New regulations in Bulgaria's property market allow foreign buyers to purchase real estate without having to register a company first.
The conditions officially changed at the beginning of 2012, when The Treaty of Accession of Bulgaria to the EU removed its support for the restrictions, but effectively came into practice in the second half of April, allowing all EU citizens to buy land in Bulgaria in their own name.
Investment in agricultural land and forests will still require a registered Bulgarian company until the beginning of 2014, when this restriction is also set to expire. The restrictions will remain in place for any investors outside of the EU or European Economic Area (EEA).
Polina Stoykova, Chief Operations Manage of Bulgarian Properties , hails the new regulations as a big step for the market: "This is a major change and liberalization of the Bulgarian real estate market. It comes in combination with lower property prices, which have dropped with around 50% since the beginning of the crisis. These factors will contribute for a greater demand for properties by foreign European buyers. These factors will contribute for a greater demand for properties by foreign European buyers."
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