Representatives of real estate brokers share the view that now is the best time to buy a home, provided buyers have secure incomes. The experts argue that supply this year will continue to exceed demand which will allow prospective buyers of real property to find prices that suit their requirements for location and quality, Shimon Ben Hamo, CEO of AFI Europe Bulgaria, told a news conference on Tuesday.

Executive Director of Credit Centre Tihomir Toshev expects interest on mortgages to remain at the current level of 8-10 per cent until the end of the year. He said a reduction is possible only if the real estate market revives but he did not say when this is expected. Toshev said that in February two banks have come up with better terms for mortgages.

Elta Consult Executive Director Valeri Leviev said that an upsurge of the real estate market is expected in the second half of the year after parent banks resume lending to the sector.

Martin Gikov of UniCredit Bulbank said that the growth of mortgages in 2009 will be smaller than in 2008, on the account of the global economic meltdown.

On February 20 in Sofia BalPex organizes a conference entitled "BalREAct: The Real Estate Market in Bulgaria: Opportunities in Times of Crisis". The forum will focus on trends in the sector and the need for housing policy in Bulgaria.

Source: BTA