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In September 2024, the Central Bank of the Republic of Bulgaria (Bulgarian National Bank - BNB) adopted new measures, which come into force on October 1.

Changes in mortgage lending are aimed at stabilizing the real estate market and reducing risks for the country's financial system. These measures apply to both borrowers and banks, ensuring a more stable economic environment. Let's take a look at the main changes and their impact on the mortgage market and homebuyers.

Deloitte's new report for Property Index, which analyses the European real estate market and beyond, shows that Bulgaria has the largest housing stock per capita. The study covers 69 cities in 24 countries.

According to experts, there are 668 dwellings per 1000 inhabitants in Bulgaria. Bulgaria is followed by Spain with 559 housing units per 1000 inhabitants and France with 553 per 1000 inhabitants.

The company Post Office Travel Money has once again published the results of the analysis of the most budget holiday destinations. The study involved 40 resorts and cities. In 2024, the Bulgarian resort of Sunny Beach, which has held leading positions in the world and European rankings for many years, became the seventh. Vietnam was recognized as the cheapest resort. 

In recent years, Bulgaria marked a trend of the growing demand for agricultural land suitable for organic farming. The number of transactions for sales and purchase as well as rent of plots has also been growing. This is connected with the increasing interest of modern society in healthy nutrition, as well as with numerous studies that confirm that fruits and vegetables produced with the use of artificial fertilizers cause health issues.

In the second quarter of 2024, Burgas became the leader in the growth of real estate transactions in Bulgaria. In Burgas, new and resale market studio apartments and flats, houses, land plots, and townhouses are actively sold. Apart Estate presents an analysis of statistics from the Burgas Real Estate Registration Agency comparing it with other cities in Bulgaria. 

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.