Home Sweet Home: The Reality of Housing in Bulgaria Revealed
New data from the National Statistical Institute (NSI) sheds light on the housing landscape in Bulgaria, painting a picture of the majority of Bulgarians residing in older homes.
Scores of luxury hotels and apartments on Bulgaria's southern Black Sea coast are listed for foreclosure by private law enforcement officers.
In the last few months over 100 properties have foreclosed over their owners' overdue mortgage payments to banks and debts to businesses, the Bulgarian TV channel bTV reports.
For example, in just one building in the town of Nessebar, 3 apartments are listed for sale by a private law enforcement officer and belong to one owner, who is unable to repay the mortgage. There are other similar cases in the same quarter, which is filled with new construction despite the fact that it is yet to be included in Nessebar's general urban plan.
Foreclosures are also listed in St. Vlas, Ravda, Sunny Beach, and Sozopol.
Most of the debtors are construction contractors, unable to sell the properties over the economic crisis, but there are private individual owners as well, who have difficulties repaying their mortgage.
Foreclosed properties also include those of foreign owners, mostly British and Irish.
Only 15% to 20% of the foreclosed listings end up being sold because even professional appraisers cannot estimate their market price. The requirement that the buyer must deposit the money in cash in 7 days after the sale also impedes the purchases. There is a discussion of the possibility to give buyers the opportunity to repay the initial mortgage.
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New data from the National Statistical Institute (NSI) sheds light on the housing landscape in Bulgaria, painting a picture of the majority of Bulgarians residing in older homes.
Bulgaria has witnessed a remarkable surge in home loans at the beginning of the year, with loans for households for the purchase of houses and apartments reaching a record high of BGN 20.52 billion by the end of February
The housing market in Bulgaria witnessed mixed trends in the fourth quarter of 2023, with overall prices experiencing a modest increase of 1.2%
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion
Amidst the backdrop of Bulgaria's dynamic real estate landscape, all eyes are on the potential impact of the country's imminent entry into the Eurozone
This information was shared during the presentation of data on the current state of the market to journalists
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