Our homes depreciate by BGN 12.6 bn in a year

Residential property purchased with private funds or credits, depreciated by 12.65 bn in the last year. At the end of 2011, these assets stood at BGN 207.9 bn, compared to BGN 220.6 bn in December 2010, showed an analysis of the wealth and liabilities of households, conducted by UniCredit Bulbank.

In general, however, the financial wealth of Bulgarians increased by a record figure of BGN 4 bn in 2011. In the last quarter of the year alone it surged by BGN 1.8 bn to the amount of BGN 19.2 bn. This was primarily due to the bank deposits, which jumped by BGN 1.4 bn in the period September - December.

According to the analysts of the bank, deposits recorded a double-digit annual growth in the last quarter of 2011. By the end of December, these were 77.3% of the total financial assets. Only in a year, the savings increased from a total of BGN 27.34 bn to BGN 30.88 bn. Deposits in the national currency (BGN) increased nearly four times faster than those in foreign currency and even outstripped them. By the end of 2011, deposits in BGN exceeded the amount of BGN 15.5 bn, showed the data further. The great increase in the savings in BGN is due to the higher yields.

Along with the increase in savings, the population continues to settle its debts - by the end of 2011, debts came below 52%, compared to the record figure of 71% in early 2009. "Liabilities are expected to decrease to about 47% at the end of this year, and to start stabilizing in 2013 at the earliest," said Milen Kasabov, senior economist at UniCredit Bulbank.

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