Real estate deals in Bulgaria's second largest city of Plovdiv appear to be recovering. Customers have returned to the market and are reportedly looking for "larger flats equipped with a garage", an IDC media release announced on November 17 2010.
Prices in the city have not changed since the summer of 2009, and banks are now offering mortgage loans at lower interest rates, which have proved to be very popular, the report said.
Customer interest is aimed at properties built by companies with a proven track and quality record. Demand for "large properties" with two or more bedrooms is high, as prices have remained unaltered, which has stimulated the market and made it more flexible, Milena Hristova from the real estate agency Eu-poli said.
Plovdiv city centre and the wider centre are currently the most sought after destinations, where prices are between 800 and 1000 euro/sq m. Increase in demand has been reported also in the boroughs of Vustannicheski, Smirnenski, where families with middle incomes are most active.
The increase of transactions in the market in the past three months is attributed to the banks' decision to launch a promotional scheme and their willingness to provide loans at lower interest rates, Hristova said.
Currently, mortgage loans are made available for finished construction, including Act 14, where buildings are not yet completed, which "greatly facilitates both investors and buyers", Hristova added.