Burgas continues to be an attractive city for investment in housing, brokers comment. This is also confirmed by the price movement. Since the beginning of the year, prices have increased by 3% for 2-room apartments and by 5% for 3-room apartments, according to data from the largest real estate website imot.bg.
At the beginning of the current year, the price per square meter of living space for the two most traded types of housing was almost the same – just over 900 EUR. To date, however, there is a difference – 2-room apartments are traded on average for 940 EUR, and 3-room apartments for 960 EUR.
High demand. This is the main factor for such a price increase, local brokers comment. It is also important to note that a significant part of the transactions are still at the “green” stage.
It cannot be said that the bubble will burst, because there simply is none, intermediaries are categorical. They explain that the cost price is already different - construction materials have become more expensive (although in the last year they have remained at almost unchanged prices), the cost of labor continues to grow.
Prices would fall only if there was a global crisis, similar to the one from , but such a crisis is not expected in the near future. We see that housing prices worldwide continue to grow. The reason is the same as in Bulgaria - high demand and shortage of finished products.
At the same time, there is no possibility of a drop in prices, as investors are trying to satisfy the high demand in Burgas by implementing new projects and even creating new neighborhoods. Geographically, the second largest Bulgarian seaside city has few opportunities for expansion - on one side is the sea, and on the other the lakes. Therefore, entrepreneurs are heading towards Vetren, i.e. the entrance to the city along the highway. Two new neighborhoods are emerging there - “Horizont“ and “Medica“. The majority of buyers there are for investment purposes.
Another attractive price-wise neighborhood is “Meden Rudnik“. Mostly young families are heading there. The neighborhood is well-developed, with infrastructure, schools, kindergartens, hypermarkets, hospitals.
“Many people choose a home in “Meden Rudnik“ as their first home. However, some people still have prejudices“, brokers admit. They say that there is also interest in “Saraforovo“, since it is located near the sea. The airport is not a factor hindering the housing market, they claim.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be seen HERE