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Construction Permits for Residential Buildings Up 2.5% in Q3 of 2019
About 30% of new homes are purchased with credit.

About 30% of new homes are purchased with credit. This is according to data from the The National Association of Building Contractors. According to Desislava Petrova from one of the companies, members of the association, 70% of the transactions in the segment are two-room, most of them being acquired for investment. According to her, the three-bedroom apartment is dominated by the number of properties bought for its own use.

"The buyers of the rental apartments are people from small towns in the country or Bulgarians living abroad. Most of them decided to invest their money in real estate in the country, with the majority of Bulgarians currently residing in the UK. Smaller homes are most often bought from young families over the age of 25, and the larger ones by people between the ages of 35-40, " she explained. 

A large percentage of the people who are looking to buy a property are heading for new construction, which is why almost 100% of the projects are sold before obtaining a permit for use.

“The demand in Sofia remains largely in the southern regions again. Currently, there is new construction on the market, but no over-supply. Last year, about 15,000 building permits were issued, but the projects which were actually started are 8,000, " she explained. "Buyers are increasingly paying attention to service spaces. Nearly 80% of clients require storage space and an extra room for washer and dryer when looking for a new home. This need is directly related to the everyday comfort, especially for families with children, ” Desislava Petrova adds. According to her, clients are more and more interested in the common spaces of the building - they want to take a look at some of the already built buildings of the investor so that they know what they can expect for their future new home.

Source: https://www.novinite.com

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