Number of property auctions doubles at year start

Number of property auctions doubles at year start

The number of property auctions initiated by private enforcement agents in Bulgaria in the first months of 2011 was double that of the same period of the previous year, showed data by targ.bg and Bulgarian Chamber of Private Enforcement Agents (BCPEA).

In 2010, property tenders came in at 700 to 800 a month on average, soaring to between 1,500 and 1,600 in January and February 2011, Mariyan Petkov, private enforcement agent and BCPEA member, said.

By comparison, the number of auctions for enforced sales of property in 2008 stood at between and 40 and 50 a month, targ.bg owner, Georgi Papurin, said.

The increase in property auctions was attributed to the growth of non-performing mortgages, as well as to the accumulation of expired tenders./Source: Dnevnik/

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