“More Manager” Event: Banks, Market Development, and Forecasts for 2024

Sofia, Bulgaria – In 2023, the Bulgarian real estate and construction sectors underwent significant changes, despite challenges from inflation and global economic uncertainty. These changes were the main focus at the recent “More Manager” event, where a key speaker was Stoyan Stoyanov, founder of DOT.WON Real Estate. Stoyanov presented his views and analysis of the current economic environment, emphasizing the importance of inflation and its impact on the sector.

Read DOT.WON Real Estate’s forecast for the real estate market in the capital for 2024.

According to the latest data, inflation has positively influenced the real estate market, with housing prices increasing. However, the rise in mortgage interest rates remains moderate and has not caused significant changes in consumer behavior.

Experts predict that interest rates may increase in 2024, which could lead to changes in the strategies of investors and property buyers. Despite this, Bulgaria continues to enjoy the lowest mortgage interest rates among nearly 20 European countries, with an average rate of 2.57%.

From 2015 to 2023, bank deposits in Bulgaria nearly doubled, rising from 67 billion to 129 billion leva, reflecting the country’s growing financial stability.

Additionally, from 2018 to 2023, the average amount for a housing loan increased by almost 40%, from 70,000 euros to 111,000 euros, demonstrating increased consumer confidence in mortgage lending and the real estate market.

Interestingly, new construction varies significantly across different regions of the country. While some areas see a decrease in new construction, others experience significant increases, reflecting the diverse dynamics of local economies and real estate markets.

These trends and statistics provide important information for investors and consumers as they shape their strategies for 2024 and beyond.