Stable Bulgarian real estate market in 2020 despite coronavirus crisis - Raiffeisenbank.

Photo: Raiffeisenbank Bulgaria / All rights reserved.

The real estate market in Bulgaria

The real estate market in Bulgaria remained stable last year despite the challenges posed by the coronavirus pandemic, with residential property prices continuing to rise, but at a slightly slower pace than before the crisis, Raiffeisenbank Bulgaria said on Monday.

The market was supported by the continued decline in interest rates and relatively strong demand for mortgage loans, Raiffeisenbank Bulgaria said in a statement, citing the bank's analysis based on data from the PSPI property market price indices and local real estate agents Bulgarian Properties.

Housing prices in different cities''Sofia and the rest of the country's largest cities, but restrictions imposed to limit the spread of the coronavirus infection have led to a shift towards less popular locations such as villages near big cities, the Black Sea coast and the mountains, Raiffeisenbank Bulgaria noted.

Although the housing market seems "immune" to the crisis at the moment, the adverse effects of the coronavirus pandemic have not yet manifested themselves, especially after the expiration of measures aimed at supporting affected businesses, Raiffeisenbank Bulgaria said.

Activity in the market this year will depend on the success of Bulgaria's vaccination program and the duration of measures introduced to limit the spread of the disease, added''bank.

($ = €0.84778)