Bulgaria Expects Boost in Winter Tourism with Increased Foreign Visitors
Bulgaria is expecting a boost in winter tourism this year, with about 3.1 million foreign visitors projected between December and March
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion. This unprecedented figure, revealed by the Bulgarian National Bank, marks a remarkable 18.77% increase from the previous year, fueling optimism within the property market.
The robust growth in mortgage lending reflects a buoyant property market, with individuals and businesses alike capitalizing on favorable financing conditions. Notably, the total volumes of new mortgage loans surpassed the BGN 5.38 billion mark recorded in 2022, underscoring the nation's burgeoning real estate sector.
Behind this impressive growth lies the significant contribution of non-affiliated registered credit intermediaries, who played a pivotal role in facilitating BGN 2.12 billion in mortgage loans. Their involvement reflects a broader trend of increased consumer confidence and demand for financial services in Bulgaria.
Maria Petkova, Chairperson of the Association of Credit Intermediaries in Bulgaria, emphasized the importance of credit intermediaries in providing high-quality service and ensuring regulatory compliance. With their expertise and guidance, borrowers can navigate the complexities of mortgage financing with confidence, she explained.
Despite the surge in mortgage lending, Bulgaria maintains a prudent approach to household debt, with households boasting one of the lowest loan-to-asset ratios in the EU at 14.7%. This cautious approach, coupled with robust deposit growth, underscores the nation's financial stability and responsible borrowing practices.
Looking ahead, industry experts anticipate continued growth in mortgage lending in 2024, signaling sustained momentum in the property market. With favorable financing conditions and strong consumer demand, Bulgaria remains poised for further expansion and development in the real estate sector.
Housing affordability in Sofia has improved since the pandemic, making it one of the few capitals in Central and Eastern Europe (CEE) to experience this positive trend
The real estate market in Sofia continues to show growth, with a 10% increase in sales compared to the previous year.
Two Bulgarian cities, Plovdiv and Burgas, have been ranked among the most affordable locations for purchasing homes in Europe
The decision to buy or rent property in Bulgaria's major cities, particularly Sofia, is influenced by various factors, with real estate experts suggesting that buying remains more advantageous than renting in the long term
In the second quarter of the year, the housing price index in Bulgaria increased by 15.1% year-on-year, slightly lower than the 16% rise in the first quarter
Sofia's office market has experienced moderate rental activity over the first nine months of this year
Bulgaria Ranks Second in the Balkans at Paris 2024 Olympics, 26th Overall
Bulgaria Leads Europe in Heat-Related Deaths in Record-Breaking 2023