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For the first time in 2024, Bulgaria entered the group of high-income countries. The corresponding data was published in the World Bank report. What does this mean, how does the World Bank determine which countries have high incomes, and whether this can affect the real estate market – the article of the Apart Estate agency covers all these questions. 

Russians who own real estate in Bulgaria or are planning to buy a house or an apartment in this sunny country must have an account in a local bank. However, starting from 2022, this requirement is almost impossible to fulfill – banks refuse to open accounts, block transfers, and require additional documents. Property buyers and sellers ask us what to do.

Many buyers consider real estate in Bulgaria as a successful investment –apartments can be rented out profitably. Property brings additional stable income, but at the same time, residential real estate business is associated with responsibility to tenants and tax authorities. To better control and provide high-quality services to apartment owners, as well as to regulate their status, the European Parliament in February 2024 approved new rules on short-term rental property.

According to the Bulgarian Investment Agency, more and more investors are choosing Bulgaria for buying property. The main goals are investing money in production, organization of a small business, and creating a cozy place for permanent residence and recreation.

On March 20, 2024, the National Assembly of Bulgaria approved the abolition of fees for obtaining real estate sketches. Corresponding changes will be made to the Cadastre and Property Register Act and a number of other regulations. It is expected that the innovation will simplify and speed up the process of preparing documents for the property sale. The changes will enter into force 3 months from the date of publication of the document in the State Gazette “Darzhaven Vestnik”. The feasibility of the project will be assessed within the next 5 years.

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.