Bulgarian bank predicts big business for mortgages from UK buyers
A bank in Bulgaria has said it expects its mortgage business to grow significantly thanks to the popularity of foreign property investment from countries like the UK.
MKB Unionbank has announced the launch of a new mortgage range that it expects will be popular particularly among property investors from the UK and other European countries.
The company said that the increasing quality of the Bulgarian property market was main reason for the expansion of its services, with large numbers of investors from all over Europe increasingly taking interest in the country's real estate.
Maria Ilieva, managing board chairperson and chief executive director of MKB Unionbank, told the Sofia Echo: "The surveys showed that the Bulgarian mortgage market is becoming more and more attractive for foreigners."
"Besides the traditional big interest in real estate purchases in Bulgaria from UK citizens, we are expecting increased demand from Austria, Germany, Spain and other European countries," she added.
A recent survey from the Bulgarian National Bank revealed that some 310 million euros of property was bought by foreign investors during the first quarter of 2007.
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