BULGARIAN REAL ESTATE MARKET ANALYSIS
BULGARIAN REAL ESTATE MARKET ANALYSIS
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At the beginning of the year, sellers and buyers of apartments and houses in Bulgaria are actively interested in how the real estate market in Bulgaria will behave in 2024.
The last 2023 set records for the number of transactions and prices for apartments in Burgas, Varna, at sea and ski resorts . Some experts believe that the market has exhausted itself and is preparing for a fall. At the same time, most analysts agree that in 2024 the upward trend for Bulgarian house prices will continue, as well as high demand from both Bulgarian and foreign buyers. We prepared its own analytics to make it easier for our clients and readers to decide whether to buy an apartment in Bulgaria in 2024.
Real estate in Bulgaria. Secondary market analysis
The first three quarters of 2022 have been unusually strong for the real estate in Bulgaria on the secondary market. All more or less worthwhile apartments, houses, and townhouses were sold very quickly. Real estate prices were constantly rising. There was a slight slowdown in the fourth quarter, which gave reason to believe that 2023 will be less successful. However, this is only one point of view.
A complete market analysis shows the following trends:
- Property prices in Bulgaria will continue to rise in 2024. This applies to both new buildings and secondary housing. The reasons are related to high inflation, rising costs of building materials, services, energy, and wages;
- The structure of demand will change. It is expected that the secondary real estate market in Bulgaria will remain of high interest from residents of this country. On the other hand, by the end of 2023 the Bulgarian government expects the state to join the Schengen agreement. This will serve as an additional incentive to attract buyers from other European countries;
- Real estate remains a safe investment. Due to the expected entry of Bulgaria into Schengen, high volatility of securities and inflation, potential investors are choosing apartments by the sea as a way to save their money and also receive additional income. The opportunity to relax on the beaches of a beautiful country, enjoy delicious food and beautiful nature attracts tourists, professionals working remotely, people looking for an opportunity to change their place of residence, and wealthy retirees. Therefore, renting real estate currently remains a successful way to run a small business;
- The issuance of housing construction permits and the commissioning of new buildings will continue to grow;
There will not be many new offers for secondary housing. Russian citizens are in no hurry to sell apartments in seaside resorts due to difficulties in organizing transactions and receiving money. Many Englishmen, who at one time began to sell their Bulgarian real estate, decided to take their time and enjoy the opportunity to live in their apartment by the sea. Therefore, apartments offered on adequate terms are worth to buy property in Bulgaria without hesitation;
- Buyers will expect discounts. Expert opinion is that deals will be concluded slowly, the main policy of real estate buyers is to bide their time, squeeze out all sorts of discounts from the seller, and find the best possible offer.
Thanks to these factors, the secondary real estate market in Bulgaria 2024 is likely to remain stable. Don't expect prices to fall. However, the number of transactions may decrease due to a lack of good, quality offers.
What property in Bulgaria will be the most interesting to buy?
Different types of residential properties will exhibit different trends. According to many experts, apartments in old, unmaintained buildings will be in little demand. This is especially true for housing that owners are trying to sell at unreasonably high prices.
On the contrary, small apartments - studios, two-room apartments in Burgas, Sveti Vlas, Nessebar, and adjacent resorts will be in high demand. We already noted an increase in interest in such real estate from investors, young people, and retirees. Buyers are interested in both new buildings and secondary housing with renovations and furniture, especially if the support fee is low or non-existent. Want to find a cheap house for sale Bulgaria let's consider main trends for townhouses beyond the city border.
The demand for houses and townhouses is stable in cities and villages located near Burgas, Sunny Beach, Varna. Families with children and elderly couples dream about their own house with a plot of land where they can install a swimming pool, arrange a bathhouse, playground, barbecue or plant a garden. Many people buy cottages for permanent residence. A similar trend is observed for townhouses. Families with children often buy houses as a summer residence, where they can relax, hide from epidemics, and celebrate important events.