Contacts
0

Bulgaria Unharmed by Global Credit Crisis

2007-11-13   |  Pari Newspaper, vol. 218, 13.11.07, p. 10

In many parts of the world homeowners have a reason to fear the credit crisis which overtook the world. However, this does not apply for Bulgaria. Due to the investments of Eastern Europeans and the increased number of domestic buyers the real estate market in the country has demonstrated unexpected resilience. The global credit crisis reverberated the strongest in the USA and the UK therefore in the last six months mainly investors from Russia, Romania, Poland and Ukraine operated on the Bulgarian property market. The Russians and the other Eastern Europeans who filled the hotels along the Bulgarian Black Sea coast during the communist era are now returning as buyers of holiday homes. According to brokers the sales of property to Eastern Europeans, irregardless of whether they were cheaper apartments or expensive villas in gated communities, have increased considerably this year. The interest on the part of the other foreign investors remains high as the prices of real estate in Bulgaria continue to be the lowest in the EU. The prices in the big Black Sea resorts which doubled only in a few years started to drop slightly even before the credit shock, as the reason for that is the oversupply and the slow development of the infrastructure.
However, Bulgaria’s high economic growth increased the income of those working in the private sector and made mortgages more accessible. According to the Bulgarian National Bank purchases of properties in the first 8 months of 2007 amount to EUR 1.16 billion which equals about 35% of the direct foreign investments after Bulgaria’s accession to the EU. The supply of homes steps up but the demand remains high as well, as property prices have increased by 13-18% this year.

  Read more news

Share
Vitosha View - an exclusive residential development in Sofia
Vitosha View is a gated complex at the foothills of Vitosha Mountain. It offers urban environment combined with the home atmosphere and the greenery of a beautiful garden. Vitosha View enjoys an attractive location and is perfect for investment in the Bulgarian capital.
See More
Rural Houses in Bulgaria
A real peace of heaven in the Bulgarian countryside! Your own holiday home in a magic world hidden from the stress and noise of the urban life we are all getting tired of. Let's take off for a journey back in time!
See More

More News

Company news
BULGARIAN PROPERTIES Agents of July 2020

🏆🌊 AGENTS OF JULY 2020

🌞 Summer is already in full swing, and the 🏘 real estate market in Bulgaria is also a hot place!

The activity has increased and we are now convincingly returning to the pre-crisis volumes of sales, this time the interest is not only in Sofia and the big cities, but to the whole of Bulgaria, including the sea and m...

03 July, 2020
latest news
Polina Stoykova: Rural houses are the hit of 2020

At the moment - in June, the property market is quite active, the crisis seems to be behind us. At least that is what the behavior of the market participants shows. Overall, there is quite a good activity and it's as if we're back at the beginning of the year.

People who inquired about properties in early March are now returning to those same properties and are buying ...

26 June, 2020
Company news
BULGARIAN PROPERTIES Agents of June 2020

Life is gradually restarting and we are witnessing an increased interest to Bulgaria 🇧🇬 as a country with very few 🦠 coronavirus cases and the Bulgarian 🏘 real estate market as one of the most attractive and affordable in Europe.

From strongly negative, the forecasts have began to become more optimistic. The current crisis has had a healing effect on ...

03 June, 2020
latest news
Reuters: Bulgaria to end quarantine on travel from most of EU

Bulgaria plans to lift an obligatory 14-day quarantine from June 1 for travellers from most European Union countries, but not those states with the biggest coronavirus outbreaks, a senior health official said on Friday.

The quarantine will remain obligatory for travellers from Sweden, Belgium, Ireland, Portugal, Spain, Italy and Malta, the official said, as well as the UK, which is ...

29 May, 2020

REQUEST DETAILS