Most Bulgarians Living Abroad Invest in Property Purchases in Their Homeland
Many Bulgarians living and working abroad are actively purchasing properties in their homeland
The Sofia-based UK property developer Cleves has identified 5 spots where large numbers of expats are employed in the Bulgarian capital.
This has been announced by one of the partners at Cleves, Vesey Crichton, in an interview for Novinite.com (Sofia News Agency).
According to Crichton, about 10 000 expats work in Sofia, and the five areas they are concentrated are the downtown, the Tsarigradsko Shose Blvd, the Iztok Quarter, the Sofia Business Park in the Mladost 4 Quarter, and the Manastirski Livadi ("Monastery Lawns") Quarter.
Having identified those five areas, Cleves Ltd, which specializes in rental services in the Bulgarian capital, has been developing nine residential projects totaling 150 apartments in their proximity.
The total investments of Cleves in Sofia so far amount to about EUR 35 M. In Crichton's words, the rental services market in the Bulgarian has not been affected significantly by the economic crisis. He expects that the rental and residential properties markets are going to pick up again as the Bulgarian economy starts to recover in 2010.
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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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