Property Agencies In Bulgaria Expect Price Decrease

Real estate agents in Bulgaria expect a price decrease once mortgage apartments are offered for sale.

Prices might decrease by as much as 20 per cent, Darik Radio reported.

National Real Property Association (NRPA) head Orlin Vladikov said the highest number of apartments in 2005 was sold in Sofia. A mortgage loan was used in 32 per cent of all purchases, Vladikov said.

By the end of this year or in the beginning of 2007 a secondary property market will emerge in Bulgaria. Returning a mortgage loan usually becomes problematic after the third year of the agreement, said Vladikov.

Vladikov said an increase was registered in the price of agriculture plots. Most of the deals in this sector were concluded without a change in the original function of the terrain. The status of agriculture plots changed only in one fifth of all sales, said he.