Most Bulgarians are owners of old apartments

14 Nov 2017, STONEHARD

Most Bulgarians are the owners of the apartments they live in. Bulgaria is at the top places in the EU, with 87% of them living in their property. This sounds good but a detailed research reveals problems behind this fortunate mask.

Properties are mostly old and poorly maintained, as well as part of the households have the greatest difficulty in heating their home among the whole European Union. Despite that a continuous refurbishing of the 50-year-old communist-style flats due to European subsidies could be seen everywhere.

Real estate prices outstrip the pace of citizens' incomes and this is the main reason for such a stagnation. Maintenance of personal apartment is a major concern for every European, with an average of 11.3% of their budget going to renovation, with Greece at the first place by 41%. Romania, Hungary, Slovakia and Croatia are ahead of Bulgaria, where households also predominantly own their properties. Only 39% of them are owned by citizens in Germany and 45% in Sweden. In the Scandinavian countries, cooperative life is spread out everywhere, with more than 20% inhabiting such housing.

The consequences of the economic crisis are still felt throughout Europe. There are many homeless europeans and, although there is growth in Central Europe, the construction of new buildings is still slower than the previous years. There is a pressure on new constructions even in major European cities.

In 2016 for the first time prices are as high as year 2009.

Emigration from 2015 is another reason for the change.

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