Bulgarian property bubble
- Bulgarian property bubble
After a relatively calm 1990s decade, Bulgaria registered, since 2002, a dramatic increase in property price. In 2002-2007 the median price of square meter increased 5 times (500%), from 162 to 665 euros/square meter.
Causes
It is very hard to establish what exactly caused such an increase. Among the most usually cited causes, one may note:
* banking system development, that made possible affordable credit/loan offers (almost impossible to attain for a Bulgaria before 2002);
* economic growth (approx. 6% yearly since 2001) and average net salary growth (from 100 euros in 2002 to 250 euros in Aug. 2008);
* poor supply, large demand; between 1989-2001 almost no new apartments were built in Bulgaria.
References
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