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Vacation Homes in Bulgaria in 2022 - a new chapter for this market segment

2022-08-08   |  Polina Stoykova MRICS, Managing Director and Head of Research of BULGARIAN PROPERTIES

Vacation homes in Bulgaria both in the sea and mountain resorts are going through a real boom in demand.

One of the reasons for this is the COVID-19 pandemic and the increased need for a private place for retreat outside the big city (which also brought up the interest to rural houses).

Another reason came from the ability to work remotely, which turned some vacation properties into long-term residences.

And last but not least, inflation made people invest in safe assets like real estate. And vacation homes are very suitable for this purpose, since they do not require very large budgets. Currently, the most sought-after holiday homes vary between €30,000 and €50,000, making them accessible to a wide range of loacal and goreign buyers. In addition, they can be rented out and generate income or at least cover their expenses.

In result of all this, a completely new chapter in the development of this long underestimated segment of the market has now started. A lack of quality offers has been felt since last year and prices have gone up - for the first time in about 10 years.

Sales Volumes

Registry Agency data backs up these observations, showing that amid slowing sales growth in the big cities, transaction volumes in the Bulgarian resorts are seeing staggering growth, turning some of the holiday settlements into leaders in property transaction growth.

Examples of this are Nessebar with nearly 90% growth in the second quarter of 2022, Tsarevo and Smolyan - with 34% each, Balchik - 30%, Pomorie - 17%.

Prices of Vacation Properties

The average price in Sunny Beach, based on real transactions according to BULGARIAN PROPERTIES data, reached 580 Euros/sq.m. in the second quarter of 2022. These are levels close to those from the time of the Russian boom in 2013-2014. The growth is about 100 Euros/sq.m. or by 20% compared to a year earlier.

The same can be seen in the purchase budgets - while a year ago for a 1-bed apartment, between 30,000 and 40,000 Euros were needed, now the prices are about 10,000 Euros higher - 40,000 - 50,000 Euros.

The situation is similar in the ski resorts of Bansko and Pamporovo. The average price of properties there also reached 580 Euros/sq.m. in the second quarter of 2022, and the price increases are 20% and 25%, respectively.

Borovets is the most expensive among the mountain resorts - the average price there is around 850 Euros/sq.m, and the increase is just over 4%.

Sozopol leads in prices in the beach resorts with an average price of 1,030 Euros/sq.m. and an annual growth of about 10%.

To the north, Byala and Kavarna attract a particularly big interest. The average prices there in the second quarter were 670 Euros/sq.m. and 650 euros/sq.m. respectively, and the growth - between 15% and 20%.

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