„Citizens have been increasingly boldly buying properties in recent years. Properties are the assistant in the process of an easier transition to the euro“ is the opinion of Gergana Tenekedjieva, executive director of „Address Real Estate“. The topic of the transition to the euro and the challenges facing this process were in the focus of the discussion „Loans, liabilities and interest upon entering the eurozone“.
In practice, for the second time since there has been a free real estate market in Bulgaria, a change in payments will be made. The first time was with the denomination - then the property prices were in dollars and immediately switched to euros, analysts recall. “Clients can easily calculate how much leva the property costs them, despite the fact that the prices are announced in euros. 95% of citizens take out loans in leva, without worrying that the property was bought in euros“, explains Tenekedzhieva.
Whether the euro stimulates more transactions on the market, as well as prices to rise, is a question to which experts answer ambiguously. According to some, the topic of switching to the single currency has already affected the market and will no longer have an impact, while according to others, even after the single currency officially enters the Bulgarian market, it will influence housing prices.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be seen HERE