There is no decline in property prices in major cities.

Strange as it may sound, the Covid-19 crisis has had little effect on the credit market. Following the imposition of the state of emergency on March 13, interest in lending almost completely stopped in the first month. But since mid-April, there has been a stir, and those people who had planned to take out a mortgage this year and buy their own home have returned to the market.

After interest began to increase in May and June, August was extremely active with about 15% growth compared to last year. Overall, if we look at the growth since the beginning of the year compared to last year, the market continues to grow. This shows that even if the Covid crisis has an impact on the mortgage and credit market, it is small.

There is no decline in property prices in major cities. The market is active in the four largest cities - Sofia, Varna, Plovdiv, Burgas, followed by other cities in the top 10 in Bulgaria.

The restrictions of the banks during the state of emergency and in connection with Covid-19 were very small and almost all banks removed them in June.

On the other hand, interest rates remained low. There were expectations that they would go up, but on the contrary, they remained around 2.7% - 3.1% in mortgage lending and 5% - 6.5% in consumer lending.

Credit counselors note that low interest rates and the rapid return of people's desire to acquire a home are the reason for the credit market to grow.