Why UK owners of Bulgarian property should consider selling in 2023

In this post, we'll explore why UK owners of Bulgarian property might want to consider selling in 2023. We'll start by looking at the current state of the Bulgarian property market, before discussing changes to the UK-Bulgaria relationship, potential future changes, and economic factors. Finally, we'll highlight the benefits of selling in 2023.

The current state of the Bulgarian property market

The Bulgarian property market has been steadily growing over the past few years, with both domestic and foreign buyers showing interest. According to data from the Bulgarian National Statistics Institute, the number of property transactions in the country increased by 15% in 2020, despite the impact of the COVID-19 pandemic.

This growth is likely due to a number of factors, including the relative affordability of Bulgarian property compared to other EU countries, the country's natural beauty and cultural attractions, and a stable legal framework for property ownership.

However, it's worth noting that the Bulgarian property market is still relatively small compared to other EU countries. This means that there can be significant regional variation in property values, and that it may take longer to find a buyer for your property compared to more established markets.

Changes to the UK-Bulgaria relationship

One factor that could impact UK owners of Bulgarian property is the changing relationship between the UK and Bulgaria. With the UK no longer being a member of the EU, there have been some changes to the relationship between the two countries.

For example, UK citizens can now only stay in Bulgaria for up to 90 days in any 180-day period without a visa. This could make it more difficult for UK owners of Bulgarian property to visit their property for extended periods of time.

There have also been some changes to the tax treatment of UK citizens who own property in Bulgaria. While UK citizens were previously able to claim tax relief on mortgage interest payments, this is no longer the case for properties outside of the UK.

Finally, it's worth noting that the UK's exit from the EU has also made it more difficult for UK citizens to purchase property in Bulgaria. While it's still possible to purchase property as a non-EU citizen, there may be additional requirements or fees to consider.

Potential future changes

Along with highlighting any current changes, it's also important to discuss potential future changes that could impact UK owners of Bulgarian property. For example, there are discussions about changing visa requirements for non-EU citizens, which could make it even more difficult for UK owners to visit their property in Bulgaria.

There have also been some discussions about introducing a tax on second homes in Bulgaria. While this is not yet official policy, it's worth keeping an eye on developments in this area.

Economic factors

The economic climate can have a significant impact on the value of property. When considering whether to sell your Bulgarian property in 2023, it's important to consider any economic factors that could impact the value of property in the country.

One key factor to consider is interest rates. As interest rates rise significantly in Bulgaria, this could impact the affordability of mortgages and reduce demand for property. Similarly, the significant increase in inflation, this could also impact the value of property.

It's also worth considering the stability of the Bulgarian economy. While Bulgaria has made significant progress in recent years, it's still considered a developing economy. If there are any economic shocks or downturns, this could impact the value of property in the country.

While all of the points are only possibilities, they should be part of your thought process when considering whether or not to place your property in Bulgaria for sale in 2023.

As a UK based business with offices throughout Bulgaria, we are ideally positioned to advise you on your Bulgarian property in a manner which takes the factors discussed into account.

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