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2022 – one of the most successful years for the vacation property market

2023-02-15   |  Polina Stoykova MRICS, Managing Director and Head of Research of BULGARIAN PROPERTIES

In 2022, housing markets in the major Bulgarian cities saw price increases of around and above 20%. The vacation segment followed closely these trends, and in some of the resorts the increase in prices was even higher - by more than 25% on an annual basis.

A faster rate of growth was recorded in the second half of the year and at the end of 2022 resort prices reached levels not seen in 10-15 years.

In addition to the main factor for the increase in prices - high inflation - an additional incentive for growth in this segment is insufficient supply. For many years, most resorts, unlike big cities, lacked new construction. This exacerbated the lack of supply in 2022, when many sellers pulled out of the market.

The demand for properties in the resorts is from both Bulgarian and foreign buyers. The main destinations for foreigners continue to be Bansko and Sunny Beach, while in the other sea and mountain resorts the buyers are mainly local.

The registered volumes of transactions are proof of the increased interest. According to data from the Registry Agency, in 2022 more transactions were registered in Nessebar than in Burgas. Thus, the region of Nessebar ranks 4th in the country in terms of number of transactions after Sofia, Plovdiv and Varna.

Most expensive are the properties in Borovets of the mountain resorts and those in Sozopol and the other seaside resorts to the South of Burgas. Sunny Beach and Bansko have similar trends and prices, and the lowest prices are in Pamporovo and in some of the resorts on the Northern Black Sea coast.

Apartment prices in mountain resorts

The data of BULGARIAN PROPERTIES indicate that Borovets is the most expensive, but also the most preferred among mountain resorts. The average price there for 2022 is 850 Euros/sq.m. (compared to 770 Euros/sq.m. a year earlier). In the last quarter of 2022, the highest levels were reached - 960 Euros/sq.m., which represents 26% growth on an annual basis. The average purchase price of apartments in Borovets has increased from € 48,300 in 2021 to € 60,500 in 2022. In the last quarter of 2022, the average price of purchased homes in the resort reached peak levels of almost € 68,000.

The average price of properties in Bansko for 2022 is 555 Euros/sq.m., and in the last quarter of the year BULGARIAN PROPERTIES reports an average price of 685 Euros/sq.m. The average price of the purchased apartments reached nearly 50,000 Euros. These are the highest prices since 2010.

Pamporovo has the lowest prices for a property in a mountain resort - there you can still buy properties for about 450 Euros/sq.m., and as an average purchase price for 2022 - about 40,000 Euros.

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