News
Rents and installments on mortgages are equaled
10.09.2010
The value of mortgage payments withdrawn for the purchase of office property in Bulgaria level with the cost of rent, estimated by the company Creditex, quoted by Russian edition.The situation is the result of the simultaneous fall in rental prices and increased mortgage rates.
The average price of Grade A offices in major cities currently estimated at 140-160 per year per square meter, while mortgage costs per year-150 per sq. m.
According to a representative of the company, the time is suitable for purchase in order to exit the market for office properties by the crisis. Companies that acquire office now, will save the expense of future increase in rents and can benefit from future resale think of Creditex.
However, now the market remains weak. Central Bank statistics show that in the second quarter, the volume of foreign investments in the segment is about $ 35 million. In comparison, during the years they were respectively 145 million euros in 2009, 459 million in 2008 and 700 million in 2007.
The outflow was mainly of British and Irish buyers, while the Russians remained in the market, said a representative of Russia's International Realty Group.
He added that the profitability of the Bulgarian offices generally had been shortened. Class A sites, which are the most sought after, however, maintained relative stability and can become the basis for future restoration of the market.
For a favorable attribute in this respect may serve and recovery of mortgage lending to foreigners, which actually shrank last year.
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