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Exxellhomes is offering wide range of Bulgarian new developments with huge investment potential for property buyers in coastal and mountain areas of this emerging property market.
Many people want to be property developers we have all seen the TV programmes but to many with the high costs in the UK this is now our of there reach, but not so in Bulgaria.
Bulgaria has many opportunities to invest from the small one house development to the large off plan gated villa complex, and many more in between. But where ever your ideas take you we can help you achieve your dreams.
The following is a guide to help you decide where you want to invest, feel free to at any time email or phone us we are happy to discuss the right direction for your budget.
Investing in Bulgaria could make a big difference
To your finances, help to boost your pension, pay for school fees ect., and at the same time employing local people and improving the environment.
Property developers in Bulgaria can basically choose between several
investment opportunities depending on their budget, intentions (long-term or
short-term investment and the flexibility of the options. We classified these
investment options into tour main groups following all the conditions mentioned
above.
Please, see the classification below:
Buying of unregulated land
Basically, this is the cheapest option for the property developers in Bulgaria. The agricultural land is offered at prices several times lower than the prices of the regulated land in a particular region. Some of the reasons for those low-level prices are:
- the lack of services (water, electricity and sewage);
- no road access;
- no permission to start planning, to check the land, build on it, etc.
The process of changing the status of the unregulated land or applying for planning permission takes a considerate amount of time. The owner of the land will have to fill the application forms in the local municipality as well as visiting the structural engineer there who will take care about the whole process. The process includes going through many departments ending with the final approve from the local authorities or from Ministry of Agriculture for the plots bigger than 20,000 sq.m. The structural engineer's fees starting from 1 to 2 up to 20 if forest EUR/sq.m.
Once the land has been given the change of use to regulation permission, the owner has to register it with the local municipality and to pay a tax on it. The tax cost will depend on with grade of land it is - the higher the grade, the lower the tax is.
Buying of regulated land
This is the most flexible option for the property developers, as most of the hardest and longest procedures (changing of the status, obtaining planning permission) are already done. In short, the future developer can start building on the land as soon as he has:
- Outline planning permission - OPP (popular as PUP here);
- Full architectural project.
- Land checks/surveys if necessary
- Preliminary contracts with NEC and Water company
- Building Permit
In some of the cases (rarely though) the land can have this Outline planning permission. In short it gives detailed information and figures about what can be built on the land - build-up area, maximum height of the building, density, etc. If the land doesn't have OPP, the owner will simply have to apply for it in the local municipality.
Hint Even if the land has OPP and you are not happy with the figures, you can still re-apply and try to get better ones, if possible according to the general area plan and land condition.
The costs for getting an OPP for a particular plot of land depends on the conditions of the local Municipality
The next step for the developer is finding a good and trustworthy architect and to start the design of the architectural project according to the figures from the OPP. Once the project is ready it must be approved by the local authorities and the construction works can start immediately after building permit is granted.
Buying a development project
This is actually the fastest and the most secure option for the developer as he is purchasing a plot of land supplied with the full set of documentations, permissions, geological surveys (if necessary) plus an architectural project of the future building approved by the local authorities. The main advantage is the building and construction works can start immediately. It is also the most expensive option of all mentioned above but it gives the highest return of the invested capital.
Renovation of an existing building
This is the easiest and in the most cases the cheapest option for the developers because it is not necessary to apply for a planning permission, as long as they keep to the same footprint as the previous property. The planning permission is required only if there will be some extension of the existing property like building an additional layer, for instance.
Hint You can demolish the existing building and can increase the footprint
by up to 90% without planning permission..
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