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Polina Stoykova on Bulgaria On Air's Money.bg
Is there a "bubble" in real estate prices in Bulgaria and is the market about to shrink?
What are the most sought after homes, who is buying them and how is the Bulgarian market positioned compared to the rest of Europe.
Polina Stoykova MRICS - Managing Director and Head of Research of BULGARIAN PROPERTIES speaks on these and other topics in the economic TV show Money.bg.
The rapid growth of property prices, which we have witnessed in the past 2-3 years, has its prerequisites and they are related both to the COVID pandemic on one hand, and to inflation and income growth, which continues, on the other.
Prices have reached a peak that we have not seen for more than a decade. We are now seeing a slowdown in the rate of price increases. By no means can we talk about a price decline yet. Rather than the 20-25% increases that we saw last year, we are now seeing increases in the order of 10% and below this year. The fact is that the demand is there, deals are being done and the market continues to move forward.
Another difference is that transaction volumes are lower, but still 2022 was a peak year for the market in terms of transaction volumes, price increases and overall market activity. So we're back to a more normal market with a more moderate pace of development.
In the summer months, market activity declined. People were traveling and vacationing, but by the end of August and into September, they came back into the market and activity returned to last year's levels.
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