Bulgaria is the third in the EU in terms of property price increase

The analysis of the residential property market, implemented by Apart Estate and various consulting companies, shows a constant increase in prices for flats and apartments in Bulgaria. So, based on the data received by the consulting agency Knight Frank, in the first quarter of 2023, Bulgaria ranked 13th in the world in terms of price increase for residential real estate. Limiting the analysis to the EU countries, the same agency shows that Bulgaria takes the 3rd place after Croatia and Lithuania, however, the data is presented on an annual basis.

Increase of prices for Bulgarian real estate

Bulgaria is the third in the EU in terms of property price increaseJust a couple of years ago, you could buy a studio apartment for 13-15 thousand euros in Sunny Beach or in Ravda. One-bedroom apartments in the Burgas’ neighborhood Meden Rudnik were sold for 28 thousand euros, and you could choose a two-bedroom apartment in Sozopol for only 45 thousand euros.

All these prices are gone. As time goes by, property which can be used for living in Bulgaria is getting more and more expensive.

To demonstrate the actual situation, let's take the latest data from the Knight Frank agency.

In the first quarter of 2023, Bulgaria became the 13th in the world in terms of real estate prices increase. On average, a square meter in Burgas, Sofia, St. Vlas and other towns in this country increased by an incredible 9.5%. Higher growth is demonstrated by Turkey (132.8%), and such countries as Macedonia, Croatia, Hungary, Lithuania, Greece, and Iceland. The top ten also includes Mexico, Portugal and Singapore, while Malta and Israel took the eleventh and twelfth places correspondingly.

It is interesting to note that not all countries where the study was performed showed positive dynamics. Thus, in the first quarter, prices in Sweden fell by 8.8%, while in South Korea the decrease was 15.7%.

Looking at the real estate market in an annual perspective, one can note that most of the countries demonstrated a trend towards a decrease of the square meter cost. The exception, perhaps, is Turkey, where frenzied inflation contributes to the constant rise in prices, including those for the real estate.
In accordance with annual figures, Bulgaria ranks 3rd among the EU countries. It is only Croatia and Lithuania where apartments’ prices go up faster. In other countries, including Germany, real estate becomes cheaper. Thus, over the year, property in Germany fell in price by 6.8%, in Denmark – by 6.2%, and in the Netherlands – by 0.1%.

Eurostat provides even more interesting data. For the period from 2010 to the 1st sq. 2023, apartments’ prices in Bulgaria increased by about 70%. This figure is above the European average. The 13 years’ data leader is Estonia – here apartments have become more expensive by 200%. In Hungary, the rise in prices was 180%, and in Lithuania – 146%. In countries such as Greece, Italy and Cyprus, real estate

became cheaper by 14%, 9% and 2%, respectively.
All these data clearly show that Bulgaria is a very attractive EU country in terms of real estate investment.

Price dynamics in Burgas

Working actively on the real estate market in Burgas and the Burgas region, Apart Estate specialists are ready to present their analysis of price fluctuations.

Thus, prices change fastest in the Lazur neighborhood. In 2022, apartments in new living buildings and in the resale market demonstrated 30% growth. In the first quarter of 2023, the growth continued, but so far not that actively. Today, a studio apartment from a developer can be bought for 38,000 euros. A one-bedroom flat costs an average of 90,000 euros. A new apartment with views of the sea reaches the price of 240 thousand euros.

Two-bedroom apartments in this neighborhood are sold for 150-180 thous. euros. Prices for premium-class real estate with a sea view go far above 250 thousand euros.

Bratya Miladinovi neighborhood ranks second in terms of the growth of the prices. Over the past year, they have risen by 21%. Today, one-bedroom apartments are sold at 65 thousand euros. A flat with two bedrooms can be bought for 95-140 thous. euros. 

An incredible growth has been demonstrated by studio apartments in Bratya Miladinovi. Such flats are sold for 50-80 thousand euros, while prices reach 125 thousand euros in a modern residential building under construction with an elegant name Residence Chanter.

The popular coastal neighborhood Sarafovo is ranked third. It just took a year for the flats to become 18% more expensive. Today, studio apartments are sold at prices ranging from 34,000 to 70,000 euros, with the cost of a square meter reaching 1,800 euros. One-bedroom apartments are offered at 70-80 thousand euros on average. Cozy properties in some residential complexes with a support fee are sold for 46-50 thousand euros, while modern apartments with a sea panorama reach 120 thousand euros.

Two-bedroom apartments in new buildings from developers can cost less than 100,000 euros. However, the general trend is that it is difficult to find a two-bedroom flat in Sarafovo for less than 120,000 euros.
Property in Bulgaria continues to rise in price. This is noted by both analytical agencies and Apart Estate. If you are still in doubt whether to buy an apartment in Burgas, Sozopol or Sunny Beach, call us, we will help you make a decision. Within the consultation, we will show real estate prices, present the advantages of buying apartments in Bulgaria, and tell you about the features of each town and city.

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