Bansko Property to Hold In Spite of Global Meltdown
October 1st, 2008
Bansko Property to Hold In Spite of Global Meltdown/
According to one report property in Bansko and throughout Bulgaria will be virtually unaffected by the apparent current meltdown of the Global economy.
01.10.2008 Bulgaria Residential Real Estate Still Considered Solid Investment
www.novinite.com
Real estate remains the main investor market in Bulgaria, not the stock exchange, which is already suffering the effects of the global financial crisis, according to Georgi Stoev from “Industry Watch.”
Stoev spoke before Darik radio on Wednesday.
The expert forecasted that the vacation properties segment would be the one to bear the effect of the financial crisis the most, adding that the ordinary Bulgarian counts mainly on his home as savings, followed by bank deposits.
“This leads to the question - what is going to happen with the real estate market and the stability of the bank system in the country. The vacation property market has always been and will remain a risky investment. At the moment of a liquidity crisis, the first projects to be blocked or discontinued would be precisely those from the “second home market,” Stoev explained, adding that residential properties in big cities remained a solid investment.
The economy expert further reassured bank customers in Bulgaria by saying that they should not worry about their deposits and something bad happening to them since he did not see any current problems with the stability of the bank system in Bulgaria.
Only time will tell which financial markets will hold up in the current crisis and in which countries.
For those owning properties in Bansko and Bulgaria as a whole, there are interesting times ahead.
Tags: bansko property sales, global economy, bulgarian property, financial crisis, global meltdown