The registration of wells, boreholes and other groundwater facilities in private properties will be extended due to the pandemic. The aim is to avoid the movement and collection of people in front of the counters of the basin directorates. Initially, the deadline was November 27th 2020 but the parliament adopted the decision to extend the deadline to November 28th 2022 at a first reading today.
All property owners who have wells, boreholes, drainages and other facilities for groundwater extraction in their properties have to register them with the respective basin directorate. The registration is mandatory and the deadline is November 27, 2020.
More good news for Bulgaria and again a demonstration that Bulgarian real estate is a very worthwhile investment to base your small to medium enterprise (SME) in Bulgaria.
Bulgaria is now ranking in 2nd place within the European Union in relation to the “debt-to-GDP ratio”, which is a recognised economic indicator of the health of a country’s economy, according to data supplied by Eurostat. In the third quarter of 2012 the correlation between debt and Gross Domestic Product (GDP) was 18,7%.
Bulgaria economy, “debt-to-GDP ratio” shows Bulgaria is on the right track in Europe!
Britons with property in Bulgaria are worried not about losing their real estate because of legal requirements, reports the online edition propertywire.com. Leading consultancy firms in the UK warn that because of the re-registration of companies British owners risk being fined or even losing their assets in this country.
Consultants John Howe & Co. explained that many Britons with Bulgarian property do not realise the complexity of the Bulgarian legal system and its potential impact on them. The managing partner of the firm John Howe is concerned by the requirement for re-registration of companies. Howe points out that until recently, individuals could not buy property in the country and had to register a company in order to purchase Bulgarian real estate. However, many British people have not been aware that they need to re-register and have missed the deadline for it, and as a result their trading activity has been cancelled and they have not been able to dispose of their assets.
The company announced that it had found a way to solve the issue with British owners of Bulgaria property who missed re-registration, so you they don’t lose their investment. Consultants say there is no accurate statistics on the number of British residents living permanently or temporarily in Bulgaria. According to the British Embassy there are about 8-9 thousand people, who work in the country, others have bought property and live permanently, while others only spend their holidays in the country.
Bulgarian property prices have dropped by almost 50 pc since the beginning of the financial crisis, say realtors. Bulgarian houses and apartments are sold at low prices. This why most buyers who waited for the prices to come down, are buying now. Even in August, a month that seems to be slow for the property market, there are plenty of buyers. These are generally people who have waited for the prices to drop enough, so they could invest their savings in larger and cheaper housing.
For the Bulgarian capital and the larger Bulgarian cities and towns the average sale prices of Bulgaria homes have fallen by about 20 Euros per square meter since the beginning of this year. Most sought-after are one-bedroom apartments within the price range of 35,000 to 45,000 Euros, however buyers struggle to find good properties within this price range, especially when they are looking for newly-built properties.
Rental prices are not expected to go up, agents predict. Even though August and September are the most lively months on the rental market (especially for apartments in Bulgaria), the supply of rentals exceeds the demand. In Sofia, for example, properties close to the newly-built metro stations are more attractive than the old apartments in the centre.
Since 2008 the rental prices have declined by a third and are not expected to go up, experts predict. This is due to the fact that alongside the old apartments in the centre and other residential areas, newly-built apartments, bought during the recession namely because of their investment potential, are also offered on the market.
And in recent months, buyers and renters express their preference towards new buildings close to transport links, areas with low crime rate and local amenities, such as schools and kindergartens.