Bulgaria and Romania celebrate European Union entry in 2007

The New Year was filled with even more hope for new EU members, Bulgaria and Romania, which signalled the start of a brighter future for these two former communist countries. As of Monday, 30 million people awoke as brand new Europeans, part of the enlarged EU bloc, now comprising 27 nations. Within hours of membership, officials removed customs barriers at border crossings between Greece, Bulgaria, Romania and Hungary.

Inclusion within the EU, it is believed will have a significant impact on the property markets in both countries. Increased tourism buoyed by easier travel into Bulgaria and Romania will improve the market for second homes in both places. Bulgarians and Romanians living and working abroad will also benefit their home country by bringing greater wealth back into their respective economies and boosting house prices as they seek to invest in property. Finally, by becoming part of a European market place, Bulgaria and Romania will receive economic funding to improve infrastructure, build a more competitive business environment and from a real estate perspective, make buying a property in Bulgaria or Romanian property more transparent.