Bulgarian property auctions climb to twice last year's rate

The number of property auctions taking place in Bulgaria during the first few months of 2011 was double that of a year previous, it has been reported.

Data provided by the Bulgarian Chamber of Private Enforcement Agents (BCPEA) and targ.bg shows that numbers hit between 1,500 and 1,600 in January and February this year. This is compared to an average of between 700 and 800 a month in 2010, the Sofia Echo reports.

The news could result in lower prices for a number of individuals looking to buy property in Bulgaria. According to agents, the increase in property auctions was attributed to the growth of non-performing mortgage loans, as well as to the accumulation of old tenders that found no buyers.

Elsewhere, the news provider reports that the number of residential and administrative building permits issued in Bulgaria during the final quarter of 2010 decreased.

Source: Property Showrooms