The housing market in Bulgaria is showing increasingly clear signs of calming down after years of strong growth. The number of transactions is decreasing, selling a property is taking longer, and buyers already have a stronger position in negotiating. If the trend continues for another two quarters, prices may reach a plateau and remain at current levels, commented Strahil Ivanov, founder of the “Yavlena“ agency.
“If the market continues to fall in the next two quarters, then we are definitely heading towards a plateau. This means that prices will remain“, Ivanov pointed out.
One of the clearest signals of change is the time it takes to conclude a deal. While before selling a home took a few weeks, now it takes between two and four months, depending on the type of property.
The balance between sellers and buyers is also changing. In the last three or four years, owners have dictated the terms, while now buyers can choose between multiple offers, postpone the purchase or refuse offers they consider too expensive.
This is already leading to discounts on the initially announced prices. “I observe the discounts that sellers make. They can be 2,000, 5,000 or 10,000 EUR depending on the initial offer price. It is interesting that for a two-room apartment listed at 165,000 EUR, there may be no interest. It is listed at 162,000 EUR and interest appears. The margin is very narrow, which means that buyers already have enough insight into the price at which they will show interest and purchase a property.“
Data from the Registry Agency confirm the weaker activity. Between July and September 2026, a total of 45,312 transactions with all types of properties were registered in the country, which is 22% less than the same period in 2025. This is the third consecutive quarter of decline and the weakest third quarter since the Registry Agency published these data in 2005.
According to Ivanov, throughout 2026 the number of transactions will likely reach around 180,000-185,000.
„The number of property transactions this year will most likely be around 180,000-185,000, which will equal 2010. We are moving towards a normal and healthier market, with property speculation decreasing and the so-called „flippers“ will most likely experience difficulties.“
The expert does not expect a rapid collapse in prices, similar to the movements in the financial markets. The reason is that the real estate sector reacts more slowly to external shocks due to the already concluded preliminary contracts and the started transactions. According to his assessment, the reaction of the Bulgarian market to external economic or geopolitical factors usually manifests itself within three to six months.
A change is already noticeable outside Sofia. According to Ivanov, prices of 3000-4000 EUR/sq m observed in Varna in recent years are becoming increasingly difficult to achieve. “These prices are becoming exotic and the sobering up of construction entrepreneurs is coming“, he commented.
On the Southern Black Sea coast, two- and three-bedroom apartments are most often sold between 70,000 and 150,000 EUR, with houses located up to 10 km from the coast also falling into a similar range.
The data outlines a market that is gradually moving from a strong advantage for sellers to more balanced relations. This does not automatically mean a decline in housing prices, but the longer sales period, the decrease in transactions and the appearance of larger discounts indicate that buyers are becoming increasingly price-sensitive.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be seen at imot.bg