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© Nadezhda Chipeva, Capital
According to the latest analysis by Arco Real Estate, the Bulgarian real estate market is showing steady growth until the second quarter of 2024. Average house prices in Sofia are rising by 5% annually, with the most significant growth in the central and southern regions.
Continued high demand for new and luxury homes, combined with a slight shortage of quality properties, has kept the market stable. Foreign investors have shown strong interest in office and commercial space, which has led to an active rental market. As a result, rents in the capital have risen by about 4%.
Similar increases in prices and interest in new construction were seen in the larger cities of Plovdiv and Varna. The real estate market in Plovdiv registered an increase in transactions, mainly in two- and three-room apartments, with no significant changes in prices.
High growth was also seen in Burgas, where 2,483 transactions were registered, compared to 1,668 in the previous quarter of this year.
The total number of registered real estate transactions nationwide in the second quarter of 2024 was 54,379, compared to 43,799 in the first quarter. This is a slight increase compared to the same period in 2023, when the total number of registered transactions was 54,371.
The agency’s experts noted that an important factor influencing buyers’ behavior remains the volatility of mortgage rates, which causes buyers to wait and choose properties more carefully. At the same time, the average mortgage amount increased by 10% to 200,000 levs.
what are you looking for?
During the three-month period, 9,641 transactions were registered in Sofia, while 7,298 transactions were registered in the capital in the previous quarter.
Trends show that people prefer larger apartments, with three-bedroom homes being the most popular, followed by two-bedroom homes. People show a strong interest in the southern areas of Sofia and in neighborhoods with good infrastructure and services.
The top category among searchers is two-bedroom apartments, followed by three-bedroom apartments. Interest in multi-room and one-bedroom apartments, studios and duplexes remains weaker. Look for properties that are completed and furnished, ready to live in.
Compared to the previous quarter, no major changes were observed, except for a slight increase in demand for plots and houses. Currently, demand continues to outstrip supply.
what is the price
The average housing prices remain at a level, without significant changes compared to the previous quarter, with two-bedroom apartments ranging between 1,800 – 2,000 EUR/m² and three-bedroom apartments between 1,700 – 1,900 EUR/m². These values can vary greatly, depending on the area in which the property is located and its condition. In the center of the capital, prices start from 2,000 EUR/m², and the average price in the desirable center is around 2,500 -3000 EUR/m², again depending on the specific location of the property and its characteristics.
Vacation property
The vacation rental market remains stagnant, but prices remain stable. A moderately balanced market is expected in 2024, with no significant changes in prices.
In the second quarter of 2024, there was not much difference in terms of holiday properties compared to the previous quarter, the market has calmed down. According to the data of the registry in the first quarter of 2024, the transaction volume of our mountain and sea resorts fell by more than 10%.
Fluctuations in the market are expected in the summer. Buyers are both Bulgarian citizens and foreigners such as Poles, Germans and Ukrainians. Clients prefer properties with good locations and close to the sea. Studios and two-bedroom apartments are in the greatest demand. Preference is given to properties that are already furnished and ready for immediate use, as well as properties in buildings with low maintenance costs.
The average price for a studio apartment is between €40-45,000 and the average price for a two-bedroom apartment is around €70,000. These prices may vary depending on the location, characteristics and quality of the specific property.
The most popular properties in the Northern Black Sea coastal region are properties in the resorts of St. Petersburg. Instone. Constantine and Elena, the cities of CC Chaika, Balchik, Kavarna and Byala.
The resorts on the central Black Sea coast – Nesebar, Sveti Vlas, Sunny Beach and Pomorie remain among the top choices for buying real estate. In the southern Black Sea region, Sozopol and Chernomorets have the highest interest in buying properties.
In our mountain resorts, customers are mainly oriented towards Borovets near Sofia, but are also interested in the more affordable Pamporovo and Bansko.
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