Nessebar is the leader of the sea property sales in Bulgaria in April-June, 2022
In compliance with the Real Estate Registration Agency information, Nessebar district became an undisputed leader in sales of real estate near the sea in Bulgaria in the 2nd quarter of 2022. This information is confirmed by Apart Estate and the actual quantity of the deals closed by the agency. The region includes the cities and resorts Nessebar, Sveti Vlas, Sunny Beach, Ravda and Elenite. If you look at 2021, the quantity of transactions for apartments, cottages and townhouses increased by 88%.
Sales of apartments in Bulgaria – 2nd quarter 2022
Based on the data received from the property registration agency, in total 63,928 objects were sold throughout Bulgaria from April to the end of June in 2022. These are all types of living properties – apartments, cottages, village houses and townhouses, as well as commercial and industrial premises.
The thorough analysis of the real estate market in Bulgaria shows the following picture of sales by regions:
Sofia is traditionally the first. In the 2nd quarter, 9,763 transactions for apartments and commercial premises were signed here. This is only 0.3% higher in comparison with the same period last year.
Expectedly, Plovdiv goes right after Sofia, where 5,079 real estate sales deals took place. The difference from last year is 4%.
The third is the city of Varna, considered to be the sea capital of Bulgaria. Here, 4,328 real estate objects were sold, which is 10.5% higher compared to the 2nd quarter of 2021.
And now a true surprise – the fourth place belongs to Nessebar, along with its satellites Sunny Beach, Elenite and St. Vlas. In total, 2,915 flats were bought here. This is a huge number for such a small area. It is also curious that the number of sales transactions this year increased by 88%.
Nessebar is followed by Burgas. The total number of real estate objects sold is 2,259. The regional center showed a good growth in percentage terms. Sales increased by 10%.
Reasons for the growth of sales in Nessebar in 2022
You might be interested to know the reasons why so many apartments and other types of properties in the Nessebar community were sold. Apart Estate specialists have conducted a small analysis and is ready to share the details with you:
- Fear of a recession and that euro will considerably lose its value. According to many experts, the dynamics of construction and the availability of investment will only fall in the nearest future, which will lead to a contraction in the market.
- Unstable economic and political situation in Europe, including Bulgaria. Many buyers are sure that seaside resorts’ property is a great rescue of capital.
- Anxiety connected the introduction of the euro in Bulgaria and inflationary expectations.
- Prices. This point requires a separate explanation. If you look at the dynamics of the prices for the sea apartments, you will notice a significant growth. It would seem that there should be an outflow of the property buyers. However, fears and concerns about the future make buyers buy real estate even at high prices.
- Now, in order to buy an apartment by the sea, clients pay not with cash as a few years ago, but using a mortgage. To close their deals, about 38% of buyers take loans. In Sofia, Burgas, Varna, apartments become so expensive that it becomes difficult to buy them, even with the mortgage money. Also, if we take into account the growth of interest rates on loans, it becomes clear that people who have a stable income and certain savings are losing the opportunity to buy an apartment in Sofia and large cities. But they still want to save some money. So, this group of people from different parts of Bulgaria, EU countries turns to the still accessible real estate market in Nessebar.
- In recent years, the demand for real estate from developers in St. Vlas and Sunny Beach has fallen significantly. Very few residential complexes get finished. The exception is Nessebar. The downtown as well as the Cherno More neighborhood can boast quite active development. Despite this, the general trend is that buyers look for already built properties targeting secure investments.
- The wish to invest in good real estate that generates income and can be easily sold any moment. Every summer, a huge number of vacationers come to the sea. They are happy to live in apartments in beautiful gated communities of St. Vlas, Sunny Beach as well as Elenite. Restaurants, pools, SPA-centers, and wonderful beaches make their holidays unforgettable. So, flats in gated communities and more simple living complexes look very promising for buyers.
Real estate prices in the 2nd Q 2022
To complete the analysis, Apart Estate experts looked thoroughly at the sales prices of flats in Nessebar as well as in the surrounding resorts, and this is what happened. For analysis, 20 current proposals for a specific type of real estate were collected:
- Based on the information received and analyzed, one square meter in studio apartments in the community of Nessebar cost 780 euros. The flats close to the sea can be sold at about 950 euros /sq. m. This is quite expensive, but it is worth saying that in Sunny Beach you can still buy inexpensive property for up to 20 thous. euros. Usually it is a small and cozy studio apartment in a residential complex located at a distance from the beach or without Act 16. For example, you still can buy a very cheap flat in Sunny Day 3 (Act 16 received) or in Kosharitsa and Tynkovo.
- One-bedroom apartments on average cost 895 euros. Luxury properties with gorgeous internal design boasting a unique sea view in Nessebar can reach prices of 1,950 euros /sq. m. The cheapest apartments cost about 36-37 thousand. euros. Small options in remote or poor complexes can be found at a price of 28,000 euros.
- Apartments with two bedrooms have a price of 860 euros per sq. m on average. The square meter in these flats with stunning sea views is sold at 1,500 euros and above. This is a luxurious property in Elenity, Sveti Vlas as well as Nessebar itself, and it costs 130-200 thousand euros. Inexpensive options in Sunny Beach are sold for 70-79 thousand euros.
The market of real estate near the sea is constantly changing – prices are rising, new apartments are appearing, living complexes and cottages are being built. Apart Estate permanently analyzes changes and makes its clients the most favorable offers for apartments in Nessebar, St. Vlas and other resorts of the southern Black Sea coast.