The first quarter of this year showed an incredible growth in the number of transactions in the real estate market. This year, however, the growth of transactions in Bulgaria during the first quarter was 23.5% in comparison with the same last year. We have to say that one of the main types of transactions were connected with the market of agricultural lands and a large percentage of the growth comes from this sector.
The money from the sale of agricultural land, however often overflow into another property and these are the residential real estates. In the last few weeks has seen high demand for residential property as an additional guarantee for the savings account of political instability, which we observe. Interest on the deposits affect directly on the market. Interest rates on deposits have decreased, as are the trends in Bulgaria and in Europe.
This makes people to buy residential property, not because they really need it, but because it is one of the few sure things that are left. There is current lack of offers for sale of quality properties on the market. That is when customers are not so massive, it is very difficult to find homes that meet their requirements. This can be explained by the fact that many owners of quality properties refrain from selling, according to the low price levels at the moment.