Bulgaria is Seventh in the EU in Increase of House Prices in 2017
9 percent the homes in Bulgaria have a higher price in the third quarter of 2017 compared to a year earlier. This places Bulgaria on the seventh position in the European Union on the rise in prices of houses, Eurostat data show.
The largest annual house price increases were reported in the Czech Republic (12.3%), Ireland (12%), Portugal (10.4%), Hungary (10.2%), the Netherlands (10.2%) and Latvia (9.5%). Only in Italy home prices have fallen by 0.9%, according to Eurostat data. On average, for EU, house prices have risen by 4.1 per cent in the third quarter of 2017 compared to a year earlier.
Meanwhile, the BNB has warned banks to pay attention to housing loans because the rise in property prices hides dangers. In its report on the state of the banking system for the third quarter of 2017, the central bank advised credit institutions to be more conservative in funding for economic sectors and high indebtedness. In addition, the BNB warns that rising real estate prices will not be forever, and banks should not lower their requirements for a healthy ratio between the amount of new loans and the value of mortgaged properties.
At the end of last year, in its report on excessive macroeconomic imbalances, the European Commission also warned of a risk in the property market due to the high indebtedness of businesses and households.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
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.
Surge in Home Loans Sets New Record in Bulgaria
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
Bulgaria's Housing Market Sees Varied Growth in Fourth Quarter of 2023
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 Sees Surge in Mortgage Loans: Record-Breaking Growth Fuels Property Market
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion
Eurozone Entry: Implications for Bulgaria's Real Estate Sector
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
Bulgarian Housing Market Predictions For 2024: Stable Year And Increase In Prices
This information was shared during the presentation of data on the current state of the market to journalists