A Guide to the Bulgarian Property Market November 2016

Home  /  A Guide to the Bulgarian Property Market November 2016

a-guide-to-the-bulgarian-property-market-november-2016

A Guide to the Bulgarian Property Market November 2016

November 10, 2016

Do you have a property for sale in Bulgaria? Back in the early 2000s, Bulgaria was one of the hottest real estate markets in Europe. It was growing fast and there was a lot of frenzy about real estate in Bulgaria.

Indeed, back in those days, everyone in Bulgaria bought an apartment or two, and talked about how a house they bought a year back had already doubled in value. Those were big days for the property market not just in Bulgaria, but across Europe. In Spain, Portugal and Greece too, property prices were rising to insane levels.

That was also a time when a lot of British and Irish buyers invested in Bulgaria. There was a huge interest in Bulgarian holiday destinations such as Sunny Beach and Bansko. Bulgaria is a beautiful country with a diverse landscape. Beaches, mountains, river valleys, there’s something for every taste in Bulgaria.

Bulgarian cuisine is hugely popular as well. Bulgarian food is tasty and sumptuous, and healthy too. Bulgaria was on a real high in those days, everybody wanted to buy a seaside property or have a ski vacation in Bulgaria.

But the good times weren’t to last for too long. The property bubble that began in Bulgaria in 2000 burst finally in 2008. The recession in the property market in Bulgaria was not really because of local factors – the Bulgarian economy was doing very well during this period. It was largely precipitated by the global housing collapse. Bulgaria wasn’t immune to that.

 Today, Bulgaria has largely recovered from the recession of 2008. But property prices are still to reach the highs last seen in 2008. In the latest Knight Frank's most recent Global House Price Index, Bulgaria ranks 29 out of 55 nations with a housing price increase of 4.6%.

This is a big change over 2014, when Bulgaria ranked 43rd out of the 55 nations that were surveyed, with a negative price growth of 2.1 percent. In fact, Bulgaria outranks many countries in the Index, such as Denmark, Spain, Switzerland and France. This shows that things have definitely changed for the better in Bulgaria.

 This is a point emphasized by Polina Stoykova, a leading real estate analyst in Bulgaria. She talks about how well Sofia, the capital of Bulgaria has been doing. Sales were up in Sofia by 15 percent and the number of enquiries received by real estate agents was up by 30 percent.

The average price of apartments for sale in Sofia is €750 per square metre. Most of the apartments sold cost €50,000 or less; apartments that cost over €120,000 are considered to be luxury properties.

In Sofia, Vitosha and Miadost are the most popular districts among property seekers. Other regional cities such as Plovdiv and Burgas are doing reasonably well, with the average price of an apartment in Plovdiv being €482; and that in Burgas being €568.

Generally British and Irish buy in coastal resorts around Burgas such as Sunny Beach. It’s the same with Russian buyers as well. It’s only wealthy Bulgarians who prefer to buy in the cities.

If you’re trying to sell your property in Bulgaria quickly, you will find the information given here useful.