Published on 09 September 2005 at 02:24 pm
Filed under: Europe:- Bulgaria Property Guides » Bulgarian Guide for Property Buyers
Property buyers focusing on Bulgarian real estate are aware that as Bulgaria moves ever closer to EU accession, so the country continues to align its policies, strategies, laws and economy with those of the other EU member states. As a result this former communist country is becoming decidedly European in feel and its citizens are benefiting massively from its very focused and determined change of direction.
Speculative inward foreign direct investment in the real estate sector has developed into a flow of corporate and individual investors ploughing funds into homes and investment properties in the Black Sea coastal resorts, inland ski resorts and of course in Bulgaria’s capital city of Sofia.
If you’re interested in the exciting social and economic developments taking place in Bulgaria right now and you’re considering cashing in on the mini property based gold rush, here’s our country guide to Bulgaria to offer you a brief overview of the lay of the land.
Bulgaria is aligning itself for EU acceptance on Jan 1st 2007 having signed the Treaty of Accession in 2005. So far all indications from the European Union point to the fact that Bulgaria’s accession is fully on track, but certain countrywide reforms are required as part of the process. This is good news for the property sector with various bouts of reform currently being passed through the National Assembly relating to foreign freehold ownership of land in Bulgaria. It is expected that these reforms to the constitution will be passed and come into effect by 2014 at the latest, meaning that the current process that sees foreign buyers having to purchase real estate through a company will be abolished.
Following its years under communist domination, Bulgaria became a democratic country in 1990. The country has an elected President and its Prime Minister is elected by the largest of the parliamentary groups and he chairs the Council of Ministers. Bulgaria’s parliament is elected by popular vote.
The first Bulgarian state was established in the 7th century AD - therefore historically Bulgaria is one of the oldest nations in Europe and it has a very intriguing and chequered past. It was an incredibly powerful nation for a number of centuries as it fought off threat after threat from the Byzantine Empire, finally succumbing to defeat in 1018. It remained a powerful and significant European nation to one extent or another until it joined the losing sides in WWI and WWII and was overtaken by Soviet communist dominance until 1990.
Bulgaria’s interior is mountainous and visually stunning; its Black Sea coastal region is on the whole unspoilt by mass development and is incredibly clean and also visually very beautiful. In the winter you have access to some of the best European ski resorts in Bulgaria and in the summer you can bask in the glorious sunshine on the long sandy Black Sea beaches. The Bulgarian climate varies from cold and wet in the winter to hot and dry in the summer and the country enjoys four very distinct seasons which are a pleasure to behold.
Currently Bulgaria offers a great deal of opportunity on many levels, not least of which exists in the real estate and emerging tourism sectors. Opportunities will continue to arise and develop as the country continues to modernise and westernise and those entering the property market now are most likely to benefit to the maximum from the reforms and changes affecting the country currently.
Europe:- Bulgaria Property Reports
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