Foreigners Behind Quarter of Land Deals in Bulgaria's Vana
14.02.2007A quarter of the land deals concluded in the coastal city of Varna involve foreign investors. Foreigners became increasingly interested in agricultural plots and forest areas in the Varna region. The interest further increased because of Bulgaria's expected EU entry, investor.bg reported. Since it became EU member on January 1 2007, Bulgaria has the right to veto the acquisition of land and forest areas by EU citizens.
Such bans will be valid for a period of three years after the country's EU entry. After the period is over, the National Assembly will decide whether to provide unrestricted access to the land market. Analysis shows that Bulgaria's land market has not reached its full potential yet. The majority if Bulgarians find prices too high, which enables moderately wealthy Europeans take their place on the local market, investor.bg reported. According to regulations foreigners can buy apartments but face some restrictions to the purchase of agricultural plots. Only a foreigner having address registration in Bulgaria can purchase such plots. A number of legal loopholes existed, agents said. People with dual citizenship have the right to purchase any type of property in Bulgaria, the report said.
