News
US-mortgage crunch only affects foreign interest in Bulgarian real estate
The US credit squeeze has definitely reached Europe and will reverberate in Bulgaria. But it will only affect foreign interest in Bulgarian properties and not domestic demand, according to Kaloyan Ganev, manager of Veliko Turnovo’s office of US-based Century 21 real estate agency.
He added that, a year after its EU accession, Bulgaria is experiencing steady development and economic growth, households’ purchasing power is growing, living standards are improving and the crisis is unlikely to impact the country’s domestic market.
Real estate prices will keep on increasing at a steady and smooth pace, without any major upheavals. Appreciation will be linked to the quality of the units offered.
Ganev reported a meltdown in foreign investor interest, registered not only in Veliko Turnovo region but in Bulgaria as a whole. He added that recent trends involving a soaring number of Bulgarian buyers will continue during forthcoming months.
Although interest in Bulgarian properties has been considerably undermined by the ongoing global mortgage crunch, many outsiders are still interested in buying here and demand could be boosted by improving infrastructure and quality/price ratio, Kaloyan Ganev said, cited by Focus agency.
