There will not be a mortgage meltdown in Bulgaria in 2010 according to the Chair of the Chamber of Private Bailiffs, Georgi Dichev.
Dichev stated Wednesday that “despite the severe economic environment there will not be such a boom that would lead to a sharp fall in property prices.”
The percentage of mortgages in this country is very small compared to most EU countries - from 110 000 sold properties in 2009, 2-3% required mortgages.
Dichev confirmed that there has been a rise in work for bailiffs over the financial crisis with the 162 registered private bailiffs, with 110 000 debts collected in 2009 of over BGN 1,4 B IN 27 000 closed cases.
However, Dichev concluded that most cases targeted wages, bank accounts, and movable property rather than real estate, which was only taken as a last resort.
Text and image source: novinite.com
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