Two-room apartments continue to be among the most preferred properties for purchase. The migration from the smaller to the larger cities of the country continues and therefore the capital and the three largest Bulgarian cities Plovdiv, Varna and Burgas remain the most developed. On average, the price per square meter of two-room apartments in the mentioned cities has risen by EUR 100.
Sofia
At the end of March 2023, the average offer price for Sofia was 1330 EUR. To date, the value of a square meter is already 1420 EUR/sq.m, according to the data of the largest real estate site imot.bg. The 6% increase in prices over the past 12 months is proof that there is no real estate bubble, say experts. From the graph it is clear that at the beginning of the current year there was a more significant movement in prices, while since the beginning of March there has been a calming down and the average price has permanently remained at levels around 1420 EUR/sq.m.
Varna
From an average price of 1100 EUR/sq.m in March last year in Varna, today it is already 1230 EUR/sq.m. The last levels have been holding since the end of February. The last more substantial increase of around EUR 20/sq.m was seen from mid to late February. The average increase over the past 12 months is 11%.
Burgas
A year ago, the average price per square meter of residential space in Burgas was 730 EUR. To date, it has reached 880 EUR/sq.m. the price increase is within about 17%, and a significant part of it was realized at the beginning of the current year. At the end of February and the beginning of March, the average price accidentally exceeded 900 EUR/sq.m, according to imot.bg data.
Plovdiv
The intensive residential construction, which has been going on for several years in a row in Plovdiv, has failed to create a price trend and the price curve remains quite dynamic. However, over the past 12 months, the average asking price per square meter for 2-bedroom homes has increased from EUR 950 to EUR 980. Of the cities considered, Plovdiv has the smallest jump in the price of this type of property. The reason, according to experts, is that the average value is quite high, and this is mainly due to a lot of new construction that came on the market in the last 2 years.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE