Properties’ prices in Sofia has increased by 5% in the last year. However, the increased interest in buying new homes remains underpinned by the high purchasing power, rising average wages and low unemployment, BNR reported.
Among the main buyers are Bulgarians living abroad who invest in real estate for the purpose of renting them out.
However, the National Association of Construction Developers commented on a number of industry issues, including the administrative burden and imperfections in the Spatial Planning Act. Builders and realtors deny the predicted crisis in the property market and justify a number of factors that favor deals at the moment. Every third apartment is purchased with credit.