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Analysis of the Bulgarian property market in 2024

  1. Real Estate in Bulgaria
  2. / Analysis of the Bulgarian property market in 2024
BUY APARTMENT
30.12.2023

What makes the property market in Bulgaria interesting? First of all, because it is a country that is visited by a large number of tourists every year. And all of them need somewhere to live. Some rent accommodation, and those who have the opportunity to buy, buy. Then they either live here themselves during their holidays or rent it out, making a profit. The Bulgarian government welcomes investments of foreign citizens in the property of the country. Therefore, it is not difficult for a foreigner to buy here, for example, a flat. 
 

The state of the property market in Bulgaria

The cost of housing is steadily increasing, so do not fear that in a couple of years if you decide to sell the flat you will lose money. Bulgaria ranks second in the European Union in terms of quarterly growth in flat prices. 

 

In 2023, the growth of property prices in Bulgaria on the secondary market in the first quarter alone was 4.3 percent. And in the second quarter - already by more than ten percent. While in the previous year, prices rose by nine and a half percent for the whole year.

 

The fastest-growing housing costs were in cities such as Sofia, Stara Zagora, Burgas, Plovdiv, and Varna. The demand for buying flats has slightly decreased. But prices have not decreased even in small towns and villages.

Office space is still in high demand. Therefore, buying housing in areas with developed infrastructure and good transport links, to rent it out for offices in the future, will be a promising investment. At the same time, since the pandemic, many people have appreciated the advantages of living in small towns or the countryside. So closer to nature, and housing prices are much lower. And for those who work remotely, it is an ideal option. 
 

News of the property market in Bulgaria

Next year it is planned to join the Eurozone. In connection with this is predicted to increase interest in property from citizens of the European Union, and accordingly, the growth of the cost. Because in the transition to the euro, there will be no currency conversion, and prices will become more understandable and attractive to investors. 

 

Bulgaria is still a country attractive to tourists. The crisis provoked by the pandemic is subsiding and the demand for rental accommodation is increasing. Especially during the holiday season. We can, of course, wait and see how the market will behave further. But those who have the opportunity, try to buy now. A review of the Bulgarian property market shows that next year it will be much more difficult to do so.

Secondary property market in Bulgaria 2024

The secondary property market in Bulgaria is more affordable and attractive in its pricing. New buildings are more expensive than flats on the secondary market. This is due to the rising cost of energy, building materials and labour of workers. 

 

In 2024, an even sharper price hike is predicted. Because the country will come closer to European standards. This will refer again to the salaries of construction workers, building materials and all related costs.

 

Bulgarian Resales Company has been in the Bulgarian property market since 2009. We have a European and Bulgarian licence. We work with clients from Europe and other countries. We will help you to sell or buy property in Bulgaria on the secondary market and in new buildings. With your presence or remotely by power of attorney with our lawyer. Testimonials from our clients can be found on our website. 

 

There you can also find a property catalogue with the following sections:

Inexpensive properties;

Studios on the coast;

Flats and Apartments;

Secondary properties;

Property from the developer.

 

Hurry up to make a favourable investment in Bulgaria and we will help you to conclude the deal safely.

Types of real estate
CEPI - European Association of Real Estate Professions