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Bulgaria Faces Challenge of Legalizing 10 Billion Leva Before Euro Adoption
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Approximately 10 billion leva from the gray economy, including bribes, tax evasion, and other illicit activities, must be clarified before Bulgaria adopts the euro. This process is expected to be challenging as these funds are currently hidden away, figuratively speaking, in "mattresses and jars."
The real estate market is a significant avenue for laundering such "capital." This substantial sum impacts property prices and the market's dynamics. Dobromir Ganev, a real estate expert and former chairman of the National Real Estate Association, noted that the real estate market, particularly residential properties, reflects positive macroeconomic trends in the country. He mentioned that mortgage financing accounts for a maximum of 50-60% of transactions in Sofia and up to 35% in other cities.
Ganev emphasized that the real estate market is not solely driven by financing. Another crucial factor influencing this market is the anticipation of benefits from Bulgaria's forthcoming eurozone membership. Additionally, the market is affected by the influx of several billion leva from the gray economy and by Bulgarians returning from abroad, who also contribute to market trends.
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