In all Europe the real estate market is one of the most affected branches for well known reasons, announced Mladen Mirov - adviser in a real estate company in Bulgaria.
The first reason is the lack of funds and the conservative policy of the banks for giving mortgages for buying a property. On the other hand because of the lack of such funding the investments in the real estate market decreased significantly.
The real estate market in Bulgaria continues to exist, considering the fact that it was almost dead till March - April of this year, now it is progressing significantly. The property buyers calm down and saw a real opportunity in the market and that now is the best time to buy as a lot of property sellers are in need of cash. The property market in Bulgaria reacts adequate to the crisis and some Bulgarian properties are on the market on very reduced prices. Another reason for the movement on the real estate market in Bulgaria during the second half of 2009 is that the banks are more opened for giving mortgages now and are actively searching for customers who are looking for such funding, just the requirements are a little bit higher than before.
The decrease of the prices of the properties in Bulgaria and the availability of money in cash and the attempts of the banks to get back on the Bulgarian mortgage market gave power to the real estate market in Bulgaria and now it is in much better state than in the beginning of the year. There always be buyers of Bulgarian properties in Bulgaria and the market will not stop functioning.