In the first three months of 2024, real estate in Bulgaria increased in price by 7.1%. At the end of 2023, prices had risen by only 1.2%.
In March, the country joined the Schengen Area, and in 2025, it plans to adopt the euro. These changes positively contribute to the stabilization of the country's economy. This attracts new investors and property buyers, boosting confidence that these investments will yield higher returns in the future.
How are property prices rising in Bulgaria?
The National Statistical Institute of Bulgaria reported that in the first quarter, housing prices increased by 16% compared to 2023. Last year, the growth was no more than 10%.
Let’s see how property prices have risen in major cities:
1) New builds:
- Varna +35.3%
- Sofia +25.3%
- Burgas +9.7%
2) Secondary real estate:
- Varna +18.3%
- Sofia +13.3%
- Burgas +13.1%
Why is real estate in Bulgaria becoming more expensive?
- The average salary in the country is rising. In the first quarter, real estate prices in Bulgaria grew by an average of 16% year-over-year. Wage growth was comparable, at 16.8% in the first quarter.
- Low-interest mortgages. Easier-to-manage mortgages are stimulating demand for property purchases. For residents, the minimum interest rate on loans is 2.3% per annum. For foreigners, it starts at 7.5%.
- Shortage of ready-to-sell properties on the market. Demand for new builds remains high, and the limited selection of available apartments keeps prices elevated.
Experts predict that real estate prices will continue to rise in the near future, though the rate of growth may slow down.
Conclusion
Now is the time to buy real estate in Bulgaria. The country has joined the Schengen Area and will soon adopt the euro. Bulgaria’s economy is developing, attracting investors from other EU countries. Demand for all services, including real estate, is increasing. As a result, prices are likely to continue rising or, at the very least, remain at their current levels, though the latter is less likely.
If you want to buy or sell real estate in Bulgaria safely and without risk, contact us. We will help you find exactly the property you are looking for. We handle the entire transaction from A to Z. We will meet you at the airport, show you the properties you’re interested in, help with all the paperwork, and resolve any legal issues. Check out our clients’ reviews to see our professionalism. See you in sunny Bulgaria!
