Real estate market in Bulgaria in 2024: forecasts, prices, and opinions of experts
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.
Trends of the real estate market in Bulgaria in 2024
Most Bulgarian real estate experts are sure that 2024 will have several key trends.
The volume of residential real estate sales will remain approximately the same as in 2023. There will be stable demand for studio apartments, one-bedroom and two-bedroom apartments in Burgas, Sveti Vlas, and Nessebar.
This is connected with several reasons:
- Buying apartments in coastal cities is an excellent investment, since such property is suitable for permanent residence, vacations and rental. One can find a job in the city; there are schools, universities, hospitals. The social infrastructure is well-developed. Local authorities do everything possible to reduce the number of people wishing to move away. They also attract new residents.
- When purchasing real estate for permanent residence, buyers are more likely to take out bank loans; this makes property more affordable.
- We also would like to comment on the desire to get a more spacious property among people who already own studio- or one-bedroom apartments. Many start a family and in the new circumstances buy two-bedroom apartments, townhouses in Sarafovo (Burgas) or houses in the villages of Marinka, Kamenar, Laka located near Burgas. These are just a few examples.
The next trend is the continued interest in apartments in residential complexes in Sunny Beach and in the southern Black Sea cities of Sozopol and Chernomorets. Here are the key points:
- According to the Apart Estate specialists, the focus will be on cheap studio apartments and one-bedroom apartments.
- Due to a possible ban on the construction of residential buildings and complexes 100 meters from the sea, the demand for existing property located on the first line may increase.
- Flats and studio apartments at seaside resorts have always been considered as a reliable investment that allows saving money in a period of financial instability. In addition, this is an excellent opportunity to generate additional income from renting out apartments.
However, we would like to note that due to the lack of available financial assets, the market growth for resort real estate will slow down. It is very rare when people are ready to take out a mortgage or loan to purchase this type property.
One more significant trend is that due to the constant expansion of paid parking zones and a decrease in available parking space, buyers of residential and commercial real estate will give preference to apartments and houses with garages or parking spaces.
In 2024, there will remain a demand for properties in new buildings from developers, especially if the studio apartments and flats in them are inexpensive and such buildings under construction have convenient locations. In Burgas it is the city center, as well as the Lazur, Bratya Miladinovi, Vazrazhdane, Zornitsa and Izgrev neighborhoods.
Prices for real estate in Bulgaria in 2024
An analysis of the real estate market conducted by Apart Estate allows us to make a conclusion that in 2024 we should not expect considerable changes in prices for property in Bulgaria. This assumption is based on the understanding that the current situation quite accurately reflects the correlation between available offers and a demand, as well as the level of inflation.
In particular, we would like to pay attention to the increase in the cost of materials and services in some cities. In 2022-2023 the increase was up to 27%, which actually caused considerable price change. By the end of 2023, inflation had slowed down and the market had stabilized.
Main trends in pricing policy:
- Probably, in 2024, real estate prices in Ravda, Elenite, and Sunny Beach will remain at the same level. In Burgas, Nessebar, Sveti Vlas, Pomorie, apartments will cost at the 2023 level or they will be 5-8% more expensive, depending on inflation.
- You should not expect a decrease in real estate prices in Bulgaria, since the market is not overflowing with offers, as in 2018. There are no conditions for a refusal of real estate.
- Some experts believe that due to the fact that British and Russian citizens leave the Bulgarian property market, many cheap offers will appear. In reality, there is no oversaturation of the market. These days, it is quite stable due to the increased demand for real estate in Bulgaria from citizens of Israel, Poland, and Ukraine. Many buyers are Bulgarians living in other cities or even countries. The reason why they are interested in buying property in Bulgaria is expectation of high inflation rates due to the country’s plans to join the eurozone.
Apart Estate agency offers real estate in Burgas and the Black Sea resorts. Our database includes townhouses, apartments in luxury residential complexes by the sea, studio apartments, one-bedroom apartments in residential buildings. If you are interested in selling your property, we will help you quickly find buyers and carry out the deal in an efficient and organized manner.