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Need for Residential Property – Key Factor for Bulgarian Property Market Development

12.10.2015

Need for Residential Property – Key Factor for Bulgarian Property Market Development The summer of 2015 has turned out to be dynamic for the residential market in the large cities especially in the Bulgarian capital city of Sofia. A deal growth of 15-20 % is accounted on this year.

This movement coincided with the recovery of the European and the Bulgarian economy as well as with the steady slump of the interests on bank deposits. It resulted positively not only for the property buyers but also people who have savings and are willing to make investments.

Thus, after 2014 was defined as the crucial year for the residential property market in Bulgaria, 2015 is expected to be the strongest year after the crisis. The market has ‘’stepped’’ on a steady growth which would result in success over the next years.
The need for a property is considered a main factor for the market development.

The activity of the buyers who acquire properties aiming to invest in it, amounts to 20 %. Two major groups of buyers are distinguished – those who purchase their first own home and those who sell a smaller and an older property in order to purchase a large, new and better located one.

They predominantly use mortgage credit so that they can fund the deal. The ‘’re-funding’’ still takes a crucial position in the property market – 10 -12 % of the drawn mortgages during the summer.
About 30 % of the buyers have managed to save cash money. This is why a huge part of the deals is financed cash.

Approximately 15-20 % of the buyers acquire properties for investment striving for higher incomes. The concentration of the economy in Sofia keeps attracting work force from the entire country and the demand of the rented properties in the capital city remained fairly steady even during periods of financial difficulties.

The first thing I want to say is, thank you Kiki for all you have done. The first time we spoke to Kiki we felt right at ease. Because we didn' t know how or when we were going to be in Bulgaria we didn't let her know. So when we got there we contacted Kiki. Because we were only there for a week we didn't have much time. She immediatly made sure we could visit a house the same day. She called us crazy because it was 400 km from varna were we stayed. But we went. She could not be there with us because it was such short notice, but the next day she was. Kiki cleared her calender to make sure we could look at some other houses with her. Besides the fact she showed us some good houses we also had a lot of fun. When we went to see the last one it was bingo. So we would buy the house. Kiki made sure a paper work was oke before we left back to Belgium. Now not even a month later we can call ourselfes the proud owners of a house in Bulgaria. What Kiki did for us was amazing. Everything went smoothly without any problems. She is a hardworking woman,(sometimes to hard working), she makes sure everything goes smoothly. And besides that she is a great person. We know we have a new friend for life. When we buy our next house it will be with Kiki. So again Kiki thank you, you are amazing

— Bart en Annick, Belgie
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