Mortgages drawn in December 2007 were for only 49 per cent in euro and for 51 per cent in local currency, consultancy firm Credit Centre announced on January 7 2008.

For the first time, the majority of mortgages drawn was in local currency, Credit Centre said.

In November, mortgages in euro made up 55 per cent of the market, six per cent more than a month later, mediapool.bg said.

In September 2007, consultants said there was a significant increase in demand for mortgages in local currency. According to consultants, credit-takers expected the value of the Bulgarian leva to drop, which, in the end, would also decrease the amount they would have to return to the bank. Analysis of the mortgage market in December showed that the trend continued, mediapool.bg said.

December 2007 saw an increased activity in mortgage applications, while around 35 per cent of the mortgages granted was not used before the end of the month, Credit Centre said. This was most typical for larger cities, where banks processed applications until the last working-day of 2007.