What are real estate prices in Bulgaria is fixed now, in 2019. What to expect from the market in the short and long term? This and many other questions in the next review of the real estate market of Bulgaria for the 2019 prepared by the company BolgarskiyDom.
Trends and forecasts
- The value of residential property in Bulgaria has grown throughout 2018. This trend will continue in the short term, however, the growth rate of prices in 2019 will be lower than in 2018. This is due to the increase in the volume of residential construction and a higher supply of quality housing. By the end of 2019, experts predict a rise of no more than 3%.
- The positive dynamics of the Bulgarian market is mainly due to domestic demand, which spurs economic growth and the availability of mortgage loans.
- Bulgarian buyers are mainly aimed at Sozopol, Chernomorets, Lozenets and Varna and get an apartment as a residence for summer holidays.
- Foreigners are mostly interested in resort property in Sunny Beach, Nessebar, Sveti Vlas.
- Among foreigners is dominated by buyers from Western Europe, the Baltic States, Russia and Israel. However, in recent years the geography is expanding at the expense of investors from the neighbouring to Bulgaria countries – Romania, Macedonia, Serbia.
- After several years of stagnation in seaside resorts increased the activity of Bulgarian and foreign buyers, so in the coming 2019 we can expect a small increase in the cost per square meter in this segment of the market.
According to General Director of the company BolgarskiyDom rozhon Taras, the market will remain largely intact trends 2018. In major cities in Bulgaria: Burgas, Varna, Sofia will increase the demand for two– and three-bedroom apartments and, accordingly, will increase their cost.
Statistics on prices for 2018
The following is the data of the National statistical Institute of Bulgaria on change of the prices in 2018 compared to the same quarters of 2017. As the table shows, in every quarter of last year saw an increase in the cost per square meter in annual terms.
However, comparing the dynamics of real estate prices in 2017, it is possible to conclude that the market is approaching equilibrium of supply and demand.
| Type of property | Quarters 2018 / change in % compared with the 2017 | |||
|---|---|---|---|---|
|
I |
II |
III |
IV |
|
|
Total change |
+7,1% |
+7,5% |
+6,3% |
+5.5% of |
|
New housing |
+2.3% of |
+7,2% |
+7,2% |
+6,1% |
|
Resale |
+9,7% |
+7,7% |
+5.8 percent |
+5,3% |
The greatest increase in the value of residential "squares" are marked in Plovdiv, Sofia, Burgas and Varna. The growth of real estate prices on the coast are slightly lower than in the whole country.
The cost of real estate in Bulgaria to 2019
In the first quarter of 2019, the market is developing more actively than in the previous year. It is already possible to say that the pace of price growth in the first quarter will exceed last year's figures.
We offer you to familiarize yourself with the cost of real estate on the coast:
| Type of housing | Sunny beach | Sveti Vlas | Burgas | Varna | Pomerania | Sozopol |
| Buildings | 18 000 € | 20 000 € | 28 500 € | 30 000 € | 22 000 € | 20 000 € |
| Studio | 15 000 € | 18 000 € | 24 500 € | 25 000 € | 21 000 € | 19 000 € |
| Apartments | 21 000 € | 27 000 € | 31 000 € | 45 000 € | 39 000 € | 42 000 € |
| Private homes and villas | 75 000 € | 61 000 € | 49 000 € | 52 000 € | 77 000 € | 83 000 € |
