In recent years before the eyes of Bulgarians, Dubai has evolved from a tourist destination into a place where some people escape justice or find refuge for investments whose origins are not always known. That’s probably why nearly two dozen homeowners there were investigated by the National Revenue Agency last year over the origin of the money that bought them.
In early May, an international journalistic investigation found that more than 240 Bulgarian citizens and residents of the country are the owners Characteristics worth more than $160 million in Dubai. This is also the place that is turning out to be the new home of Russian millionaires’ money.
It turns out that last year Dubaialong with Turkey, has become an object of great interest Bulgarians who wants invest their real estate savings. A google search shows there are some deals.
“In fact, over the years we’ve had customers who have inquired Characteristics in Dubaibut we didn’t have a suitable local partner to offer this‘ Luximmo CEO Nevena Stoyanova told Dnevnik. Since the beginning of the year, the agency has been offering its services to those who want to buy a house in the emirate. It shows that interest in it has increased significantly.
Why is this interest
Stoyanova sees more than one reason for this interest in buying a property in Dubai. It starts with the most romantic, which is that this is the sea closest to Bulgaria during the winter months, and unlike other destinations that became particularly popular during the pandemic winter, such as the Maldives and Bali, the time zone isn’t this here change. This, combined with the easy accessibility of Bulgaria, makes the place a desirable destination for families with children.
In addition, there are no local taxes – neither for owning a property nor a notary fee when purchasing. Stoyanova notes that there is full document transparency there – all documents are in one register, each transaction is completed within 3 days.There are no complications from lawyers, notaries, everyone can see the documentation of the property‘ she emphasizes.
As another reason for interest, she adds: “Five star service for each property”, which is standard in the country, whether it is a house or an apartment in a building. The locals are very business oriented and with the development of tourism they keep this high quality, she explains.
How much is it
Contrary to the impression that we speak in the emirate Characteristics which cost millions, Stoyanova assures, they are available at prices comparable to those in Sofia. With the clarification that in the luxury segment the variety is far greater and can cost more.”many millions“In their opinion, buying a home for 200,000 euros is quite realistic – as much as a two-bedroom apartment in Sofia.
The demand of Bulgarians is divided into two directions – apartments and family houses. Second, the trade-off that brings the price down quite a bit is that the property isn’t on the first line after the beach, for which supply is limited.
Regardless of which property is bought, a maintenance fee will be paid, which is expected to be much higher than in Bulgaria and what Bulgarians buy vacation Characteristics set as a condition of acquiring or not acquiring the property. “Everywhere in the civilized world there is a maintenance fee. Its size depends on what it contains. It’s something that Bulgarians have to get used to it – that when they buy Characteristics, they need to be viewed over the long term, as how a building is cared for depends on how the owner protects their money over time. If it ages beautifully, it is protected“, illustrates Stoyanova. Your observation is when Bulgarians Buying property abroad, don’t complain about the maintenance fee, which is not the case when it comes to property in Bulgaria.
Real estate agents testify that inflation takes a lot of savings from banks and puts them into buying homes, which are practically the only alternative to deposits in Bulgaria that is affordable and understandable for most people.
It turns out that the desire for property in Dubai is driven in part by the same desire to protect money from depreciating. Stoyanova says that until now they have had no customers who could buy them with a bank loan. Some of the buyers are people building property portfolios in different countries.
During the period when the property is not used personally, it is customary to rent it out, as is customary in Bulgaria. The same agencies that broker the deal also offer the management. Depending on the property, the yield is between 4 and 8 percent, says Stoyanova, and there are many people from all over the world who want to rent living space at short notice.
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