller between the date of proposed purchase and the transfer of title) to ensuring that the Seller holds title, and tracing the root of that title and confirming that ancillary documentation is in order and preparing the Buyer's documentation.
In the global downturn, property prices stumbled at the same time as obtaining mortgage finance for a second home overseas became harder. We assisted our clients in completing transactions they had started, lowering their risks, and exiting purchases which it was no longer in their interests to finalise. While some of our clients needed to adjust their liabilities, others were looking to claim against delinquent developers who were holding or misspending clients' funds or who were not completing projects on time, perhaps themselves pressed by the financial and economic situation.
Throughout our years of activity, we have also acted for international property owners in Bulgaria who have been selling their Bulgarian properties: ensuring that their documentation is in perfect order and moving swiftly in representing clients to ensure a sale can be closed efficiently and without delay and not to allow opportunities for a bargaining down of the agreed sale price or a loss of the sale in what has been for the last several years mostly a Buyer's market.
Buying or selling a Bulgarian property can be a source of stress, especially if you live outside of Bulgaria. We act quickly and effectively to ensure that the process runs without a glitch. Whether you are selling, buying, investing in or re-mortgaging your second or investment home or the house you have chosen to make home for yourself in Bulgaria, our property specialist lawyers will be happy to assist. We act so as to ensure a transaction closes in as little time as possible and with the least demand on you while at the same time offering the highest levels of service at a price that is reasonable.
© New Balkans Law Office 2020