Great news for Bulgaria’s mortgage market
Buying property in Bulgaria is becoming easier thanks to new mortgage products and a revised approach by the banks to the administration that goes with it.
This new look has seen mortgage credit rise by nearly 10% in February with many borrowers favouring euro loans over the Lev, and at an astonishing ration of 92:8. Interest rates have been reviewed and are now at pre crisis levels with banks adopting a system of prior approval for borrowers, allowing them leverage on their proposed purchases.
The whole process of approval and examination of relevant documentation has been sped up and with increased media coverage of this new approach and products, real estate in Bulgaria seems set for one huge shot in the arm. February’s improvement over loan figures for January is impressive enough.
However, compared to the loan sizes of Feb 2009, the leap is a massive 2.5 thousand times better. Hopefully UK investors will be drawn back, as there can be no doubt that this is solid good news for buyers keen on investment property in Bulgaria, especially given the current market values.