site.btaBulgaria's Expected Eurozone Accession Will Drive Real Estate Market - Expert

Bulgaria's expected eurozone accession will drive the real estate market, Maria Petkova, chairwoman of the Association of Credit Intermediaries in Bulgaria (ACIB), told BTA in an interview.

She explained that when the real estate market is well and growing, it is positive for the whole economic situation. 

The trend and expectations are for residential property prices to remain the same or increase, which also goes for rents, she explained. On the other hand, the demand outside Bulgaria from foreigners is likely to increase, Petkova also said.

BTA approached ACIB's chairwomanon in view of the results the association reported for 2023. In Petkova's words, they show that credit intermediation in Bulgaria continues to grow very fast and is gaining more and more trust from clients looking for housing and consumer loans. 

Mortgage loans make up 85% of all consultations that the members of the association make. 

Following an EU directive, the law pertaining to rel estate loans regulated in 2016 the conditions and procedures for the registration and supervision of credit intermediaries in this country.  Thus, all external partners of banks that attract customers, advise them and assist them in taking out loans must register with the Bulgarian National Bank (BNB).

Maria Petkova pointed out that it is this law that has given a boost to their activities through the regulation it introduces.