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BULGARIAN PROPERTIES on Bloomberg TV: Bulgarian real estate market in 2020
On 14th of November Polina Stoykova MRICS, the Managing Director of Bulgarian Properties, was a guest in the program "In Development" with Veronica Denizova on Bloomberg TV. What awaits the Bulgarian capital real estate market in 2020? See what she said by the subject:
"We cannot speak of a bubble on the housing market in Sofia, as in this cycle it is driven by fundamental factors such as local demand, employment, income, interest rates, etc. 2019 has brought a price stability in Sofia," Stoykova noted. She explained that this year the market remains dynamic, people are interested in buying.
"With rising incomes and stable prices the real estate affordability is growing, also the low mortgage interest rates have a positive effect."
The guest pointed out that usually the last quarter of the year is very strong for the property market and 2019 confirms this fact - the activity has been increasing since the first days of October.
"The average price per square meter in Sofia for the third quarter is 1,088 Euros per square meter, based on real deals, " Stoykova said.
"According to buyers, 1,000 Euro per sq.m is an adequate price."
According to the expert, a price-drop is not expected soon, as there are no indications for it in the current economic situation. "It is clear that mortgage interest rates are not expected to rise soon, it will be more indicative to monitor the labor market factors, how unemployment will change," Stoykova explained.
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