The number of real estate auctions initiated by private enforcement agents in Bulgaria in the first months of 2011 was double the numbers from the same period of the previous year.

In 2010, property tenders came in at 700 to 800 a month on average, but their numbers soared to between 1500 and 1600 in January and February 2011.

By comparison, the number of auctions for enforced sales of property in 2008 stood at between and 40 and 50 a month.

The increase in real estate auctions was attributed to the growth of non-performing mortgage loans, as well as to the accumulation of old tenders that found no buyers.