Need for Residential Property – Key Factor for Bulgarian Property Market Development
The summer of 2015 has turned out to be dynamic for the residential market in the large cities especially in the Bulgarian capital city of Sofia. A deal growth of 15-20 % is accounted on this year. This movement coincided with the recovery of the European and the Bulgarian economy as well as with the steady slump of the interests on bank deposits. It resulted positively not only for the property buyers but also people who have savings and are willing to make investments.
Thus, after 2014 was defined as the crucial year for the residential property market in Bulgaria, 2015 is expected to be the strongest year after the crisis. The market has ‘’stepped’’ on a steady growth which would result in success over the next years.
The need for a property is considered a main factor for the market development.
The activity of the buyers who acquire properties aiming to invest in it, amounts to 20 %. Two major groups of buyers are distinguished – those who purchase their first own home and those who sell a smaller and an older property in order to purchase a large, new and better located one.
They predominantly use mortgage credit so that they can fund the deal. The ‘’re-funding’’ still takes a crucial position in the property market – 10 -12 % of the drawn mortgages during the summer.
About 30 % of the buyers have managed to save cash money. This is why a huge part of the deals is financed cash.
Approximately 15-20 % of the buyers acquire properties for investment striving for higher incomes. The concentration of the economy in Sofia keeps attracting work force from the entire country and the demand of the rented properties in the capital city remained fairly steady even during periods of financial difficulties.
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To anyone thinking about buying a property in Bulgaria I hope that I can help with my very bad experience (with other agency)that cost me several thousand euro's with a property I hoped would be my dream home and after paying my deposit and appointed the company to sort out the notary deeds I thought great I have my home in Bulgaria, after waiting for a month with no communication with the company I contacted the company and was told not to worry should all be sorted in about a week to cut a story short this went on for almost four months and not once did they communicate with me it was always me contacting them by now I was starting to worry that all the stress that I was suffering was not worth it shortening my life (I am75) so I told them to cancel the contract I didn't want the house anymore because I was getting very bad feelings over everything and back came the reply (yes you guessed it) should all be sorted in a week I replied yes but there's 52 week's in a year and I can't wait to find out which one so I gave up on my dreams of living in Bulgaria but then after a couple of weeks I decided I would try just once more and decided to try Bulgarian House and I can't tell you the difference between the first company of similar name to Bulgarian House was chalk and cheese. I was of course still very sceptical about dealing with them but after my first email to them and and the reply I received I felt like this is so different then over a short period of time searching through all the properties that fitted with my criteria I received so much help and additional property details I replied back that I have a short list of just over a hundred to which came back a reply "Are You Trying To Kill Me" but okay we can sort it all out and then I replied I was joking I only have about twenty I would like to see and after several emails and some professional banter I was so at ease with the company and made my travel arrangements to visit and view Kiki then recommended a hotel for me and after agreeing Kiki then made all the reservations for me. When I arrived at the hotel it was late and ready for a good night's sleep and then true to her word she called and asked me if all was okay and that she had arranged for me to visit all the properties I had requested over a three or four day period some of them in the Elhovo area and was showed them by one of her colleges Elvera once again a great lady that was only pleased to help and showed me other properties I might like but over the time viewing all the properties I was showed around the different area's to help me make my decision more easy and after three fairly busy but extremely enjoyable days I had a day to myself for recapping all I had seen as Kiki had an appointment with another client but even then she found time to call me and asked if I had any questions to which I replied no you did a fantastic job explaining everything as we viewed but I had one property I wanted to view again, Kiki called me back within the hour and had arranged with the owner to view the next morning, I viewed the house and had a little haggle with the owner and agreed a sale then Kiki spent the rest of the day taking me to all the major shops etc that would be of interest then went for a coffee and she arranged for me to visit the bank the next day and open a bank account then a visit to the solicitors to grant her power of attorney to act on my behalf all done, that evening Kiki and her son David (great little five year old man) showed me around Kazanlak and as it was December we went to watch a fantastic musical extravaganza in the square, what a great way to end the day and my time in Bulgaria. The whole process from agreement of sale including payment and transfer of the notary deeds all done in under two weeks that the other company could not do in over three months, so please please listen to a man who has had bad and good experience in buying a Bulgarian property Don't waste time and money looking around go straight to the best and forget the rest. As we all know that the virus is stopping us traveling and you might not be able to view as I can't go back to my house and start working on it but I can put my hand on my heart and say Kiki and Elvera can both be trusted to give you a 100% true assessment for the property of your choice and can proceed with conference. I can't wait to get back to Bulgaria and have a big BBQ for all the people I have made lifetime friends with and without Kiki it would not have been possible. John and Xiaohui
— John Johnson, UK