Registry services overloaded by mortgage rush
10 January 2008
A sharp uptake in mortgage applications slowed the absorption of over 35% of housing loans in the big cities in Dec '07 as notaries and property registry authorities struggled to keep up, said local consulting company Credit Center.
The most popular mortgage loans in terms of size were Lev 40,000 to 60,000 replacing those in the 80,000 to 100,000 range.
The average mortgage loan amount in Sofia stood at EUR 55,600 in December, followed by Varna with EUR 46,320 and Plovdiv with EUR 39,200. The lowest average amount was reported for the city of Ruse.
Sofia also leads the way in terms of euro-denominated mortgage loans with 72% of total mortgage loans.