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The housing market in Bulgaria at the start of 2024 - summary and forecast
We have entered the third decade of BULGARIAN PROPERTIES and the entire team of the company looks with faith and optimism to the new things it will bring us.
At the beginning of the year it's time for overviews and forecasts - here are ours:
2023 was a calmer year for the property market in Bulgaria. It managed to bring balance to the market after the turbulent processes that took place in the years following the pandemic. A new market equilibrium was reached with higher prices. Demand continued to be greater than supply as a result of rising incomes and still low interest rates on loans.
It was the availability and affordability of bank lending that was the leading factor in keeping the market active and bringing home buyers back to it. This was the distinguishing feature of the Bulgarian housing market compared to rising interest rates in other countries. Currently, lending rates remain low and the trend is for a smooth rise that will not hinder the development of the market.
Factors influencing the housing market will have a favourable impact in 2024. These include, in addition to mortgage rates, positive economic growth, low unemployment and income growth.
Slowing inflation is weakening its effect on the market. However, it is still significant as inflation is expected to persist over the next few years.
In addition, our imminent accession to the eurozone and the change of our national currency is stimulating interest in property investments.
The combination of all these factors will drive the market in 2024.
We expect property price growth to slow further down to around 5%, which will be commensurate with forecast inflation. Supply will improve and some listing prices will be adjusted. Sellers will become more flexible and willing to negotiate, and this will enable deals to be done and volume to be maintained.
Let's welcome 2024 - it will be another dynamic and successful year for the housing market in Bulgaria.
We wish you health and good luck, and for property questions and assistance you can always count on us!
Check out how much your property is worth at the beginning of the year
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