Property Demand Goes Down While Prices Increase In Bulgaria

Property prices in Bulgaria increased by 10 per cent since the beginning of 2007, CreditCenter consultancy company data showed.

Residential property market was calm as a result of the high prices, Focus news agency said.

The supply was significant, but prices were too high and failed to meet the standard of the property.

Most Bulgarians took bank credits to purchase property, CreditCenter said. Bulgarians covered nearly 80 per cent of the value of the lodgings using a loan. This percentage is expected to reach 90 per cent by the end of 2007.

Those who took credits selected them according to the interest rate and the term for receiving credits.