Bulgaria To See 20% Rise In Residential Property Prices By 2010

Named the world's strongest price riser in 2007, Bulgaria's property market is expected to keep up its momentum over the next two years, experts said.

Amidst a global cooling of the property market, residential prices are forecast to grow by up to 20% in 2008 and 2009, down by an average of 15% last year, Martin Gikov from UniCredit Bulbank projected.

In view of the forecast rising prices following the county's accession to the European Union, the sellers on the house market decided to play a wait-and-see game, slowing down supplies and pushing prices up, Gikov explained.

Mortgage credits grew by 67% in 2007 as compared to the previous year, Levon Hampartzoumian, UniCredit Bulbank CEO commented, denying reports of a speculative bubble in domestic lending.

He ruled out a Bulgarian repeat of the severe credit crunch that the United States faced. simplibulgaria.com