In the modern world, every step in the development of the country's future and global factors lead to changes and new opportunities for investment. But even in such an unstable situation, the Bulgarian real estate market remains a unique field for research, as the demand for Bulgarian housing has continued to grow uncontrollably over the past few years. Forecasts for 2024, given current economic trends and social prospects, promise to be quite exciting.
Review of the current situation and factors influencing price formation
Despite the recent rise in price, Bulgarian real estate remains one of the most affordable for citizens of many countries. Moreover, the affordability of housing in Bulgaria implies an attractive price and more flexible rules for financial monitoring, tax, and legal aspects.
In the last two years, prices for apartments, studio apartments, and private houses have increased by 10-15%, which is especially noticeable compared to prices in 2008-2010. The activation of the real estate market occurred due to several factors:
High inflation and, as a result, increased prices for building materials, energy, services, and wages.
Increasing demand for Bulgarian real estate not only from Bulgarian citizens but also from residents of other countries, since real estate in this country is today considered a reliable investment.
Citizens of Great Britain, Germany, Poland, Ukraine, Israel, the United States of America, and other countries are willing to buy Bulgarian housing. In 2023, the average cost of square meters in Bulgaria in euros was as follows:
|
City |
Studio |
2-room apartment |
3-room apartment |
|
Burgas |
45 000 |
58 000 |
82 000 |
|
Nessebar |
34 000 |
48 000 |
89 000 |
|
Sveti Vlas |
30 000 |
49 000 |
51 000 |
|
Sunny Beach |
19 000 |
35 000 |
39 000 |
|
Varna |
50 000 |
90 000 |
120 000 |
In the fall of 2023, the Bulgarian real estate market naturally picked up. As a rule, after the end of the holiday season, many new offers attract foreign investors' attention.
Forecasts for 2024
Experts note that in 2024, the cost of square meters in Bulgaria will continue to grow, considering various macroeconomic factors and the popularity of the country’s resort regions. Practice shows that a boom in the purchase and sale of resort apartments, villas, and other types of real estate is expected in early autumn, as many new offers will appear on the market after the end of the season. During the winter period, prices for Bulgarian real estate can remain stable without decreasing.
The best option for purchasing housing in Bulgaria is before or after the holiday season since it is during this period that you can choose a more budget option. It is important to remember that housing costs up to 30-80 thousand euros, depending on the area and location, and sells out quickly.
It is also possible to purchase real estate during the holiday season, but the price increases by an average of 10-15%. Therefore, foreign investors considering real estate in Bulgaria for investment should consider this factor.
Supply and Demand Trends
Today, apartments in residential complexes on the seashore are trendy, as their purchase allows you to receive high-quality service. In addition, private houses that can comfortably accommodate a large family are in demand. This trend will remain relevant in 2024, even though this type of real estate is more problematic to rent out since not all tourists are willing to pay more for their privacy.
Regional features
In general, the cost of square meters in Bulgaria depends on regional characteristics and tourist activity. As a rule, prices per 1 square meter are as follows:
- Sunny Beach – from 900 euros;
- Pomorie – 1000 euros;
- Nessebar – 950 euros;
- Bansko – 900 euros.
The most expensive housing is located in Sofia, the capital of Bulgaria. Here, the cost of real estate averages 1,500 euros. Housing prices are determined by considering tourist demand, infrastructure development, the availability of transport links, and the region's attractiveness among foreign investors.
New construction projects
Experts note the rapid growth in demand for real estate in new buildings. This trend is also relevant for 2024, as construction continues to develop throughout Bulgaria actively. This means that the demand for Bulgarian housing will increase this year and next year, and with it, the cost per square meter will increase.
Investment opportunities
Foreign citizens interested in investing in Bulgarian real estate and planning to purchase property in 2024 should evaluate the current market situation and trends. To find a genuinely liquid asset that can generate stable passive income, contact BolgariaDom. Our managers will determine the available offers on the market and offer you the best options for investing in real estate in Bulgaria.
Expert advice
The Bulgarian real estate market is stable and gradually rising prices. Many nuances, including external and internal factors, influence the value of real estate in Bulgaria.
To get the maximum benefit from purchasing an apartment, apartment, or private house, enlist the support of experienced specialists. We will select the optimal housing for you, allowing you to get the maximum benefit in the future. To do this, we use current strategies that have proven effective in practice.
For consultation, contact our manager by phone or messenger.