Bulgaria is a country located in southeastern Europe, bordered by Romania, Serbia, North Macedonia, Greece, Turkey, and the Black Sea. Its capital city is Sofia, and the official language is Bulgarian. If you are considering letting a property in Bulgaria, here are some important things to know.
Income and Rules
When letting a property in Bulgaria, landlords should be aware of the following rules and regulations:
- The lease agreement must be in writing, in Bulgarian, and signed by both parties.
- The rent can be set freely by the landlord and tenant and can be paid in Bulgarian lev or another agreed currency.
- The landlord must issue a receipt for each rent payment received.
- The tenant is required to pay a deposit equal to one to three months’ rent, which is returned to them at the end of the lease, provided there are no damages to the property.
- The lease agreement must include a notice period for terminating the lease, which is usually one to three months.
Contracts and Rates
There are two main types of contracts for letting a property in Bulgaria:
- Short-term contracts: These are typically used for holiday rentals and are usually for a period of up to six months.
- Long-term contracts: These are used for residential rentals and are usually for a period of one year, with the option to renew.
Rental rates in Bulgaria vary depending on the location and type of property. According to Numbeo, the average monthly rent for a one-bedroom apartment in the city center of Sofia is around 1,300 BGN (670 EUR), while a three-bedroom apartment in the same location can cost around 2,400 BGN (1,230 EUR) per month.
Furnishings and Agents
It is common for rental properties in Bulgaria to be furnished, including basic appliances and furniture. Landlords can choose to include more furnishings at their discretion.
Many landlords in Bulgaria work with real estate agents to advertise and manage their rental properties. Agents typically charge a fee of one month’s rent for their services.
Maintenance and Cleaning
The landlord is responsible for maintaining the property in good condition, while the tenant is responsible for keeping the property clean and tidy.
Landlords in Bulgaria are not required to have a license to let a property.
Letting a property in Bulgaria can be a profitable investment, but it is important to be aware of the rules and regulations. By following the proper procedures and working with a reputable agent, landlords can ensure a smooth and successful rental experience.