The Bulgarian National Bank published a review of measures aimed to address the risks to the banking system, including those stemming from loans secured by residential real estate. ''Such concerns are well-founded given the situation in the real estate market in the country before and after the Global Financial Crisis. Initially, prices rose rapidly driven by demand stimulated by bank loans. After the crisis, prices fell due to difficulties in accessing financing and the sale of properties purchased with loans that could no longer be serviced," the analysis stated.
The Global Financial Crisis of 2008/2009 completely changed the situation. Access to credit became severely restricted and demand for real estate froze. This episode should not be forgotten and should always serve as a sobering reminder in the face of overly optimistic expectations about the property market, BNB warns.
In Brussels, Bulgaria and North Macedonia reaffirmed their commitment to continue the construction of Railway Corridor No. 8 under the TEN-T Regulation, reported the European Commission’s Directorate General for Neighborhood Policy and Enlargement..
A Taiwanese technology giant is negotiating to build a large production facility on the territory of the Trakia Economic Zone near Plovdiv, announced caretaker Minister of Innovation and Growth Rosen Karadimov. He was briefed with the progress of the..
A Japanese-Bulgarian business forum is being held in Sofia, organized jointly by the Japan External Trade Organization (JETRO ) and the Bulgaria Invest Agency . "I am leading a delegation of a hundred people, a fact that speaks volumes about..
The assets of private pension funds have reached EUR 13 billion. According to data from the Financial Supervision Commission, they have increased by..
Mostly Cloudy
Partly Cloudy
Rain
Cloudy
Overcast, rain