Property prices in Bulgaria in 2024

Analysis and forecast of the real estate market by the sea and in major cities in Bulgaria 2023-2024.

Dear visitors of the BG Address website, we present to your attention our annual professional review of the real estate market in Bulgaria.

In this short article, we will try to present to you the dynamics and trends of the market in the past year 2023 and give some predictions for 2024. Perhaps this information will be very useful to you in the subsequent selection of real estate by the sea!

It can certainly be noted that the main factor that influenced the market last year was the firmly established inflationary processes in the European economy. Inflation and, accordingly, the increase in the prices of labor, materials included in construction, products, etc. contributed to the stable and constant increase in prices, especially of new buildings, but also of secondary housing. Against this background, investing available funds in real estate has become particularly relevant. Even the increased interest rates on loans did not in any way affect the attractiveness of real estate investments. The increase in rental prices in the big cities and not only gave additional interest to investments in real estate. The search for ready-made apartments in residential buildings with at least one bedroom has become particularly relevant. In second place in popularity is the purchase of real estate at the project stage or, as they say in Bulgaria, "on green". Investing free funds in this type of real estate guarantees a real profit of at least 20% immediately after the completion of the building or house (which is approximately 1.5 or 2 years later). With the established and reliable construction companies, the available apartments were purchased at practically 50% already at the beginning of the construction phase. Buyers from abroad and from Bulgaria showed interest in all types of properties. Beachfront properties in Bulgaria have fully established themselves as a reliable means of protecting savings from inflation and depreciation!

As always, we have prepared a statistical overview of real estate sales for 2023 (data from January to September) especially for you. Statistics for property sales by the sea and in major cities of Bulgaria:

In the city of Burgas for the whole of 2023, 8,241 transactions for the purchase and sale of real estate were concluded, which is 1,039 transactions less than in 2022 or a decrease of 12.61% ↓

City of Varna: 14,122 properties sold in 2023, which is 2018 fewer transactions than 2022 or a drop of 12.50% ↓

City of Plovdiv: 15,867 properties sold in 2023, which is 1,739 transactions less than in 2022 or a drop of 9.88% ↓

City of Sofia: 32,072 properties sold in 2023, which is 2,029 transactions less than in 2022 or a drop of 5.95% ↓

City of Nessebar (Ravda, Sunny Beach, Kosharitsa, Sveti Vlas and Elenite): 8,359 properties sold in 2023, which is 1,649 transactions less than in 2022 or a drop of 16.48% ↓