Owners prepare for new law on property in Bulgaria

Owners of property in Bulgaria are preparing for a new law which comes into effect tomorrow.

The Act on the Management of the Condominium Ownership was adopted by the country's parliament in January and concerns all those who own or are looking to buy apartments and condominiums in Bulgaria.

According to the government, the new act has been designed to take account of the changes made to the ownership property in Bulgaria since the first legislation was formulated in 1951.

The main improvement to the act is providing owners of property in Bulgarian with a separate clause outlining their obligations.

Other amendments include empowering third persons to represent an owner on the basis of power of attorney, along with allowing members of the condominium ownership to have votes proportionate to their respective shares of the common areas.

Meanwhile, Liam Bailey, director at sector specialist Write About Property, says the global credit crunch has altered the way people invest in property in Bulgaria, as potential buyers take fewer chances based on personal recommendations.