What activates the property market in Sofia?
Analyses of the mortgages in Sofia shows a moderate growth for the past twelve months, while the prognosis for this year are for a similar growth of three percent. The mortgage loans taken and the purchase of properties are mainly driven by social factors such as a new job or a new partner. In other words, most of the apartment deals in Sofia are signed because of a new carrier or after a marriage or a divorce. The buyers are usually looking for a loan of up to 50 000 euros with a return period of 25 years. Approximately forty percent of the clients are within the age levels of 25-35 years, while almost ninety percent of them are looking for a mortgage in euro because of the lower interest rate.
There is another interesting trend on the property market in Sofia. These are the so-called barter deals, where larger apartments are offered for two smaller ones or for a property in the mountains or near the sea. Sometimes there are offers for houses in change of cars. These barter deals are not many and usually come from owners who want to make a quick deal and save money for agents. The implementation of these barter transactions is associated with financial benefits for the parties, as they pay less state taxes.