The number of new mortgage loans has risen in Bulgaria in the third quarter of 2011 as the real estate market is stabilising and banking activity is becoming more dynamic, according to a report from Sofia-based financial consultancy, Credit Center.
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The number of mortgage loans increased by 18% in Q3 compared with Q2, with the average amount of a mortgage advance rising to Euro 40595, which is closer to pre-crisis levels, compared with Euro 38366 for the previous month. A total of 94% of new property credits are in Euro, with just 6% in Bulgarian Lev.
"The reason for the growing amount of the mortgages is increasd activity in all segments of the property market. Even though the greatest demand is for two-room apartments worth between Euro 40000 and Euro 60000, the last quarter has seen demand in all price categories of the real estate market, and obtaining credit is becoming easier and easier since in 90% of the deals, the buyer manages to negotiate a very good price for the respective property," explained Tihomir Toshev, CEO of Credit Center.
According to the consultancy, buyers for larger apartments of the type who drove the demand before the crisis have also started to re-emerge in the past month.
The Credit Center analysts say that, while clients are demonstrating a higher level of caution with new property deals, the trends since the beginning of the year indicate that the property market has been growing slowly but steadily, strengthening evidence hopes that the collapse caused by the financial and economic crisisit has already been reversed.
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"The reason for the growing amount of the mortgages is increasd activity in all segments of the property market. Even though the greatest demand is for two-room apartments worth between Euro 40000 and Euro 60000, the last quarter has seen demand in all price categories of the real estate market, and obtaining credit is becoming easier and easier since in 90% of the deals, the buyer manages to negotiate a very good price for the respective property," explained Tihomir Toshev, CEO of Credit Center.
According to the consultancy, buyers for larger apartments of the type who drove the demand before the crisis have also started to re-emerge in the past month.
The Credit Center analysts say that, while clients are demonstrating a higher level of caution with new property deals, the trends since the beginning of the year indicate that the property market has been growing slowly but steadily, strengthening evidence hopes that the collapse caused by the financial and economic crisisit has already been reversed.
Related articles:
Brits Searching for Bargains in Bulgaria's Property Market
Time to Buy in Bulgaria's Recovering Property Market
Look Inland for Today's Bulgarian Treasures
Rising Property Sales Reported in Bulgaria
Bulgarian Property Prices Reach Their Baseline
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