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The housing market in Bulgaria at the start of 2023 - summary and forecast
We have given a fresh start of 2023 - the year in which BULGARIAN PROPERTIES celebrates its 20th birthday!
At the beginning of this important year for us, let's make a brief wrap up of 2022 and a forecast for the development of the Bulgarian real estate market.
In 2022 the housing market experienced a price growth which we had not seen in over a decade. Along with the high inflation, throughout the year we saw increased demand for property but insufficient supply, which fueled even further the price growth. Bank financing remained available - at still historically lowest interest rates.
The other factors affecting the housing market continued to work in a positive direction. Unemployment remained at low levels - around and below 5%, and incomes continued to grow, albeit more slowly than property prices. This has kept housing affordability at relatively good levels and the market - close to its fundamentals.
In 2023 the trends on the real estate market will again be the focus of interest, both because of the unsatisfied demand, and because of the need for up-to-date information about its development, which often gives indications about the economic cycle as a whole.
Our expectations are that the rate of price growth will slow down and supply will gradually begin to increase - both on the new development and resale markets.
The initiated interest rates increases will be felt more clearly in the middle of the year, and depending on their size, this could cool down or activate the market. As of now, the rises are more likely to be smoother and slower than in other EU countries, and this will bring peace of mind to buyers and confidence in making purchase decisions.
In the first working days of the year we have seen confirmation of these expectations. We have an active demand and supply of properties, and together with that we have already managed to conclude the first deals.
Judging by them, there is interest in properties throughout Bulgaria - in big cities, in mountain and seaside resorts, and rural areas.
We will continue to do everything we can to satisfy this demand.
Buying or selling, you can count on us! We wish you a healthy and successful year!
If you have a property for sale or rent, contact us now to offer it to our customers! Fill in the form or call +359 2 911 50
Check the price of your property at the beginning of 2023
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