Number of Repossessed Properties in Bulgaria Increases, Says Stats

Business » PROPERTIES | October 29, 2013, Tuesday // 12:49| Views: | Comments: 0
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Bulgaria: Number of Repossessed Properties in Bulgaria Increases, Says Stats Photo by Sofia Photo Agency

There has been an increase in the number of properties repossessed due to loan defaults, according to data by Bulgaria Chamber of Private Enforcement Agents.

There has been an increase of 31% in the number of repossessed properties in Bulgaria since the beginning of the year, according to data by Chamber of Private Enforcement Agents, informs “Trud” newspaper.

Even though there is a slow-down in the increase of bad debts, according to bank stats, there is a significant increase in sales of foreclosed properties in Bulgaria, according to private enforcement agents.

4800 foreclosed properties has been sold out in the first half of 2013, while the total number of sold foreclosed properties for the whole 2012 was 7780, according to Georgi Dichev, a private enforcement agent, as cited by “Trud”.

The market of foreclosed properties of all type – residential properties, office real estate, hotels, buildings and storehouses becomes more popular, because the properties are offered for sale at prices which are way below the ones at the traditional real estate market and customers are turning to this secondary market in search for low-price offers, explains the enforcement agent.

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Tags: Chamber of Private Enforcement Agents, foreclosed properties, bad debts, low-price offers, market, residential properties
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