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Bulgaria’s property market will grow by 4–7% this year, according to a forecast by Polina Stoykova, executive director of real estate agency Bulgarian Properties. She expects 2016 to be the most successful year since the start of the crisis.
Ms Stoykova noted that the fall in mortgage rates to below 6% per year in 2015 provided grounds for optimism. As mortgages became cheaper, the volume of loans issued last year increased by 22% compared with 2014. The Bulgarian capital accounts for 6% of the total number of loans issued, while the average price per square metre there is €800.
According to Stoykova, growing demand for housing will not lead to a construction boom. However, after years of decline, the number of building permits issued has been rising for several consecutive years. This indicates that construction companies want to meet the growing demand and points to market growth.
Source: Bloombergtv.bg
