Polina Stoykova for Bloomberg TV: There Is No Prerequisite for Real Estate Bubble
On the 15th anniversary of BULGARIAN PROPERTIES, the company's CEO, Polina Stoykova, was a special guest in Bloomberg TV Bulgaria's Business Meeting. See what she has shared about the real estate business, current trends, market history, and the technological development of the industry in a candid conversation with Tanya Krasteva.
There is no prerequisite for a property market bubble. This was stated by Polina Stoykova, CEO of Bulgarian Properties, on the occasion of Business Meeting with Tanya Krasteva.
She pointed out that currently the property market is being driven by local demand mostly.
"And it is linked to the fact that the economy is growing, people feel more secure about their jobs, unemployment is low, and they need housing. Bank lending is at its most affordable level ever since it exists."
According to her, this provides prerequisites for increased demand, but it would not be endless.
"This is a local, small market though. This year there will be a normalisation and not such a big rise in prices. We see a delay in the absorption of the projects. There is no prerequisite for talking about a bubble at the moment. "
"We do different things and one of them is related to the automation of the real estate valuation. This is one of our latest developments," said Stoykova.
She explained that the development is related to the creation of indexes for the property market all over the country for residential properties.
"With these indexes, an express, instantaneous assessment based on automation can be done."
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Here are the present market trends which mark the start of a new beginning for the property market in Bulgaria:
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The average selling price of residential properties in Bulgaria's capital Sofia increased by 4.0% on an annual comparison basis in the first quarter of 2020, local company Bulgarian Properties said.
The average price of dwellings in Sofia reached 1,120 euro ($1,219) per sq m in the first quarter, the realtor said in a quarterly property market analysis published last week.
High activity during the first 3 months of the year and acceleration of the price growth to about 4% on an annual basis. This is how the real estate market in the Bulgarian capital of Sofia developed until mid-March, when the state of emergency was introduced and many economic activities where put on hold.
Average Prices and Annual Change
In the first quarter of 2020...
BRITS could return to Bulgaria's Sunny Beach as soon as July as the country reduces its lockdown measures.
To encourage tourists, beaches will also offer free loungers, sun beds and tables when they open again for business.
Bulgaria has managed to keep coronavirus cases relatively low - the country has reported just 1,704 infections, and 50 deaths.