The real estate market in Plovdiv reports a decline of nearly 24% in registered sales in the third quarter compared to the same period of the previous year. This places the city in second place in terms of decrease among large cities after Varna, where transactions are 26.3% less. In Sofia, the decrease is 21.2%, and in Burgas - 14.3%.
The trend is part of a broader slowdown in the market. For the first nine months, the decline in transactions in the country reached nearly 19%, but the lower activity has not yet automatically been transferred to housing prices.
According to Evgeni Vassilev, owner of a real estate investment company, there are several reasons for the lower number of transactions. “The main thing is that mortgage loans in Bulgaria have some of the lowest interest rates“, he commented. Vassilev points out that the average interest rate on mortgage loans in the last two months is 2.4%. Growing incomes also have an impact, as does the lack of mass pressure to sell. According to him, there is no significant number of owners who are forced to sell in order to secure fresh funds for reinvestment or to cover urgent needs.
Some buyers who relied on a quick profit from the increase in prices or were looking for a home mainly to protect their savings are withdrawing from the market. On the other hand, the share of households who buy property for their own use and make the decision more carefully is increasing. In about 70% of the transactions concluded, a discount is negotiated from the announced price. Most often, it is around 5%, and in some cases it reaches 10%. However, this does not mean that housing prices are falling en masse, as discounts are specifically negotiated between buyer and seller.
Buyers are increasingly evaluating property not only by price. Among the leading criteria are the area, the quality of construction, the layout of the premises, parking options and the condition of the infrastructure. Future costs for completion and maintenance are also important.
The forecast for 2027 is for a continued decline in the number of transactions and a more moderate increase in prices. The expectation is not for a general price adjustment of housing, but for a more selective market, in which the characteristics of the specific property will have greater weight in the negotiation.
Detailed statistics on the average prices of properties in Bulgaria by cities and neighborhoods can be seen at imot.bg