Property prices in Bulgaria in 2023

Overview of the real estate market by the sea and in big cities in Bulgaria 2022-2023

Dear visitors to the website for the sale of real estate in Bulgaria BG Adres, we offer you our brief professional overview of the real estate market in Bulgaria in 2022. From our point of view, we will try to tell you which factors most determined the processes in the market and influenced the formation of prices in one direction or another.

Since the end of 2021, it has become clear that the economic crisis caused by the COVID-19 pandemic, which resulted in double-digit inflation, will only worsen in 2022. The banking sector also did not present any surprises. The presence of large volumes of financial savings in banks has practically brought savings rates to zero. On the other hand, under the influence of inflationary processes, loan rates began to gradually rise. The conditions for obtaining a loan have also changed for the worse for the consumer. Perhaps the most unpleasant surprise for everyone was the military conflict in Ukraine that began in late February, which led to uncertainty in the market that continued until about the end of March. At the beginning of April, the market calmed down again, all processes returned to normal, and the growth of inflation in Europe noticeably accelerated.

We can confidently say that 2022 was a record year for the volume of real estate sales in Bulgaria. Real estate by the sea continued to be very attractive to buyers from Bulgaria, especially against the backdrop of rising prices for hotel services. Interest from buyers from Europe and other regions of the world continued to grow. The large volume of sales and demand for real estate by the sea gradually led to a shortage of suitable offers, and the cost of real estate began to increase noticeably. The increase in prices for various real estate options compared to the end of 2021 ranged from 15% to 25%. At the end of 2022, the picture of demand exceeding supply was fully formed.

We bring to your attention a statistical overview of real estate sales compared to 2021. Sales of real estate by the sea and in major cities of Bulgaria:

In the city of Burgas for the entire 2022, 8,241 transactions for the purchase and sale of real estate were completed, which is 158 transactions less than in 2021, or a decline of 1.92% ↓
City of Varna: 16,140 properties sold in 2022, which is 540 transactions more than in 2021, or an increase of 3.34% ↑
City of Plovdiv: 17,606 properties sold in 2022, which is 1,310 transactions less than in 2021, or a decline of 7.44% ↓
City of Sofia: 34,101 properties sold in 2022, which is 2,735 transactions less than in 2021, or a decline of 8.02% ↓
The city of Nessebar (Ravda, Sunny Beach, Kosharitsa, Sveti Vlas and Elenite, as well as satellites) sold 10,008 properties in 2022, which is 2,714 transactions more than in 2021, or an increase of 27.12% ↑