Dynamics and trends of the Bulgarian real estate market according to the results of the second quarter of 2024

The real estate market in Bulgaria is showing strong growth, especially in the coastal cities, where Burgas occupies a leading position. In the second quarter of 2024, the number of registered real estate transactions in Burgas grew by 43.1% on an annual basis, which is the highest level for the country. In the first six months of 2024, the volume of transactions grew by more than 27%, surpassing the same period of 2022, which was active for the market, the Registry Agency reported.

During the first six months of 2024, a high demand for properties was observed in Burgas, which led to a significant increase in the number of transactions. This shows that the market is recovering after a year and a half of declining activity. Burgas not only surpassed last year's indicators, but also returned to the levels of 2022, when the demand for housing was at its peak.

Apart from Burgas, positive dynamics are also observed in the country's capital - Sofia, and in the large port city of Varna. In the second quarter of 2024, 9,641 transactions were registered in Sofia, which is 12% more than the same period last year. Varna also recorded an increase in transactions, which indicates stable development of the real estate market in key regions of Bulgaria.

The growth of real estate transactions in Bulgaria is largely due to an increase in mortgage lending. In the second quarter of 2024, over 15,000 mortgage loans were registered in the country, which is 17.7% more than last year. In the first half of the year, their number reached 27,434, which corresponds to an increase of 20.5%. Low mortgage rates continue to stimulate demand for home purchases.

The growth of mortgage lending is particularly noticeable in Burgas, which is again the leader in this indicator. In the second quarter of 2024, registered mortgage loans in Burgas increased by 45.8%, and in the first half of the year the growth was 37.8%. The capital of Bulgaria, Sofia, also saw growth in mortgage lending, with 5,667 loans registered in the second quarter, which is 22.5% more on an annual basis.

The second quarter of 2024 was a milestone for the Bulgarian property market, as it was marked by significant positive results. For this period, 54,379 transactions were registered, which is only 8 transactions more than last year. Although total transaction volume for the first half of the year fell slightly by 0.7%, the market is gradually recovering and returning to 2022 levels.

Of the 113 Bulgarian cities included in the statistics, about 40 show an increase in transactions. This shows that the Bulgarian real estate market, especially in the big cities, is actively recovering after a period of lull, and the purchase of real estate remains a current and profitable investment.

Burgas confidently maintains a leadership position in the Bulgarian real estate market thanks to the strong growth of transactions and mortgage lending. The stable economic situation, low interest rates and developed infrastructure make this coastal city attractive to both investors and people looking for permanent housing.