Bulgaria joins the European union in 2007
The entry of eight central and eastern European countries into the European Union on 1 May 2004 was a historic achievement, ending centuries of division. Europe reunited means a stronger, democratic and more stable continent, with a single market providing economic benefits for all its 450 million citizens.
Open doors
The European Union has come a long way since the original six member states joined forces in 1951 calling upon the peoples of Europe "who share their ideas to join their efforts."
The six became nine in 1973, and had grown to 15 by 1995. In the meantime, the European Union (as it had become by then) had created a single market and a single currency and had expanded its economic and social agenda to foreign and security policy as well.
The latest enlargement, from 15 to 25, is the biggest in Union history. One of the Union's first post-enlargement priorities is to raise newcomers' living standards, which are all below the EU average.
Benefits for all
The economic impact of enlargement will be significant as a bigger and more integrated market boosts economic growth for new and old members alike. Newcomers stand to benefit from investments from firms based in western Europe and from access to EU funding for their regional and social development.
The road to membership
Even before the entry negotiations begin the Union helps the candidates prepare for membership providing considerable assistance, both material and in terms of technical support and advice, to bring candidates up to EU standards.
Bulgaria's membership to the European Union is scheduled for 1 January 2007.
What does this mean for Investors?
Bulgaria joined NATO in 2004 and its image has now been enhanced with a positive change from the 16th republic of Russia to the 26th NATO member state. In addition with its forthcoming membership of the European Union it is estimated that real estate in Bulgaria will be of major interest to investors.
Equally the relative liberalization of the credit system leading to a decrease of the mortgage loan interest will further stimulate the residential market pushing up property in Bulgaria prices.
There is a realistic expectation of a 50% property evaluation in Sofia and the coastal areas before Bulgaria enters the EU with property prices moving upwards from less that $300/sqm in Sofia in September 2003 to $500/sqm in 2004 and further growth expected.
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