Mortgaged Property Market In Bulgaria Fails Developing

The market of mortgaged residential and commercial property in 2007 experienced a slight decrease as compared to sales figures for 2006.

The most frequent reason for the sale of mortgaged properties is the inability of owners to pay their monthly installments, investor.bg reported.

Only 30 mortgaged properties are currently offered on the market in Sofia and their number in the past six months remains unchanged.

Sufficient demand for mortgaged property was registered in the coastal cities of Bourgas and Varna in the middle of 2006. Such offers are missing in 2007.

The largest number of mortgaged properties offered on the market in smaller Bulgarian towns was registered in Pleven. Nearly 10 two and three-bedroom apartments are currently offered in Pleven.

The number of mortgaged residential properties in Sofia is twice as high as in Pleven. In contrast to other cities, mortgaged properties in the capital are located far from the centre.

According to agent predictions the mortgage market will remain unchanged in 2007.