More and more real estates are purchased in the national currency

“For the first time, after a currency board agreement was implemented by the Bulgarian National Bank in the country, we notice a strong desire for conclusion of real estate transactions in the national currency (BGNs). The trend will continue this year as well,” predicted Georgi Pavlov, Executive Director of the Address real estate company. “The number of people who are interested in investing their money in properties is growing as well. They do not seek to get speculative profits, but would rather want to preserve their earnings from potential currency devaluations or a substantial inflation. A good example of this tendency is a deal concluded by a 90-year-old man who sought safety for his life savings. We are still talking about smaller amounts of money, ie about the savings of an average family.”

“Currently, about 4-5% of the sale transactions and some 30-40% of the rents are being negotiated and signed in BGNs, showed the company’s data. "In the recent months, the investors’ interest towards real estate in the large cities of Sofia and Varna has increased. Dwellings in new buildings, in the cities, remain safe investments, assets that will retain their value or are a source of income ", confirmed Teodora Dimitrova, Executive Director of the ERA-Bulgaria real estate company. "Surely, rents are being negotiated and contracted mainly in BGNs. Rural properties also often are negotiated and traded in BGNs, but the currency in which the property is offered, continues to be the Euro, "said for Klasssa daily Polina Stoykova, Bulgarian Properties’ Chief Operating Manager. "In 2012, the majority of the rent contracts are signed in BGNs. Tenants and owners prefer to settle their accounts via bank transfers and charges and bank fees are substantially lower in BGNs than in any other currency. The payments in Euros are preferred, especially when the owner has a loan in Euros, which is being serviced by the rental income, "said Dimitrova from the EPA-Bulgaria company.

“Another trend that will determine the market in 2012, mainly in Sofia, is the improvement of the transport infrastructure and especially the completion of the new sections of the subway,” stated experts from the Address Company.

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