Number of Bulgarian homes up by 5.4 per cent in last decade

themovechannel.com

The number of Bulgarian properties has risen over the past decade, according to 2011’s population and housing census.

The figures, published at the beginning of the last quarter by the Bulgarian National Statistical Institute, found that 5.4 per cent more homes exist now than in 2001. There is a total now of 3,887,076 houses in Bulgaria, higher than the 3,688,802 found by the census 10 years ago.

According to BulgarianProperties.com, though, this increase in housing stock is relatively small compared to the property boom of the last decade, where the number of homes increased by 20 per cent. The biggest rise in the number of homes is in the regions of Bourgas and Varna because of the dynamic construction in the cities themselves, as well as the mass-scale construction of holiday homes in the resorts in the region.

The data from previous population and housing censuses in Bulgaria show that the number of homes has been increasing ever since 1965 (when the first NSI data of the housing stock came out). In 1975, it increased by 20 per cent compared to 1965, while the increase in the next ten years (until 1985) was 15 per cent. During these years the population also increased by 6 per cent and 2 per cent respectively, driving up demand for new homes.

The 2011 survey also found that the population in Bulgaria has declined by 7 per cent over the past 10 years. The increase in the housing stock, coupled with this population decline, has led to a decrease in the number of inhabitants per home, from almost 4 people in 1965 to 1.9 people per home in 2011.

Bulgarians own 97.5% of their homes, a considerably higher percentage than other European countries, where it varies between 50 and 80 per cent. As of February 2011, 36,723 foreigners live permanently in Bulgaria, making up 0.5 per cent of the country’s population. The largest groups are those of Russian (11,991) and Ukrainian (3,064) citizens, but European Union citizens account for 23% of all foreign citizens – the largest groups are from the UK (2,605) and Greece (1,253).

The report suggests that it will take a few years for existing properties to be absorbed before the construction of new buildings becomes more dynamic, while demand for houses in the big cities will remain stable in the next few years due to internal migration. As a large part of the housing stock in Bulgaria’s cities consists of Soviet-style blocks, their owners are expected to turn to newly-built homes. But as well this domestic demand for new property is, there remains a consistent interest from foreign investors in Bulgaria's real estate, which will have the most impact on holiday homes and rural houses.

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