15 per cent property price increase expected in Bulgaria

www.sofiaecho.com, 2006-06-02

     Property prices in Bulgaria are expected to rise by 15 per cent this year, participants in the Real Estate and Investment Forum RINFOR said.
     In the first three months of 2006 prices went up by 4.7 per cent, Dnevnik newspaper reported.
     Nearly four to five times more buildings were constructed in Bulgaria, compared to the number for the previous year.
     Bulgarians living abroad invest annually 1.2 billion euro in property.
     Mortgages are also on the rise. The growth rate in credit-taking reached 85 per cent, compared to the March 2004 levels. Interest rates would likely go down, once Bulgaria joins the European Union, analysts said.
     According to some international analysts the Bulgarian credit taking system was outdated. As a result only two per cent of the property purchases occurred through the use of loans. In the Czech Republic the figure is eight per cent and in Hungary- 10 per cent.

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