Greeks invest their savings in Bulgarian properties

Greeks invest their savings in Bulgarian properties

More and more Greeks invest their savings in Bulgarian properties. The reason is that they want to protect their savings in the banks, which are expected to bankrupt soon. This leads to great interest in the Bulgarian properties. According to real estate agencies from Blagoevgrad and Sandanski this is the second wave of serious interest. The first was last year when there was a rumor that Greece is going back to the drachma. Now, again our neighbors are suspicious and want to be more secure.

A lot of Greeks already bought apartments in Sandanski. Brokers say that there are requests for regulated land and agricultural land as well. They are mostly of Greek entrepreneurs, who are planning to outsource their business in the nearest Bulgarian cities, located close to the border.

The region of Sandanski now has about a hundred newly registered companies with Greek owners. So, with one stroke, neighbors acquire many benefits. They already have the right to buy cars with Bulgarian registration and also save huge taxes and excise duties. Moreover they save from corporate taxes. In Greece they reach about 40%. Following the transfer of activity to Bulgaria they will pay 10%. Moreover, they invest money in a second home in Bulgaria and thus they spread the risk.

During the last 7-8 months dozens of neighbors have bought land and houses in Sandanski and in villages around the Sandanski. Transactions are made by people who are about to retire, or entrepreneurs, who want to invest. In Petrich as there are many Greek pensioners who have bought cheap old houses in the villages and during the week they live there, because the standard is much better than the one in Greece. Interest appears to the agricultural land as well, which is traded from 7 to 30 euros per square meter depending on the location. Greeks more often intend to cultivate our land and to hire local people for this activity. Another trend is renting the apartments. Thus they ensure their monthly income.