Sales Of Mortgaged Property In Bulgaria To Increase Report

Sales of mortgaged property in Bulgaria would increase in the next two years, according to a representative of Bulgarian real estate company Foros, as quoted by Dnevnik daily said.

The property market was growing and the development of mortgage loans would boost an increase in sales of mortgaged property.

Currently mortgaged property was offered mainly in Sofia.

The risk of buying mortgaged property was low because the price of such property was 10 to 15 per cent below market prices, Dnevnik said.

The mortgaged property offered for sale was most often newly-built or brick property in the central part of the city that had to be paid for in two or three years.
 
National Real Property Association chairman Orlin Vladikov said that the development of the mortgaged property market would bring down property prices in the next one to two years.