The new property law which will ban cash purchases of Bulgarian properties has been delayed until the summer of 2010, according to news from The Sofia Echo and other Bulgarian news sources. While the ban on cash purchases will be positive for the Bulgarian property market in the medium- to long-term, the delay means that buyers can pick up some real bargains in the next few months, reports House Sales Bulgaria .
Earlier in January 2010, the Bulgarian government passed a law which banned all cash transactions for property in Bulgaria. Under the new rules, all purchases have to be made through commercial banks and not through private arrangements paid with cash. Reports suggest that the Bulgarian government has modeled the new system on one used in France to great success. The new law hopes to add transparency to the Bulgarian property market, as well as increasing municipal revenue which can be poured into infrastructure, which will in turn boost property sales in Bulgaria. It is also thought that the legislation will help bring stability to property valuations.
All of this is good news for the Bulgarian property market in general as it further solidifies the country’s position as one of the leading real estate investment locations in Europe, and in the short-term, it’s great news for all those looking to buy property in Bulgaria. The law was planned to be enforced by the end of January 2010 but the Bulgarian parliament failed to get the legislation passed fully before Christmas which will delay the ban coming into effect until May or June. That means that those wanting to sell property in Bulgaria and are willing to accept some part payment in cash are still free to do so and that the following few months will hold some fantastic property bargains in Bulgaria.
Source: articlesbase.com
