Financial and business news from Bulgaria

COVID-19 also affect the housing market, here's how

The emergency situation related to COVID-19 is already having an impact on the real estate market.
After the initial freezing of processes, the first technological solutions aimed at digitizing the market have already appeared, informed by a consulting company in the field of real estate.

"The property market around the world has always been relatively conservative. The situation today gives us the opportunity to accelerate digitization and concentrate efforts on introducing technological solutions faster.

For nearly a week our buyers can deposit their desired property online, directly through the company's website.

Implementation of the deposit button is one of the novelties we made to offer an online platform, as easy as possible and accessible to users”, Lyuba Atanasova, CEO of the company, said in a press release.

The company also introduced a system for remote conclusion of a preliminary contract. The company's viewings are increasingly virtual with real and detailed presentation to buyers. To each offer on the site there is an option for direct contact with the consultant on the desired property.

Innovations on the company's website also include a momentary reference on whether the price of a property is higher or lower than the area average, as well as the potential profit from the rental home.

The amount of credit required for the purchase of the desired property is also automatically calculated online.

The company's expectations are many of the solutions introduced at the moment to become the norm for the business after the COVID-19 crisis.