Bulgaria progressing towards EU accession

Bulgaria’s progress towards accession to the EU, a development which could make the country’s property market substantially more accessible for overseas investors, is moving forward well, according to an EU official.

Justice and home affairs commissioner Franco Frattini said that he was “more optimistic” about the country’s progression following his most recent visit, according to Overseas Property Professional magazine.

“I see concrete progress…Bulgaria is on the right track. Now the key word is implementation,” Mr Frattini said.

The Bulgarian property market has seen a degree of stability so far this year, with prices increasing by 4.7 per cent in the first quarter of 2006.

Values have been falling in some areas, however, such as the capital of Sofia, Varna and Plovdiv, where supply has been exceeding demand.

Bulgaria’s planned date for accession to the EU is January 1st 2007.

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