A detailed Global Property Guide report on the Bulgarian real estate market has been released.
Prices
Housing prices in Bulgaria have been rising for 10 years in a row. This trend continues due to increasing demand and limited supply.
According to the National Statistical Institute (NSI), the housing price index in the country in the 2nd quarter of 2024 increased by 15.11% (+12.3% adjusted for inflation) year-on-year. Data for previous periods: +16.01% in the 1st quarter of 2024, +10.07% in the 4th quarter of 2023, +9.2% in the 3rd quarter of 2023, +10.69% in the 2nd quarter of 2023 and +9.48% in the 1st quarter of 2023.
On a quarterly basis, housing prices in Bulgaria increased by 3.44% in the 2nd quarter (adjusted for inflation by 4.23%).
Data for the 2nd quarter by region:
Sofia +16% year-on-year, which is almost twice as much as a year earlier.New buildings rose in price by 20.1%, and ready-made housing by 13.1%.
Plovdiv +6.2%, which is a slowdown compared to growth of 17.6% in the 2nd quarter of 2023.Apartments in new buildings rose in price by 1.4%, and in finished houses by 10.6%.
Varna +15.9% (+20.3% for the same period a year earlier).Primary market +9.4%, secondary market +19.3%.
Burgas +16.7% (+12.7% a year earlier).Prices for new housing increased by 16.5%, and for finished housing by 16.7%.
Rus +22.1% (+2.1% a year earlier). Prices for finished real estate increased by 14.1%.
Stara Zagora +11% (+7.2% a year earlier).Prices for new housing increased by 14.8%, and for finished housing by 9.5%.
Market history
- From 2000 to 2008, the boom, real estate prices increased by about 300%. From 2009 to 2013, there was a large-scale recession caused by the global financial crisis and the debt crisis in the eurozone. House prices fell by 35.2% (-41.5% adjusted for inflation)
- From 2014 to 2023, the boom. Housing prices across the country increased by 101.5% (+41% adjusted for inflation).
Sales
After a significant increase from 2021 to the 3rd quarter of 2022, the demand for real estate from the 4th quarter of 2022 to the 3rd quarter of 2023 decreased amid high inflation and a gradual increase in interest rates.During this time, home buyers became more circumspect and often negotiated discounts with sellers.
But in recent months, demand has grown noticeably again.In the 2nd quarter of 2024, the number of residential real estate transactions in Bulgaria increased by 9.9% compared to the previous year. This was preceded by an increase of 8.7% in the 1st quarter of 2024 and by 19.1% in the 4th quarter of 2023. In addition, the value of transactions also increased: +30.2% year-on-year in the 2nd quarter of 2024, +41% and +26.6% in the previous two quarters.
Source: Global Property Guide
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The Bulgarian real estate market after joining the Schengen area. Regions. Prices. Trends
