Archive for January 2009


DECREASE OF PROPERTY PURCHASES

January 30th, 2009 — 11:23am

The number of property purchases in Bulgaria has decreased by 40% in 2008 in comparison with 2007, and in the mountain ski resorts like Bansko, Pamporovo and Borovets it has reached a decrease by 80%, while at the Black Sea cost it is significantly less – by 30%.  This has lead to a price drop and in the resorts currently there are very cheap properties on offer.

At the same time in Sofia the decrease in the number of purchases is 33%, while in Plovdiv it is 50%. The smallest decrease is in Vidin, where it is only 15% in comparison with 2007.

This is mainly due to the recession in the last three months of 2008. Until October 2008 the purchase prices have been on average 26% higher than the ones in 2007.  The the market virtually went dead and it has not been possible to make real statistics of the prices, in some cases prices were 20% lower than in 2007.

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Banks – Annual Results

January 30th, 2009 — 10:49am

The Bulgarian banks – First Investment Bank, Central Cooperative Bank, Corporative Trade Bank – have increased their incomes by 15%, reaching 338.7 million levs, due to increasing their interest rates. The net profit of these banks for 2008 was 166.7 million levs, an increase by 13% in comparison with 2007. The increase of taxes and fees have led to the increase of their income by 12 million levs. However, their expenses have also increased to 2890 million levs from 236 million levs in the previous year.

According to analysts there are no indication for crisis in the banking sectior. The growth of the Bulgarian banks come to prove that they have not been affected dramatically by the recession.
Most of the analysts think that there will be no economic catastrophy and the private business will be able to repay bank loans.

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SOFIA PROPERTY MARKET

January 20th, 2009 — 10:21am

The new year is wonderful for the buyers of properties in Sofia. Those who have money and can negotiate are able to secure unexpected reductions and perks. Most of the sellers are immediately ready to reduce their price by 20% and at the moment there are no purchases without bargaining.

According to estate agents, in the last year virtually in all parts of Sofia the prices of properties have dropped. The most stable market is in the southern districts of the city where the demand is generally higher and in the last months prices have dropped by merely 5 to 15%. At the moment the prices there vary from 1050 to 1250 Euros per square metre. In the central parts of the city, the decrease is insignificant and the highest price is 2000 Euros per square metre. There are no more offers in the range 3000 to 6000 Euros. The most significant drop of prices is in the northern and western parts of the city where the decrease have reached 20%. New properties in Nadezhda and Levski are offered for 700 Euros per square metre while exactly a year ago they were offered at 900 Euros per square metre.

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LOAN INTERESTS

January 15th, 2009 — 1:02pm

Due to the recession the banks have now offered higher interest rates for savings accounts which range from 6% to 10%. The most popular are fifteen day, one month and three month savings accounts because there is no loss of the interests.

With the increase of the savings accounts’ interests, the loan interest has also increased by 2% on average. Concerning  mortgages, in the last months there has not been any increase due to the fact that customers are unwilling to take new mortgages. The interest rates remain 8% for the mortgages in Euros and 9,5% for the mortgages in levs.

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Thendencies on the Bulgarian Stock Exchange

January 15th, 2009 — 12:26pm

The basic index on the Bulgarian Stock Exchange, SOFIX, has decreased by 4,38% and has reached the minimum for 2009. The other index on the Bulgarian Stock Exchange, BGTR30, has fallen by 4%. During the yesterday session the shares of 82 company have been traded. 61 of the deals registered loss while only 14 of them registered profit.

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