In the recent years due to the economic crisis there is a negative tendency in the development of the Bulgarian real estate market concerning vacation homes, hotels, housing, as well as office space and agricultural land. In 2009 the prices started to fall, in some cases up to more than 50%. However, since the beginning of 2012 there is stabilization in this regard.
Investments in real estate in Bulgaria are, therefore, upon closer examination of the specific circumstances, a successful undertaking. Nevertheless, a comprehensive legal advice before investing in the Bulgarian real estate market and competent representation and management is highly recommended. Bulgarian law and in particular the onsite administration involve local hazards that may force an investor to overspend.
Law firm Ruskov and Colleagues offers comprehensive advice on all legal aspects of real estate construction, acquisition and development, including
- Comprehensive real estate due diligence - investigation of the legal history, the ownership title documents and urban status of the properties according to the real estate cadastre;
- investments in real estate and property development; lease of real estate; acquisition and development finance;
- Negotiations with contractors, drafting of preliminary and final agreements;
- Conversion of agricultural land into commercial development land;
- Preparation and review of contracts with contractors;
- Advising on tax implications;
- Assistance in obtaining construction permits and licenses, environmental liabilities, etc.;
- Providing legal advice on investment activities, corporate governance, public sale of securities;