Sun, Nov 22 2009

BULGARIA AND RUSSIA HAVE THE HIGHEST TAXATION ON RESIDENTIAL PROPERTY DEALS

Thu, Jul 12 2007 16:32 CET 259 Views

Bulgaria and Russia rank among countries with highest rates of tax on residential property deals, says Global Property Guide research.

Research examined several types of expenditure including registration fees, real estate agency commissions, taxes for purchase and VAT, 24 Chasa daily reported.

Results for Bulgaria and Romania showed that purchase expenditures were nearly 25 per cent of the property value, the main reason being VAT.

VAT in Bulgaria is 20 per cent and 18 per cent in Russia. This is the factor ranking Romania and Bulgaria on the top positions concerning residential property taxation.

Out of old European Union (EU) countries, Belgium and Italy have the highest expenditures on property deals, the lowest feature Estonia, Slovakia, Litva and Danemark with less than five per cent of the property value.

Expenditures are higher in southern Europe and lower in UK and the Scandinavian countries.

The commission for the real estate agency is usually shared between the seller and the buyer. Research said that it usually ranges between 1.25 and 1.5 per cent for both sides. In Bulgaria the figure is 2.5 per cent to three per cent for both sides.

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

New modern marina worth 24M leva to be constructed in Pomorie

The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.

Construction sector in Europe continues to decline

Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.

Bulgarian Property Developments begin construction of 12.6M euro logistics park in Rousse

The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.

Discounter chains Penny Market, Plus open stores in Bulgaria

Both retailers target at least 50 outlets in Bulgaria by the end of 2010.

The big question

When will Bulgaria’s real estate and construction sector recover?

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.