While the initial speculators came over to Bulgaria to acquire cheap cottages and houses, the focus in recent times has shifted to new built apartment blocks of ever increasing facilities, levels of luxury and of course price.
The concept behind buying these ‘off plan’ properties is that you purchase quite literally the right to build so as to fund the development. Apartments in many cases may be reserved with a non refundable payment of 1000 euros for example, this will be taken off the final purchase price if you continue with the purchase. Payments are then staged in various payment plans such as 20% on signing of the preliminary contract and then various percentage payments. The notary deed declaring ownership is presented on payment of the last instalment.
The law which stipulates that foreigners may not own land is not relevant when purchasing these off plan apartment blocks; foreign people do not buy the land but as stated before the right to build. Should anything in theory happen to the building they will still own this right to build.