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Credit to Bulgaria’s property market

Monday, Oct 12, 2009

In many other European countries banks have been reluctant to increase lending, especially in the real estate sector, as price slides & failing businesses take their toll. Real estate in Bulgaria looks to be bucking this trend.
The Sofia newspaper Dnevnik, has recently reported a drop in interest rates instigated by some Bulgarian banks on some mortgages and loans. With a few properties being sold at under market value, some value to loan levels of 70 to 80% are being accepted.
The country’s credit centre has also released some interesting facts concerning those interested in buying property in Bulgaria as average mortgage loans stand at just over 32,000 euros, with some extending to over 70,000 euros, & credit enquires increasing by 15% in September.
All more good news for Bulgaria, which because of it geographical position is cashing in on a diversity of markets as it caters for Russian, Scandinavian, & western European investment.
Bulgaria is a striving European member & investors, educated & patient, will reap large rewards later for prudent action now.

Source: Propertyworld.com