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Bulgarian property market looking to bounce back

An increase in lending may help the Bulgarian property market return to health.

Bulgarian banks are looking to boost the country's property market by making more loans available.

The global economic downturn has affected the eastern European country more severely than many other nations and many Brits have steered clear in recent times.

Foreign demand in general collapsed and prices went into sharp reverse before a period of considerable uncertainty, but now there is hope the market could be returning to health.

Figures from estate agency Knight Frank reveal that, although prices are still falling, the rate of decline is much slower and some regions are beginning to show an upturn.

During the first quarter of 2010, prices were down 2.3 per cent, which is a marked improvement on 2009, during which prices fell by 26 per cent.

According to a recent report by Colliers International, prices in the Bulgarian capital of Sofia have continued to fall in 2010, with an annual decline of 17 per cent experienced.

Posted by Jill BakerADNFCR-2677-ID-800008049-ADNFCR

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