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Bulgaria could enter the eurozone by 2013

Property sales in Bulgaria could be boosted by the fact that the country may become a eurozone destination as soon as 2013, according to a report by Novinite, the Sofia News Agency. In February of this year, Bulgarian prime minister Boiko Borissov met with the European parliament president Jerzy Buzek; a meeting that confirmed that Bulgaria would be welcomed into the eurozone and possibly in the next three years.

Novinite quotes the European parliament president as saying "Bulgaria has the opportunity to become a member of the eurozone in 2013. I would welcome this kind of development". This is the most concrete indication yet that the Bulgaria will adopt the euro as early as 2013; news that will be welcomed both by potential investors looking to buy property in Bulgaria and those wanting to sell property in Bulgaria. This is because entering into the eurozone means introducing a stable economy to any country. The rules for adopting the euro set out to all potential entrants by the European Union include the fact that the country's budget deficit has to be within three per cent of GDP.

The European Union understandably vets the countries that enter into its eurozone quite rigorously to ensure that the economic stability of the entire zone is protected. Showing confidence in Bulgaria in this way will in turn engender confidence in the economy of Bulgaria as a whole, something that is of vital interest to those looking to either sell Bulgarian property or buy Bulgarian property. The benefits of adopting the euro include the lowering of the costs of cross-border business which increases competition. A competitive market is good for consumers which will attract visitors to Bulgaria, as will the fact that they won't have to change currency while travelling throughout Bulgaria and the rest of the eurozone. The euro is being increasingly used for all types of international commercial transactions, including with countries outside of the euro area which reduces risk for any eurozone businesses. Its status is further strengthened by the fact that central banks around the world use the euro as a reserve currency.

The sooner Bulgaria enters into the eurozone, the sooner it can start to benefit directly, bolstering both property in Bulgaria as well as the wider economy.