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Prices of Bulgaria real estate to grow 15% in 2008

The global real estate company ERA has predicted a 15% increase in the prices of real estate properties in Bulgaria in 2008.

According to ERA, the number of real estate deals in Bulgaria in 2007 grew between 4% and 5% to reach a total of about 325 000. 25% of the deals were made by foreign buyers.

Two-room apartments with an area of about 60 square meters remain the residential property of greatest demand on the Bulgarian market, the ERA research shows.

Bulgaria's annual increase of the residential credits is estimated at 62%, with an average annual increase of 7,1% in the Eurozone. The most preferred loans in Bulgaria are for EUR 30 000 with a 25-year repayment period.

ERA's research on Romania has found that the real estate prices there would go up at about the same rate with the salaries, which record an annual increase of 13%.

The residential property in Romania's capital Bucharest went up 27% in 2007 compared to the 2006 levels to reach EUR 1500-3000 per square meter. In comparison, the prices in Sofia are EUR 670-3900 per square meter. Romania's inflation rate is twice lower than Bulgaria's.

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