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Bulgaria – Selling Property

Selling a property in Bulgaria as a private individual involves a few steps that need to be followed in order to complete the transaction successfully.

  1. Determine the value of the property: You need to know the market value of your property in order to price it correctly. This can be done by hiring a professional appraiser or by comparing the prices of similar properties in the area.

  2. Prepare the property for sale: Clean and repair the property so that it is in a good condition for prospective buyers. This will help increase the chances of attracting a higher offer.

  3. List the property for sale: You can list the property for sale through various channels such as local real estate agents, online portals, classifieds, or through word of mouth.

  4. Negotiate with potential buyers: Once you receive offers, you will need to negotiate with potential buyers to reach an agreement on the price and terms of sale.

  5. Sign the contract: Once you have reached an agreement with the buyer, you will need to sign a contract of sale. This contract should include details such as the purchase price, the payment terms, and the transfer of ownership.

  6. Transfer ownership: You will need to transfer the ownership of the property to the buyer by registering the transfer of ownership with the Bulgarian Land Registry.

Capital Gains Tax in Relation to Property in Bulgaria

Capital gains tax (CGT) is a tax that is levied on the profit made from the sale of a property. In Bulgaria, CGT is calculated as the difference between the sale price of the property and its original cost, minus any expenses incurred in the sale of the property. The CGT rate in Bulgaria is 10%.

It is important to note that CGT is only applicable if the property has been held for less than five years. If the property has been held for more than five years, the sale is exempt from CGT.

Ease of Selling a Property Yourself in Bulgaria

Selling a property yourself in Bulgaria is relatively straightforward, but it does require some time and effort on the part of the seller. However, by following the steps outlined above and working with a reputable real estate agent, the process can be made easier.

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Property Exchange Popularity in Bulgaria

Property exchange is not a common practice in Bulgaria. Most people prefer to buy and sell properties outright, rather than exchange them. This is due to a lack of awareness of the property exchange process and a general preference for more traditional forms of property transactions.

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