Housing prices in Bulgaria continue to rise, the situation in the second quarter of 2024 confirms it. According to the National Statistical Institute (NSI):
- Compared to the first quarter, housing prices in the country increased by 3.4%;
- Compared to the previous year, the price growth was even more impressive - 15,1%.
The most significant jump occurred not in the capital Sofia or the dynamic Plovdiv, but in the city of Ruse, which recorded a 13.2% growth rate.
What was the reason for the sharp rise in prices in Rousse?
Traditionally Ruse has not been a city that sets the tone in the Bulgarian real estate market, but in 2024 the situation has changed. Prices for non-existing properties (new buildings that have not yet been put into operation) in this city have increased by 15%.
This sharp rise in price is due to several factors:
- active development of infrastructure;
- attracting investors;
- high demand for housing among local residents and visitors.
It's interesting:
Even in dynamically growing cities such as Plovdiv and Sofia, annual price increases were less significant. In Plovdiv prices increased by 5.3% and in Sofia by only 2.9%.
How do prices change in other cities in Bulgaria?
Ruse is not the only one showing high growth rates. In Burgas, one of the largest cities on the Black Sea coast, real estate prices also increased by 2.9% in the second quarter. Although this is not as significant a jump as in Ruse, it confirms the trend of general growth across the country.
Stara Zagora was an exception to the widespread growth in real estate prices:
A slight decrease of only 0.2% was recorded here in the second quarter. It was caused by a 2.3% drop in the cost of new housing (new buildings). This affected the overall dynamics of the region.
But such a slight decline is not a sign of a systemic crisis. It rather reflects the local peculiarities of the market in this region.
What to expect next?
Experts believe that growth will continue in the next quarters, although the pace may slow down. High demand, regional economic development and the attractiveness of real estate as an investment asset remain the main market drivers.
- For buyers, the situation is getting more complicated: housing is getting more expensive and it is becoming increasingly difficult to find affordable options.
- For investors, however, this is a wake-up call - real estate in cities with rapidly rising prices, such as Ruse, can be a promising investment.
