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Bulgarian mortgages "attractive" to foreign investors

Article Date : Monday, June 18, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The Bulgarian mortgage market is becoming increasingly active with interest from European investors, research has found.

Published by the Sofia Echo, a survey by MKB Unionbank claimed to reveal growing interest in the Bulgarian real estate market from UK citizens, in addition to rising demand from European countries such as Germany and Spain.

The bank launched a mortgage service to foreign citizens this month with MKBU now financing purchases of houses and apartments.

Commenting, MKBU managing board chairperson Maria Ilieva said a stable "trend for higher prices" and an improvement in the "quality of Bulgarian property" was the reason why the company decided to start mortgage lending to foreigners.

"Bearing in mind the already strong demand in the country, I expect dynamic development in the business," Ms Ilieva told Focus News.

In related news, an expert has warned officials and local businesses in Bulgaria to avoid the overdevelopment mistakes made in some parts of Spain.

Writing for The Guardian this month, documentary maker Nikolai Chavdarov called for a balance between profit making and urban and rural development.
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