The entry of Bulgarians into the Eurozone will affect the real estate market, regardless of the fact that the announced prices have always been in Euros. According to experts, it is our entry into the Eurozone that will move the market forward, with the tendency for property prices to remain at current levels or to report growth.
„Nearly 85% is the share of mortgage loans from all the consultations that the members of the Association of Credit Intermediaries in Bulgaria (AKPB) realize”, says its chairwoman Maria Petkova.
Following the European directive, the Law on consumer real estate loans regulated in our country in 2016 the terms and conditions for the registration of credit intermediaries and their control. Thus, all external partners of banks that attract customers, consult them and assist them in withdrawing loans, must register with the Bulgarian National Bank (BNB), BTA reminds.
"There are factors that make us think that probably by the end of the year, interest rates will rise a bit, and this is more related to restrictions and requirements of the banks related to risk policies, but this potential increase as an absolute value, as an installment on the loans, is unlikely to be seriously affected", she said and gave an example: If in Sofia the average mortgage loan taken out is BGN 250,000, in 30 years the installment would change by about BGN 150-180 .
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE