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Bansko and Nessebar are a hit on the holiday property market in Bulgaria

2023-10-11   |  Snejana Stoycheva, podcast "Property - bought or rented"

Bulgarians are the main buyers on the holiday property market in Bulgaria. There is a year-round revival in the seaside settlements, and the great interest in holiday resorts in Nessebar municipality makes it the fourth largest property market, said Polina Stoykova MRICS, Managing Director and co-owner of BULGARIAN PROPERTIES, in the podcast "Property - bought or rented".

The holiday property market recovered quickly during the pandemic years, Stoykova said. Bulgarians are still the main buyers but we have many foreign buyers in Bansko and Sunny Beach. Holiday property prices were also rising faster than in the big cities, reaching up to 30 per cent in some places, she explained. This year there has been normalisation, but the market is active and there is supply and demand, she added.

The seaside properties are more interesting and most deals are made there, as they are more numerous than our winter resorts, but this year we see a serious stir in Bansko and we can say that it is a hit on the market even in the summer months, Stoykova said.

The main interest in holiday properties is focused on already furnished apartments on the resale market, and the most common prices are between 800 and 1,000 euros per square meter, while new construction is offered for prices between 1,000-1,300 euros per square meter, said the guest. She explained that holiday properties are now catching up with average property prices in the major Bulgarian cities. There is a huge interest in properties in Nessebar and other resorts in the municipality (Sunny Beach, Sveti Vlas, Ravda, Elenite), with it becoming the fourth largest property market in the country. This year it is expected to be one of the leading places in terms of the number of transactions, Stoykova said.

The option of renting a holiday home for the season has been less common, as in some cases it has been more profitable to buy such a home, but with house prices rising, guest believe we will see more renting rather than buying.

We are seeing a vibrancy of seaside resorts all year round. The guest thinks this is due to Bulgarians returning from abroad who prefer to live by the sea, as well as Ukrainian refugees who brokers say are now not only renting but buying homes by the sea. Sunny Beach is the biggest example of this, Stoykova said.

In the ski resorts the situation is the same as in the seaside resorts, and buying and renting transactions take place out of season, as the constant rush of tourists makes viewings difficult. Average property prices in Bansko are approaching those in Sunny Beach between 800 and 1000 euros per square meter. The most expensive winter resort in Bulgaria is Borovets, where average prices are around 1,250 euros per square meter, but there is very little supply. And the cheapest resort in terms of property prices is Pamporovo.

In the market for rural houses for the purpose of recreation or a second home, the guest said that the most common search is to be in a settlement near a town to go on weekends or for permanent living. These types of buyers have always been present in the market, the guest explained.

The enthusiasm that had emerged after the pandemic has evaporated , and now they are more careful about where and what to buy and whether it is within their means, Stoykova explained. This also leads to the lowest price growth in rural houses - up to 10%, which is the smallest growth in the property market, she added.

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