In just a couple of weeks time Bulgaria will begin the final phase of her journey towards full EU membership on 1st January 2007. This will no doubt be a somewhat turbulent two years but for the property watcher and real estate investor it is the next six months that is set to be the most interesting. In fact, everybody considering a property purchase in Bulgaria should now add a number of new trigger dates to their decision-making diary.

December 17th: the date of the next EU summit at which Bulgaria hopes to be given a definite date for signing the EU accession treaty. This issue has been the source of considerable media speculation for some weeks but now seems to have come to a head. Within the past few days, Germany, France, Portugal and Luxembourg have all given top-level ministerial backing to the need for a firm signing date early next year.

March 2005: the month in which Kamelia Kassabova, chair of the special Committee dealing with Constitutional amendments, expects to see the removal of the existing restrictions on land purchase by foreigners. Currently, the constitution does not allow foreigners to buy land, a provision that is largely academic because those who want to do so simply set up companies, which are permitted to make such purchases. The Committee has now agreed on amendments that will allow land sales to foreigners in two categories: firstly, EU citizens entitled to buy land under the EU accession treaty and, secondly, both EU and non-EU citizens entitled to land purchase under an international treaty. Kassabova has that said she wants to have these amendments submitted to Parliament before the end of this year so that the law can be changed by March 2005.

April - May 2005: the critical time period during which it is expected that Bulgaria will sign the EU accession treaty. According to MEP Catherine Guy-Quint, who co-chairs the joint parliamentary committee handling Bulgarian - EU integration, the most probable date is May 9th.