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Legal impact of EU entry to benefit Bulgarian property investors
Among the many benefits for Bulgarian property investors of the country's accession to the EU, one of the main ones will be from a reformed legal process, it has been claimed. Rhiannon Williamson, co-owner of Amber lamb, an online publication featuring property investment research, pointed out that both Bulgaria and Romania have had to refine their property legislation since joining the EU. This is to ensure that they are fully in line with the laws and regulations enforced in other EU countries.
"For overseas buyers this is good news; over time the property buying processes in each country have improved and there are long term plans for the reduction of restrictions and bureaucracy that foreign buyers encounter in both Romania and Bulgaria," Ms Williamson explained.
She added that further improvements are set to be made in the Bulgarian property market, particularly in the mortgage sector, where work is still required despite the positive development that the country has already experienced.
One in seven, or 13 per cent, of British people would consider making an investment in the Romanian or Bulgarian property market, a new survey has found. The countries' new membership in the EU was considered to be one of the main reasons behind the interest in them, as well as the growth that Bulgaria experienced last year, according to a study by MRI Overseas Property. It is estimated that the number of people visiting Bulgaria increased by 8.3 per cent last year in comparison to 2005, with a total of 1.5 million tourists visiting its Black Sea resorts last summer alone. Foreign interest such as this has provided a lot of support to the emerging Bulgarian property market, which experienced significant growth last year.
"Bulgaria and Romania's official inclusion in the European Union is a key opportunity for property investment in these emerging markets," said John Triton of MRI Overseas Property.
"Based on the past history of other Eastern bloc countries joining the EU, where property prices have risen significantly, these markets look set to become strong areas for capital growth."
Major tour operators are beginning to focus on Bulgaria, meaning that the tourist market that has boosted the country's real estate sector is set to continue throughout 2007.
About the Author: Anthony writes for http://www.BulgarianVenture.com , a Bulgarian property portal with both news and properties for sale.