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House prices in the coastal city of Varna are rising - what are the reasons?
Property prices in the coastal city Varna and the region have increased by nearly 16% in the second quarter of 2024 compared to the same period last year. This rise places Varna among the most expensive cities for real estate in Bulgaria, after Sofia.
The price increase is driven by several factors, including a 5% rise in the number of completed transactions compared to the previous year. Experts attribute the price hike to the upcoming entry of Bulgaria into the Eurozone, as well as the reduced supply of secondary market properties, with many owners holding back their offers in anticipation of further price increases.
Among the most sought-after properties are apartments with sea views, which are often sold even before construction is completed, despite being more expensive. Buyers typically prioritize factors such as location, infrastructure, and the completion status of the building, as well as the interior furnishings and the view. Fully furnished and completed apartments are considered the most liquid, as new owners can move in immediately.
The average price per square meter for an apartment in the centre of Varna is around 2,060 euros, with more affordable options available, averaging around 1,850 euros for two-, three-, and four-room apartments.
Despite expectations of a slowdown in price increases, experts do not foresee a significant drop in property prices in the coming months. At the same time, there has been a growing trend of transactions financed by bank loans, with the percentage of such deals now exceeding 65% of all transactions.
Although the Bulgarian National Bank has tightened regulations on mortgage lending, experts expect a slight decline in the number of transactions financed by bank loans next year.
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