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Bulgarian bank launches mortgage service
The growing popularity of Bulgaria as an investment destination has prompted a leading bank to launch a mortgage service for foreign citizens, reports the Sofia Echo.
The paper cites Maria Ilieva, managing board chairperson and chief executive officer of MKB Unionbank (MKBU), who says that government studies inspired the new product.
"The surveys showed that the Bulgarian mortgage market is becoming more and more attractive for foreigners," she said.
"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."
Some 33 per cent of property transactions in 2006 involved foreigners and with the market exhibiting increased quality and sustained growth, the influx of overseas capital into Bulgarian property is only likely to increase.
"This is why MKBU decided to start mortgage lending to foreigners," Ilieva confirmed to the newspaper.
MKBU is not the only financier to have offered a mortgage service, with First Investment Bank offering a 240-month mortgage to foreign citizens.
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