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Sofia Housing Prices Keep Rising as Buyers Face Limited Supply Ahead of Euro Adoption
Experts say Bulgaria’s entry into the eurozone does not automatically drive property prices upward, although the market remains under pressure. Polina Stoykova, executive director of BULGARIAN PROPERTIES, told NOVA NEWS that the market has cooled slightly in the second half of the year, following the initial surge in buyer interest after the announcement that Bulgaria would join the eurozone on January 1. She stressed that property transactions are still taking place, but the earlier euphoria has subsided.
In Sofia, prices have continued to rise, with Stoykova noting that the average price reached ˆ2,310 per square meter in the third quarter, nearly ˆ500 higher than the same period last year. She explained that while prices cannot increase arbitrarily without attracting buyers, there are still many listings that have remained unsold for extended periods.
Financial consultant Deyan Vassilev highlighted the tension between demand and supply in the market, recounting his personal experience of quickly losing opportunities to purchase homes due to strong buyer interest. He noted that many property owners are holding onto their assets in anticipation of eurozone-related price growth, creating a shortage of available homes. Vassilev also pointed out that Bulgarians tend to live in smaller homes compared with other countries, and demand is largely concentrated in the four largest cities rather than nationwide.
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