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Overview of the Property Market in 2017 and Forecast for 2018

2017-12-19   |  Polina Stoykova MRICS, Executive Director of BULGARIAN PROPERTIES

We will remember 2017 as the most successful for the property market in 10 years.

Since 2007-2008, we have not had such a positivism on the market, which, apart from Sofia, was also present in the other major cities and partly in the holiday segment, and the main market customer in the whole country was the Bulgarian buyers.

The strongest was the market in Sofia. There prices grew between 10 and 15% and the average reached 1 000 Euro per square meter. The highest activity and the fastest growth in prices were recorded from April to mid-July, after which there was a certain slowdown in the market and a moderation in the price increase rate.

The new construction was a hit on the market this year, with the best projects being sold out at an early stage of construction.

The good news came from the holiday markets by the sea and especially from the ski resorts, where sales grew at the fastest pace since mid-year, and in Bansko the volume increased by an impressive 30%. A great demand from Bulgarian buyers is witnessed in Borovets and Pamporovo, while Bansko remains the most international among the three resorts with a colorful picture of buyers' nationalities. This was our expected trend - the positive processes of the big cities being transferred to the holiday segment due to the available ready-to-use properties offered at tempting low prices, which literally anyone can afford.

The property market in 2018

We expect that 2018 will be very similar to the already expiring 2017. The main trends of economic growth, income and employment growth, low interest rates on deposits and loans are expected to remain, which will provide preconditions for continued growth of the property market activity, as well as of the property prices.

The price increase rate is likely to ease, but the overall activity will remain, and next year the property market will once again be among the most attractive for investment markets, with local demand continuing to be a major driving force.

In Sofia and other major cities, where we have an increasing volume of new construction, we will see a better supply and a greater choice of properties - buildings in the initial stage of construction, completed new buildings and secondary market properties.

Besides the positive expectations for the big cities and ski resorts, in 2018 we will see increased activity by the Bulgarian buyers in the seaside resorts - local and foreigners who are looking for their holiday property. They surveyed the market this year, and we believe their interest will materialize in more property deals beginning the spring of 2018.

Attractive selection of properties in Ski resorts in Bulgaria

Attractive selection of properties in Sunny Beach and the neighboring resorts

Attractive selection of new build residential developments in Sofia


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