The crisis from the virus is also evident in the real estate. The view into the future is uncertain as the market is currently are influenced by opposing factors.
The Covid 19 virus has changed the way we live our daily lives and has caused turmoil in countless economic sectors, including the real estate market in Bulgaria.
Brokers, buyers and sellers experience great difficulty in making transactions. Viewings are cancelled or restricted. Health experts and crisis headquarters are advising the public to take social distance measures to reduce the risk of infection. Vendors are already worried if want to show their homes while buyers are worried whether they will visit a property where residents may be infected or at risk.
Growth of sales from recent years of real estate market rapidly is fading as the time of viewings strict precautions are taken, and buyers and sellers are rethinking their plans. And while taking the industry to real estate industry is struggling with the issues about the effects of the Covid 19 virus, as the most threatened stage of the process in a buying and selling of real estate its remain viewings. This in turn assisted the new technologies of virtual viewings to impose themselves and for in future in the industry - 360 panorama, video conferences, chats, remote document signing, cashless payments. As we recommend both sellers and buyers to work primarily is one broker who can save a lot of unnecessary viewings.
Buyers are expected to want the property to be "decontaminated" prior to purchase and taking possession of the property. But who will pay for this? There are many questions about the practicalities of not only in this situation. In general, there will be a withdrawal of buyers in the housing market and then we may see a decline in prices. This affects the prices of other assets and the stock exchanges.
Borders are closed and customer demand from abroad has dropped significantly.
About buyers who have thought about buying a property, it's often a question of existence. Therefore, the available financial resources should also be used purposefully and against this background property purchases are likely to be on hold.
Like given that interest rates continue to fall, loans for real estate remain cheap and therefore attractive. In times of high unemployment and bankruptcies, one of the consequence is that banks will have higher creditworthiness requirements, than in times of booming economy and full employment. Regardless of this, it is unlikely that the optimists who assume that the crisis will continue for short and that there will be a clear recovery, will continue to rely on the real real estate. The construction industry is also fears supply problems for building materials when manufacturers and suppliers have to close due to quarantine.
The Economic concern increases and up as politicians argue about stimulus packages without solutions, we continue on course towards crisis.
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