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Latest housing market trends
submited on 24.07.2009 in category Monetary policy | Macroeconomic developments
The ongoing cooling of the local housing market seems expected considering the stagnation of income growth, the deceleration of the credit expansion in the mortgage segment, the slowdown of the inflow of foreign direct investment and cash transfers from abroad. One of the key factors for the reestablishment of market growth, particularly in the segment of investment sales of housing, is the interest of foreign citizens toward buying an estate in Bulgaria. Statistical data from the big internet search engines reveals a certain stabilization of foreign interest toward real estate in the country, at least compared to the visible trend of decline, which dominated 2007 and 2008. According to the data the biggest demand for housing property in Bulgaria comes no surprisingly from Ireland and the United Kingdom, and to a smaller extent from Romania and Greece. External demand for housing in Bulgaria will continue to be largely dependent on the global financial environment. Although there are yet no strong signals for steady increase of foreign interest, the observation of this segment of demand would provide a good starting point for forming rational expectations of the housing price dynamics in the short run.
submited on 24.07.2009 in category Monetary policy | Macroeconomic developments
The ongoing cooling of the local housing market seems expected considering the stagnation of income growth, the deceleration of the credit expansion in the mortgage segment, the slowdown of the inflow of foreign direct investment and cash transfers from abroad. One of the key factors for the reestablishment of market growth, particularly in the segment of investment sales of housing, is the interest of foreign citizens toward buying an estate in Bulgaria. Statistical data from the big internet search engines reveals a certain stabilization of foreign interest toward real estate in the country, at least compared to the visible trend of decline, which dominated 2007 and 2008. According to the data the biggest demand for housing property in Bulgaria comes no surprisingly from Ireland and the United Kingdom, and to a smaller extent from Romania and Greece. External demand for housing in Bulgaria will continue to be largely dependent on the global financial environment. Although there are yet no strong signals for steady increase of foreign interest, the observation of this segment of demand would provide a good starting point for forming rational expectations of the housing price dynamics in the short run.
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