The recent accession of Bulgaria and Romania into the European Union could see domestic mortgage lenders begin to offer a host of new mortgage deals for local residents, according to one analyst.
On January 1st 2007, the two east European countries were officially acknowledged as part of the European community.
Carl Dear, investment strategist at Offplan Millionaire, which specialises in overseas investment property finance issues, explained the likely impact that this would have on provision of international mortgages.
Mr Dear argued that property prices have already increased markedly in the last few months as the country prepared to enter the European Union and predicted that "prices won't rise substantially" in the short term.
However, he suggested that the expected influx of mortgage lenders from other markets could have an impact.
"What it will do is attract more financial institutions into the region, hopefully providing better mortgage products to locals in the bigger cities, which will create more consumption for homes," he explained.
Bulgaria and Romania are the 26th and 27th countries to join the European Union.
The previous expansion saw ten countries enter the community - the largest number to join at the same time in the union's history.
Bulgaria and Romania could see influx of mortgage lenders, analyst suggests
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Bulgaria and Romania could see influx of mortgage lenders, analyst suggests
Thu, 04 Jan 2007
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