Mortgages in our country were cheaper than the ones in the United States, which depended on decisions of the European Central Bank (ECB) in Frankfurt, real estate expert Georgi Pavlov told “NOVA”. He also added that the dream of a cheap and nice home did not exist.
According to Pavlov, property prices in Bulgaria would be high if loans from the ECB were cheap. There are now zero and even negative interest rates in Europe, which is related to the record low interest rate of 3% for mortgage loans in our country.
There was no single profile of property buyers, but it depended on whether people were looking for a permanent home or just a villa outside the city. A very wide range of properties was in demand. The situation was disorienting because the Bulgarians had forgotten how to live in a house or in a village. This was despite the constant tendency to choose houses over apartments.
The expert sees the crisis as a motive for people to get closer to nature again. These were inclinations that were only in the bud, but now buyers have been given a reason to embark on their inner aspirations. Small settlements had their minuses, but people just had to get used to them.
The dream of a nice but cheap home did not exist. According to Pavlov, buying an undervalued property was impossible. Most of the deals that would be concluded now would be for cheaper buildings in the countryside, in which the Bulgarian saw less risk. There, the buyer would create value in his property through more personal labor.
