Sun, Jul 05 2009

BULGARIA COMPILING CADASTRAL MAPS THAT WILL AID PROPERTY MARKET

Thu, Oct 19 2006 16:22 CET 80 Views

The lack of cadastral maps was one of the Bulgarian property market's main problems named by foreign investors, Bulgaria's 24 Chassa daily said.

The existence of complete and correct cadastral maps was an important factor in finalising secure property deals and attracting investors to the property sector, 24 Chassa said.

The current process of updating the country's cadastral maps began in 2000 and by now 33 per cent of Bulgaria's territory had been covered in such maps.

The purpose of a cadastral map is to provide an inventory of the areas of properties and to identify the owners, as well as to present the information to the tax authorities, enabling them to calculate property tax. The cadastre would make redundant the current method of formally declaring a property purchase, 24 Chassa said.

Inclusion in the cadastral maps is free. An owner need only present a copy of the title deed to the municipality or the regional cadastre office.

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