Finding office

Renting an office

Finding a great office space in Bulgaria is both easy and cheap. The Bulgarian capital has the lowest office space rent prices in Europe. Yet supply is still growing with new top class office buildings being added to the market. Currently the total office space in Sofia is around 1.5 million square meters. The vacancy rate is more than 20%.
There is a serious discrepancy between supply and demand on the market. During the following quarters prices are expected to remain low.
Tsarigradsko Shosse Boulevard and Bulgaria Boulevard are the most attractive locations for new high class office buildings.
Rents in other cities, such as Varna, Plovdiv and Burgas are even lower than the rates in Sofia.

 

COST OF OFFICE SPACE IN BULGARIA (SOFIA AND VARNA)

LOCATION         

COST (Euros per sq. meter)

Sofia - Class A Office Building - cost to buy       

1500-2000

Sofia - Class A Office Building - cost to rent      

20-30, 16 on average

Sofia - New Business Building or Business Park - cost to buy       

800-1400

Sofia - New Business Building or Business Park - cost to rent      

12-17

Sofia - Office Apartment Downtown - cost to buy         

1200-2000

Sofia - Office Apartment Downtown - cost to rent        

5-12

Varna - Class A Office Building - cost to buy     

1200-1800

Varna - Class A Office Building - cost to rent    

14-25

Varna - New Business Building or Business Park - cost to buy       

800-1400

Varna - New Business Building or Business Park - cost to rent      

12-14

Varna - Office Apartment Downtown - cost to buy       

800-1400

Varna - Office Apartment Downtown - cost to rent      

3-10

Plovdiv – Office Building – cost to buy

500-1000

Plovdiv – Office Building – cost to rent

3-7

 

Ownership of real estate

1.1. Legislative framework

The major legislative acts governing the real estate and real estate transactions in Bulgaria are the Bulgarian Constitution, Property Act, State Property Act, Municipal Property Act, Privatization and Post-privatization Control Act, Agricultural Land Ownership and Use Act, Forestry Act, Civil Procedures Code, Encouragement of Investments Act, Territorial Development Act, Contracts and Obligations Act and Condominium Ownership Management Act.


1.2. Direct acquisition of real estate in Bulgaria by foreigners and foreign companies

In Bulgaria foreign citizens and foreign companies can directly acquire buildings, premises within a building and limited property rights (e.g. construction right, right of use).  The foreign acquirer has to be registered in a special Register.

As a result of the accession of Bulgaria to the European Union (“EU”), specific rules related to acquisition of land were provided for EU citizens (“resident citizens”) and entities registered in the member states of the EU and the European Economic Area (“EU residents and entities”). Relevant changes were implemented in the Bulgarian Ownership Act, Forestry Act (implemented also in the new Forestry Act in force as of 9 April 2011) and Protected Areas Act and Agricultural Land Ownership and Use Act.

 
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