Bulgarian household debt reaches 32.6 billion euros

As of late August 2026, household and non-trade organization loans in Bulgaria reached 32.637 billion euros, marking a 20.8% annual increase. This growth rate significantly exceeds the 3.1% increase observed within the eurozone.

Real estate remains the primary driver of debt. Housing loans account for approximately 59.2% of the total portfolio, totaling 19.328 billion euros and growing by 25.2% year-on-year. Consumer loans represent 37.6% of the total, amounting to 12.286 billion euros with a 15.9% annual increase. In contrast, loans to employers and the self-employed decreased by 8.1%.

The Bulgarian National Bank attributes the sustained demand for housing loans to rising labor incomes, low interest rates, and high banking system liquidity. Dimitar Radev, Governor of the Bulgarian National Bank, noted that inflation can increase the nominal size of loans and collateral, potentially lowering the real cost of credit if interest rates adjust slowly. The surge in debt is linked to long-term processes including rising property prices and buyer expectations, rather than the transition to the euro itself.