I will start with the basics involved in buying and selling real estate in and around Varna Bulgaria. Full disclosure, I am the owner of a real estate brokerage company here in Varna (www.kirilpeev.com). Feel free to contact me if you are looking to buy, sell or rent a property.
- Commissions: The commission paid by the seller to a real estate agent to sell your home is usually 3%. The commission paid by the buyer to utilise the services of a real estate agent to find a home is 3%. This means that the selling a 100K euro property will cost a seller 3000 euros. Buying a 100K euro property using the services of a real estate agent will cost the buyer 3000 euros.
- There is no organized real estate listing service in Varna (and Bulgaria in general). I use a network of insider broker groups and real estate websites when selling or looking to buy a property. Navigating and learning this process took me about one year. Unlike Canada or the US there is no MLS system in Bulgaria. This means that the real estate market is a lot more chaotic and unorganized.
- Prices: As of 2023, prices in and around Varna range from 800-2500 euros+ per sqaure meter. This applies for both apartments and houses. In the city center you will most likely pay 1200-2500 euros per square meter. The suburbs around Varna are more affordable, usually under 1500 euros per square meter.
- Notary fees and taxes. You can expect to pay 3-5% of the purchase price when buying a property. This money goes to municipal taxes and notary fees.
- Foreigners can own Bulgarian real estate. Non-EU residents will need to set up a company in order to buy land or a house with land.
I am happy to answer more questions that readers may have. Feel free to comment below and I will add to the post 🙂