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
A growth in supply of all types of property in Bulgaria and sellers who are not willing to cut asking prices describe best the current real estate market in the country, according to a local realtor analysis.
"Despite the boosted supply a large part of the sellers keep high asking prices and the market is stagnated," a report of Bulgarian Properties shows.
The sales of property in the countryside marked an average of 35% decrease in prices over the the first quarter of last year. The number of deals sealed in January and February also dropped by 36% over the same period last year.
For the first time since October an increase in the number of concluded sales over the previous month was recorded in March, going back to January levels.
"This is an indication for the market picking up, but is no cause for euphoria," the company commented.
Now is the time for bargain hunting since sale prices mark a slide and buyers have the chance to become owners of more spacious, attractive and high quality property at prices close to the levels from last year.
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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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