A few days ago, it was announced that Bulgarians own over 1 billion leva, which is happening for the first time. To a large extent, the reason for this lies in the fact that we are the country with one of the highest percentages of ownership. Recently, we have witnessed a continuous increase in housing prices. We are far from the rate of appreciation in the period 2005-2008, but the serious growth is a fact, comment intermediaries.
Their observations are also confirmed by market data. For the last 3 years in Sofia, the price per square meter of residential area has increased by 32%, according to data from the largest real estate website imot.bg. If in May 2022 the average square meter for two-bedroom apartments (editor's note: the most widely traded) was offered at 1180 EUR, but as of today the price is already 1560 EUR.
The price of the considered type of apartments in Plovdiv has increased by nearly 40%. Today they are already offered for 1135 EUR/sq m, while 3 years ago the price was 800 EUR/sq m. Among the main reasons for the growth is the massive new construction that we witnessed during this period. Investors continue to invest in the city, with the emphasis still being on the residential segment. Demand is mostly from Bulgarians who decide to migrate from the larger surrounding cities to Plovdiv.
In recent years, a lot of money has been “poured” into Burgas for the improvement of the city. Its proximity to the largest summer holiday destinations such as Sozopol, Sunny Beach, Nessebar, Pomorie attracts many investors. The fact is that the city is growing mainly in the direction of entry along the highway from Sofia. The interest in purchasing housing is also tangible. All this cannot but have an impact on housing prices and lead to an increase of nearly 60% over the last 3 years – from nearly 600 EUR/sq.m. to 980 EUR/sq.m. at the moment.
The rate of appreciation is identical in Varna. In the Sea Capital, prices are much higher than in Burgas. The average asking price today is 1520 EUR/sq m, while 3 years ago it was 950 EUR/sq m.
Detailed statistics on the average prices of properties in Bulgaria by cities and neighborhoods can be seen HERE