​​​​​​​Bulgaria will receive about 50 billion euros from the European Union for the renovation and overhaul of residential buildings

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. Vlas, and it is in Burgas and the Burgas region where the Apart Estate agency offers real estate.Bulgaria will receive about 50 billion euros from the European Union for the renovation and overhaul of residential buildings

The European Commissioner for Energy Kadri Simson said at the fourth Renovation Forum, held in early November in Bulgaria, that the country must strengthen measures targeted at improvement of the residential buildings’ energy efficiency.

For this purpose, by 2050, all living buildings in Bulgaria will undergo major renovation using modern thermal insulation materials. It is already today, you can see about a hundred brick and panel buildings in Burgas in which the windows have been completely replaced, and the walls and roofs have been covered with high-quality thermal insulation and multi-colored plaster. Apartments in such living buildings are expensive. In winter, they are warm and dry, while heating costs are much lower than in non-renovated or some newly constructed buildings.

Another advantage of buying an apartment in a renovated building that meets energy efficiency requirements is the possibility of obtaining a so-called “green” mortgage. It differs from the usual loan with lower interest rates. It reduces the final cost of the apartment as well.

Financing of the renovation of residential buildings in Bulgaria will be carried out in accordance with the agreed mechanism. The European Union plans to release about 50 billion euros to Bulgaria. Today, European and budget funds cover 100% of the costs of materials and renovation. In the near future, the balance will change – 20% of the costs will fall on the shoulders of residents of the buildings being renovated.

In addition to financial decisions, additional measures for energy efficiency improvement were discussed at the forum. Many of them are controversial and it is unknown in what form they will be finally implemented. Among the current issues:

  • Exclusion of coal from the heat supply process.
  • Use of the new external walls’ width standard. It is planned that the width of the walls in new buildings in Bulgaria should be at least 70 cm, while currently it is 25 cm. Increasing the width will lead to higher construction costs and property prices growth.
  • According to statistics, in some cities in Bulgaria about 40% of residential buildings are empty or less than 25-30% occupied. Due to lack of maintenance, they gradually collapse and become unusable. It is unclear who will finance their renovation and whether it is worth doing it.

Apart Estate offers one- and two-bedroom apartments in renovated living buildings in Burgas. The cost per square meter in such apartments located in the downtown, Lazur, Izgrev, Bratya Miladinovi neighborhood is 1,800-2,100 euros. You can find an apartment in Slaveykov neighborhood at a price of 1,450-1,600 euros/sq. m, or at 1,300-1,400 euros/sq. m in Meden Rudnik.

Property in residential buildings, the renovation of which is being agreed upon or planned, is slightly cheaper. At present, while major repairs are carried out entirely at the expense of European and budgetary funds, it is profitable to buy such apartments.
If you are planning to buy a flat or a studio apartment in Burgas, Sozopol, Sveti Vlas, or Nessebar, contact the Apart Estate real estate agency. We will offer you the best properties in the cities of the Southern Black Sea region.

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