Traditionally, the center is the most expensive neighborhood to live in in Plovdiv. The average offer price per square meter is around 1600 EUR. "The more interesting thing is that even before the center, we can leave the quarter "Kamenitsa-1", where the price per square meter for two- and three-room apartments is even 1700 EUR. For a four-room apartment - 1660 EUR/sq.m. I have no explanation why the offer prices are the highest there", says the owner of the brokerage agency Miroslav Yazov.
Traditionally expensive neighborhoods are "Marasha", which has similar prices. "The reason for the lack of a significant price difference compared to the center is that the neighborhood in question is adjacent to the central part, and with a very limited supply. It is very difficult to build new buildings. It has also been a popular neighborhood for a long time. The average price for the most popular two- and three-room apartments is around 1,700 EUR/sq.m," adds Yazov.
""Kamenitsa-2" and "Karshiyaka" are the next neighborhoods that hold good prices - around 1400 EUR/sq.m. in "Kamenitsa-2". Mainly because of the Mall Plaza, the presence of many social projects that are being implemented and the proximity to the center. In "Karshiyaka" the price is a little lower - about 1260 EUR/sq.m. In my opinion, the price is like this, since the not so popular parts of the "Sugar Factory" and "Gagarin", where the prices are a little lower," says Yazov.
Prices are similar in "Thrace". There are now several fairly large new sites being built there, which have lowered prices. Last year, the neighborhood held very high prices. This year they are 1250 EUR/sq.m. Mainly because of resales in one of the complexes.
"Regarding peripheral neighborhoods such as "Ostromila", "Smirnenski", "Kychuka" and "Insurgent", the prices are "human" - 1000-1100 EUR/sq.m in most cases, with rare offers at higher prices. You can still buy a two-room apartment there for 75,000-80,000 EUR. This is a completely normal price that meets the requirements," adds Yazov.
Regarding the low prices in "Smirnenski", they are so because there is a lot of new construction available there and high competition between sites, and we know that competition keeps prices down.
"The apartments that are currently on the market in Plovdiv (without the appearance of new offers) can be sold within 1 year. Currently, we have about 12,000 offers, and NSI data show that 16,000 deals are completed per year," Yazov explains.
"Many people say that real estate prices are inflated, there is a bubble, but no one takes into account the fact that we also receive more money, our incomes are higher and we can actually afford to buy houses. Not to mention that we continue to have the lowest interest rates in Europe. This thing will lead to a calm market in 2024. Many people do not want it to be like this and compare the market to that of 2008-2009, predicting that the market will crash. It may collapse, but it may not," concludes Yazov.
In March 2023, the average price difference between two- and three-room apartments was around EUR 50/sq.m, according to data from the largest real estate site imot.bg. Two-room apartments then sold on average for about EUR 880/sq.m., and three-room apartments for nearly EUR 930/sq.m. As of the beginning of March 2024, the difference has practically melted and the average offer levels are just over 1000 EUR/sq.m for both types of apartments.
Source: imot.bg
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE