No revolutionary changes

We present a review of the most important changes in legal regulations as well as an overview of other events in 2002 which have influenced the various stages of real estate developments. Pre-Development Phase The Elimination of Restrictions in Real Estate Acquisitions Poland's closing of negotiation chapters with the European Union on the issue of the free movement of capital (including the acquisition of real estate by foreigners) can be considered an event of fundamental importance for the phase which directly precedes the investment process. As a consequence, all restrictions on the acquisition of real estate by foreigners for investment purposes will be eliminated immediately after Poland's accession to the EU (transitional periods of between 5 to 12 years will apply exclusively to plots for recreational, agricultural and forestry purposes). Prior to Poland's Accession to the European Union According to the latest forecasts, Poland is to accede to the EU on May 1, 20