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Bulgaria's property market rebounds in 2013
According to the National Statistical Institute (NSI), Bulgaria's housing market is now recovering slowly, amidst an improving economy. House prices are now stabilizing, and the volume of property transactions is increasing.
2013 saw the slowest year-on-year decline in the past 5 years as the average price of existing flats in Bulgaria dropped by just 1.21%. Property prices in the country are now 39% lower than their peak in 2008 and out of 28 provinces, only 3 provinces (Ruse, Targovishte and Veliko Tarnovo) saw house prices increase in 2013.
Bulgaria's housing market is expected to continue recovering in 2014 due to the cash savings and stable incomes of domestic homebuyers.
Since the beginning of 2012, it is now much easier for EU citizens to purchase property in Bulgaria, including land particularly since the five year moratorium on land purchases, set as a condition in the Accession Treaty between the Republic of Bulgaria and the EU was lifted.
Previously, foreigners could purchase land only in the name of a legal entity and were not allowed to own a property. The lifting of the ban now gives European citizens the right to own property as individuals.
In Sofia, the capital of Bulgaria, property sales have improved the most with the volume of transactions increasing by 10% in 2013.
The NSI also report that in 2014, the Bulgarian government expects the economy to expand by 1.8%, which together with the fact that Bulgaria has one of the lowest budget deficits and overall debt levels in Europe suggests that the economic outlook for the country is very optimistic.
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