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Property prices in Bulgaria 2020

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Property prices in Bulgaria 2020

How the real estate market in Bulgaria will develop in 2020 is a question that worries sellers and builders, and it also very much annoys buyers.
Our agency team was definitely worried until a few weeks ago because we were worried that we were late with a timely analysis of real estate market trends, investment, buying and selling conditions! Unfortunately, the unforeseen circumstances changed absolutely all forecasts, plans and expectations. The worldwide epidemic of Covid 19 and the ensuing restrictions imposed by countries around the world have changed the normal course of development of real estate construction and trade.
But let's start from the beginning of 2020. January showed that turmoil and cardinal changes in the property market in Bulgaria are not foreseen. On the contrary, a certain stability has been outlined, aided by less supply and stable demand. Urban real estate purchases were made at discount levels of 3 to 10 percent of the original value of the property. Large regional cities such as Sofia, Burgas, Varna and Plovdiv have secured the stability of the price supply of the properties there. Prices in these big cities have remained steadily high, driven mainly by construction companies and not so much by private sellers. The buyers mostly remained Bulgarians working in different parts of the European Union. It is a fact that Bulgarians prefer to invest their savings in real estate against the backdrop of low interest rates offered by Bulgarian and European banks, as well as because of the deposit interest tax, and the combination of these two factors completely makes no sense of investing money in savings. and time deposits!
The holiday property market in Bulgarian resorts also maintained the trend throughout 2019, which is a stable high supply of property by private individuals, and a stable high interest of clients from Russia, Israel, England and Europe. Stable buyer interest and leader in supply remained the resort Sunny Beach with prices starting from 8 000 €, followed by St. Vlas with prices from 15 500 €, Nessebar from 9 500 €, Pomorie 19 900 and so on. (if you are interested in a more detailed city map and you are welcome to contact us at [email protected], our specialists will be happy to assist you). The differences between the real estate offered by the construction companies and those by the resellers remained large.
The month of February did not indicate any significant changes. In early March, deals on the market almost stopped pending further information on the developing pandemic.
Since April, the real estate market, either vacation or urban, has been fully influenced by the crisis created by the Covid 19 pandemic and, on the other, by the sharp fall in oil prices. This phenomenal situation will determine the development of the real estate market in Bulgaria throughout 2020. It is anticipated that the crisis will stabilize the market and consolidate urban real estate prices to relatively high values, with a possible decrease of 10% -20% compared to last 2019. The main customers in this market will continue to be the Bulgarian buyers who wish to reinvest their savings.
Holiday properties mainly in Sunny Beach, Nessebar, Sveti Vlas are already beginning to show indications of price reductions. Currently, it is possible to conclude deals with discounts of 10 to 30 percent. Despite the downward trend, there are cities and complexes where the sales and supply of holiday homes by the sea will remain unchanged. Stable and even rising prices are expected to remain in such resort towns as Pomorie, Sozopol, Burgas, Varna, Sarafovo.
If you are interested in more detailed analysis or just a simple consultation, please contact us at [email protected], we will try to answer all your questions as soon as possible.