Resale properties in Burgas are increasing in price faster than in other cities in Bulgaria

In the past year 2022, the experts of the Apart Estate agency noted a significant increase in real estate prices in Burgas and in the resorts of the Burgas region. This is especially true for properties which have already been used for living. Our data is now confirmed by official statistics.

According to the National Statistical Institute, old real estate in Burgas is increasing in price much faster than in other cities of Bulgaria. This type of apartment shows higher price growth even compared to the new construction market, where prices have been breaking records recently.

Dynamics of real estate prices in Bulgaria

The new data on the situation on the real estate market in Bulgaria clearly indicate that the city of Burgas has become the leader in terms of annual price increase of resale flats. The average growth is very high – 22.1%, and this figure does not include data for properties in Sunny Beach, Nessebar, Sozopol and other cities in the South of the Bulgarian Black Sea coast, where there is a real boom in the real estate deals.

For comparison, the prices of resale apartments in Varna have increased by 15.2% during the year. In Plovdiv, the growth was 12.9%, in Sofia – 11.4%. It is interesting that in the cities of Bulgaria, which are less known to the average buyer, prices have also increased significantly. In Ruse, the fifth most populous city in Bulgaria, located on the Danube River, the increase was on average 19%, and in the large industrial center Stara Zagora – 14.5%.

If we talk about the prices of new construction, the picture looks a little different. Stara Zagora is in first place in terms of property price changes. Apartments and villas here became 20.5% more expensive. Burgas is second with 13% growth. Followed by Plovdiv with an increase in prices of 6.2% per year, Varna – by 2.7% and Sofia – by 1.3% increase.

Probably, such statistics can mean that the market prices of real estate in big cities like Sofia and Varna have reached a certain balance. At the same time, the apartments in Burgas have not yet reached their possible limits, as they are in high demand and therefore represent a unique investment opportunity.

As an example, we would be happy to add a comment that shared one of our clients with us. They bought properties at the construction stage in Burgas and now, having received Act 16 and made a major renovation, they can sell them for 30-40% more.

Additional confirmation that Burgas continues to be a leader in the growth of real estate prices are the data for the first quarter of 2023. During this period, new apartments increased in price by 6.3%, and resale units – by 7.7%. The weighted average increase was 7.3%.

Apartment prices in Burgas

To prove all these positions, our experts from Apart Estate have prepared a short analysis of the prices of apartments in Burgas in 2023:

• The average price of studio flats in newly constructed buildings this year is 1,030 euros/sq.m. At the same time, there is an opportunity to buy cheap properties in the Meden Rudnik district for only 880 euros per square meter. The most expensive flats are proposed for deals in Lazur, Bratya Miladinovi and in the center.

In the resale property market, it is difficult to find a studio apartment cheaper than 35 thousand euros. A square meter costs on average over 1,300 euros. In the neighborhoods of Bratya Miladinovi, Lazur, Vazrazhdane, Sarafovo, its price is 1,300-1,600 euros.

• One-bedroom apartments in newly constructed buildings in Burgas cost an average of 1,220 euros/sq.m. Relatively cheap properties are for sale in the neighborhoods of Meden Rudnik, Slaveykov and Izgrev. In Meden Rudnik, you can choose to buy a flat for 47,000 euros, in Izgrev and Slaveykov – for 60,000 euros. The most expensive one-bedroom properties are being built in Lazur and in the downtown. The prices for modern and comfortably located units have long passed the limit of 100,000 euros (or 1,500 euros per sq.m). There is a possibility to buy a dream flat in the Sarafovo neighborhood not far from the sea at approximately the same price.

The price of apartments with one bedroom of old construction in Burgas is on average over 1,350 euros per sq. m. Property is expensive not only in the center and the most popular Burgas district Lazur, but also in Zornitsa and Sarafovo. Depending on the location, the apartments cost from 58 to 122 thousand euros.

• New two-bedroom apartments can be purchased at 1,095 euros/sq.m.  You can buy the cheapest large apartments for the whole family in Burgas in the Vetren and Meden Rudnik neighborhoods. The prices here are 800-900 euros/sq.m, and the whole property can cost around 80 thousand euros. Fairly cheap flats are available in newly constructed buildings in Slaveykov, Kraymorie and Izgrev. Here, you need to count on a budget of 1,010-1,050 euros per square meter. An apartment for which Act 14 is issued can be bought for less than €100,000.

The old construction flats in Burgas go for an average of 1,600 euros per square meter. Properties with a sea view in the Lazur neighborhood  cost over 2,000 euros. Approximately the same price is for modern luxurious apartments in the center. More reasonable pricing is in the neighborhoods of Zornitsa, Izgrev and Slaveykov. Here, you can count on 1,500-1,600 euros/sq.m.

Property prices in Burgas continue its stable growth in 2023. This process affects old and new construction apartments. If you want to buy a property in Burgas at reasonable prices and under advantageous conditions, contact the experts of Apart Estate. We will present you with the best offers, show the properties you like and help you buy a studio or apartment that best suits your wishes and preferences.