Bulgarians get richer

castle_interior_architecture_219336The financial wealth of Bulgarian citizens has increased by BGN 9.4 billion for the past 2 years, according to Personal assets in BULGARIA: financial wealth and housing market report by Industry Watch, Sega daily writes.
According to the report, financial wealth reached BGN 59.5 billion at the  end of 2014, compared to BGN 50.1 billion two years ago. In 2014, the financial wealth of Bulgarians increased by BGN 4.2 billion despite of the crisis in the Corporate Commercial Bank. The main reason for the growth is increasing deposits: from BGN 37.7 billion to BGN 39.3 billion. Bulgarians are still conservative towards managing their savings and hold 2/3 of them in the form of bank deposits. Meanwhile, trend in decreasing deposit interest rates continues.
In 2014 prices of houses in BULGARIA increased by 1.2%. As a result of this, houses remain the biggest asset of most Bulgarians. Annual interest rates on mortgage loans dropped to less than 7%. For the past 12 months, some BGN 1.4 billion in mortgage loans has been granted.

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