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| Market Growth in November |
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Bulgarian Real Estate market marks considerable revival on the part of banks and clients, as well as a rise of the average amount of granted mortgage loans in November.
The percent of financing is also going up, and the only index going down in October 2009 is the age of the credit applicants.
The average raise, reaching 36 800 Euro is due to the higher interest in and the more often purchase of two-bed and three-bed apartments. Another reason is the higher percent of bank loan grants, which in the cases of more liquid properties, and applicants with higher income, may reach 80% of the property price.
Representatives of younger generations continue to play a leading role in mortgage loan applications, and according to real estate companies, elderly and retired people mostly sell or take part in double-deals.
It is expected for November to show even higher rates, and it is possible that it remains the most active period of 2009.
The above growth was entirely triggered by the banks and their TV commercials. They brought back those of the clients that were waiting for things to improve, and took the time to carefully consider market conditions.
Also growing is the percentage of Bulgarians living abroad and using the opportunity for a good investment at a time of low price levels and high levels of supply.
During the crisis, the requirements of the banks left out the households with a monthly income of 750 – 1500 BGN. These customers are not active even in the smallest cities, because for most of them a long-term loan in times of rising unemployment rates is a risky step. Good news is that in the last 18 months customers learned to carefully estimate and rightly judge their own financial strengths and weaknesses.
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| Monday, Nov 23, 2009 |
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| » RENTALS |
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| Apartment |
€ 360 |
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| Location: |
Veliko Tarnovo |
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