07.01.2015 Bulgarian property market in 2014 and forecast for 2015
'An important element of the new market reality is the return of the confidence in the property market. More and more buyers are thinking of buying property because real estate is a safe real asset and good investment. This understanding coincided with a very favorable moment in the property market development, because real estate prices are currently at levels from 10 years ago and respectively, the properties are much more affordable. We could also add to the picture the improved mortgage conditions now offered by the banks.' This is how Polina Stoykova, Managing Director and Head of Research of BULGARIAN PROPERTIES, summarizes 2014 for the real estate market in Bulgaria.
'In conclusion, we can say that 2014 was the most successful year for the real estate market in Bulgaria since the beginning of the crisis. Of course, we are not overoptimistic because there are some negative trends as the outflow of the Russian buyers and the still lower volume of property sales compared to the pre-crisis years. However, it is clear and obvious that the buyers have permanently returned', she adds.
Forecast for 2015
In 2015 the trend of recovery will continue as the demand for properties in the major cities will continue to grow, and the supply will become increasingly limited due to the low levels of new construction.
A lot of Bulgarians will decide to buy property by the sea and in the ski resorts - this trend started last year and we see that the interest is sustained, and the prices are very attractive. We expect that next year the real estate market will be driven largely by the Bulgarian buyers including the segments that were traditionally dominated by the foreign buyers. 'We also notice an increase of interest to properties in Bulgaria by British buyers and we expect this trend to evolve in 2015', comments Stoykova.
The demand will be primarily aimed at apartments in the largest cities, houses in the villages close to the cities and holiday apartments in the most popular beach and ski resorts. In the big cities the properties will be bought both for personal use and as an investment - a trend that started in 2014 and will continue in the coming years.
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We are slowly returning to our normal everyday lives and the Bulgarian property market is experiencing a growing demand and a rising volume of deals after the corona virus lockdown.
Here are the present market trends which mark the start of a new beginning for the property market in Bulgaria:
🔵 Technology stays with us to help us in the new reality! We will ne...
The average selling price of residential properties in Bulgaria's capital Sofia increased by 4.0% on an annual comparison basis in the first quarter of 2020, local company Bulgarian Properties said.
The average price of dwellings in Sofia reached 1,120 euro ($1,219) per sq m in the first quarter, the realtor said in a quarterly property market analysis published last week.
High activity during the first 3 months of the year and acceleration of the price growth to about 4% on an annual basis. This is how the real estate market in the Bulgarian capital of Sofia developed until mid-March, when the state of emergency was introduced and many economic activities where put on hold.
Average Prices and Annual Change
In the first quarter of 2020...
BRITS could return to Bulgaria's Sunny Beach as soon as July as the country reduces its lockdown measures.
To encourage tourists, beaches will also offer free loungers, sun beds and tables when they open again for business.
Bulgaria has managed to keep coronavirus cases relatively low - the country has reported just 1,704 infections, and 50 deaths.