Hot summer for sea properties in Bulgaria - analysis of prices and trends in 2021
The real estate markets in the Bulgarian seaside resorts are enjoying increased interest this year. It started in early spring, when people were preparing to have their own holiday property for the summer and this was when many of the bargain properties were bought. Thus, the first half of 2021 turned out to be the strongest for vacation properties on the sea in 10 years.
The data of BULGARIAN PROPERTIES show that during this period almost twice as many deals were made in the seaside resorts compared to the same period in 2020. This is understandable in view of the COVID-19 pandemic and the whole stress, closure and restrictions in the past year. But the deals are more than in the same period of 2019, before the pandemic.
Increased demand leads to a gradual absorption of available offers and, accordingly, to more limited choice and higher prices.
Who are the main buyers?
Bulgarians have been the main buyers of beach properties in recent years, and their role has intensified especially since the COVID-19 pandemic. Naturally, the favorable prices and the growing purchasing power attracted them to have their own home on the sea. Something that is extremely affordable compared to the property prices in the big cities.
Restrictions on travel abroad have given further push to this interest, as people have decided that it is more appropriate to have their own place to relax in their own country. In this sense, many have reconsidered Bulgaria as a destination for travel and tourism and this can be seen from the data for the successful summer season on the Bulgarian Black Sea coast.
It should be noted that foreign buyers by the sea, especially in the Sunny Beach region, still make up about half of property buyers and their interest has not declined. At present the main buyers come from Central Europe and neighboring countries, as they have easier access by car and could visit their properties regardless of the availability of flights.
Prices of apartments in seaside resorts
In the first half of the year, the apartments in the largest resort - Sunny Beach - were sold at prices around last year's levels - 490-500 euros / sq.m., and the allocated budgets were about 25,000 - 30,000 euros. However, this type of availability is currently quite limited and a budget of between 32,000 and 35,000 euros must be allocated for the purchase of a one-bedroom apartment.
In the neighbouring Sveti Vlas, where many of the properties have sea views, and where an additional plus is that it is a year-round inhabited settlement, the prices are higher and the allocated budgets for purchase are on average around and over 35,000 - 40,000 euros.
Pomorie is also quite an interesting resort, especially preferred by the Bulgarian and Russian buyers.
South of Bourgas, Sozopol, Chernomorets and Lozenets have traditionally attracted interest. The average prices there are higher - around and over 1000 euros / sq.m., as in the top complexes on the first line they approach 2000 euros. /sq.m.
The Northern Black Sea coast, which has become especially popular for tourism this year, has attractive offers in the region of Kavarna, Byala, Balchik, as well as in the villages near the sea.
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