At the end of 2023, the Council of the European Union confirmed that Bulgaria and Romania will partially enter into the Schengen zone in 2024. What does this mean in practice, are there any nuances and how this decision will affect the Bulgarian real estate market – experts of the Apart Estate agency answer all these and other questions.
How will the real estate market in Bulgaria change in 2024? Will prices for apartments and houses in Burgas, Sunny Beach and Nessebar increase or, conversely, should we wait for their decrease? Will profitable real estate offers appear on the market in 2024, or will sellers wait for prices to go up again and only then will they start selling their apartments? Experts from the Apart Estate real estate agency answer all these and other questions.
A huge change awaits the real estate market starting from January 1, 2024. It is from this date that all residential buildings in Bulgaria, individual houses, cottages, administrative offices, business centers and social infrastructure facilities must be designed taking into account the requirement of nearly zero-energy consumption. The corresponding resolution was adopted by the Ministry of Regional Development and Public Works of Bulgaria back in November 2022.
Amendments to the Condominium ownership management act have been adopted in BulgariaIn the autumn of 2023, Bulgarian parliamentarians voted to adopt amendments to the Condominium ownership management act.
Within a Renovation Forum which took place in November 2023 it was decided to continue the program of renovation of residential buildings in Bulgaria and improvement of their energy efficiency. For this purpose, the European Union will allocate about 50 billion euros to the country. The program will affect all Bulgarian cities, including Burgas, Nessebar, and St.
Bulgaria is considering the possibility of introducing a ban on converting agricultural land located at a distance of 100 m from the sea to residential. If the corresponding change to the already existing Act on the Black Sea coast spatial development is adopted, it will not be possible to build a hotel or a house closer than 100 m to the sea.
In 2022, the value of all real estate in the world reached $ 379.7 trillion. According to the international consulting company Savills World Research, as of today, residential and commercial property, as well as land, is the greatest source of world’s wealth. A similar trend can be seen in Bulgaria – the real estate in this country continues to be an interesting investment.
According to an analysis conducted by the Apart Estate agency experts, more and more tourists and people moving to Bulgaria are looking for rental houses for holidays and permanent residence. Cottages in Burgas, in nearby towns and resorts, in villages in Strandzha and near the Stara Planina mountains as well as close to the sea became very popular. Rural tourism is becoming a wonderful alternative to holidays in resort complexes. It is for this reason that in recent years the demand for the purchase of houses in Bulgaria has increased significantly.
The Burgas region became the Bulgarian leader in a number of new living buildings finished in the second quarter of 2023. According to the statistics, 1,352 residential construction projects have officially been put into operation in Burgas, Pomorie, Nessebar, Sozopol, Sunny Beach and other cities and resorts of the region, i.e. exactly where Apart Estate offers the best properties.
In order to make stay in newly-built apartments more convenient and affordable, the Bulgarian government is constantly introducing new requirements for residential construction. The priorities in residential construction in Bulgaria in recent years have been to improve the quality of real estate. This should create comfortable living conditions for people of different ages, those with disabilities, and etc. Apart Estate introduces you to the latest innovations in building legislation.