The acquiring of property in Bulgaria is cheaper and takes less time than it takes in the UK.
Registration of property is among the essential indicators that influence the business climate and consequently encourage or discourage investment activity. For that reason, the regulations governing acquisition of a real estate are deemed as a factor assessing the barriers for starting / closing a business. According to a research conducted by the World Bank Group, the burdens set up by the state administration are the most serious obstacle that hinders and delays the process. A measure assessing the effectiveness of property registration is the number of procedures required by the government. While in Bulgaria, on average this factor is measured to 9, in the United Kingdom the same amounts to 2. Although in Bulgaria the hindrances imposed by the administration are more than in the United Kingdom, in Bulgaria the procedure is estimated to be finalized quicker than in the United Kingdom. On average, this factor is assessed to 19 against 21 days in the benefit of the terms of concluding a deal in Bulgaria. Acquisition of a property will cost you less in Bulgaria than the expenses you will be asked to cover when buying a real estate in the United Kingdom. The measure used for estimation of the costs is calculated as a percentage of the GNI (Gross Domestic Product) per capita. Buying a property in Bulgaria is associated with more complex procedures but at the same time it is cut down to less days and is cheaper than in the UK. Simplifying of the procedure is targeted to be achieved in the next few years. A project, funded by the World Bank, envisages complete reform in the Property Register that at present is allocated to different government offices and there is a lack of integration of the whole information system. At present, each Municipality synchronizes its activity through different departments related to the estates records. In fact, there is no single rule valid for every District responsible for registration of property ownership. Rather then, there are different “regulations” imposed from each separate District.
