Average GDP growth rate of 5.1% since 2000, peaking at 6.3% in 2006. Negotiations on possible EU membership started in 2002 and as testament to Bulgaria's great political and economic success the country was accepted as a member on the 1st of January 2007, and its currency, the Lev, was pegged to the Euro in order to ensure further macro economic stability.
A year on and the country has seen some marked changes as a result of EU membership, including increased trade with other EU members and large amounts of money in the form of EU grants for infrastructure and improved transport links. Economic stability has increased further and property prices have benefited substantially from EU membership, going up in excess of 23% in some areas. On top of this Bulgaria has enjoyed a large amount of exposure on account of both its economic success and its tourist industry. Tourism is certainly central to the government's plans, with the industry making up 12% of GDP.
Tourism has also been helped by the fact that Bulgaria's popularity has prompted more and more low cost airlines to service Bulgaria giving tourists far easier access to all areas of the country.
Low property prices are one of the most appealing aspects of the Bulgarian property market and certainly set the country apart from the rest of Europe. However, it is not only this that is attracting attention but the huge tourist potential and the boost provided by entry into the EU.
If a comparison is made with the countries that joined the EU in
2004, property price growth has continued after the initial boost with the promise of a further jump in the rate of growth once the country joins the European single currency as seen in Ireland in 1999 and Slovenia when it joined the Euro in 2007.
Destinations such as Portugal, Spain and Turkey are testament to the large numbers of tourists that golf can bring to an area and this will greatly benefit Bulgaria's efforts to create year-round tourism.
