The capital of Bulgaria is an attractive place to live. With a multitude of shopping centers and industrial facilities, Sofia attracts not only tourists but also major businessmen. In this country, "business people" seek to settle, so they are attracted to Sofia real estate. They are interested in various commercial properties to conduct their own business in Bulgaria.
For example, buying apartments that can be successfully rented out. Real estate purchased in Bulgaria brings good income to the owners, especially in Sofia. Especially in the summer season if the apartment is located on the coast of the Black Sea. Despite the increase in prices for any quality real estate in Sofia, the demand for its acquisition does not decrease.
The Reason for Price Increases
Today, despite the sharply rising prices, real estate in Bulgaria is in high demand. The reason for such a jump was the situation in Ukraine and unprecedented inflation, which greatly affected the country's economy. All these circumstances also affected the real estate market in the country, influencing the demand and prices for housing, including in Sofia.
Real Estate Prices for the Past 2021 Year
In Bulgaria, the National Statistical Institute conducted an analysis for 2021, which showed that real estate prices in the country on average rose by 9.4%. Especially in such major cities as:
- Sofia - prices rose by 9.1%, in certain areas of the capital by as much as 40%;
- Varna - the cost increased by 10.8%;
- Burgas - prices rose by 9.1%. And the cost of secondary housing by 13%.
In general, in Bulgaria, there is a great demand for secondary housing, which led to a 10% increase in prices. And real estate in new buildings rose by 8.4%.
Bulgarian Housing Market in 2022
Throughout 2022, the price range also steadily increased. The main reason was the military events in Ukraine. The population, fearing for their own safety and wanting to preserve their savings, began to buy real estate. Another reason is the disruption of supplies of building materials, their rise in cost significantly increased the cost of construction, and therefore the prices for new buildings.
The analysis conducted by statisticians showed that in 2022:
- There was a significant increase in prices for various types of real estate. On average, it rose by 10%.
- A shortage of good-quality properties. The disruption of supplies of construction products forced many developers to freeze projects or raise prices. This led to an increase in demand for secondary housing and its shortage.
- Emergency buying/selling of real estate. The number of buyers - Ukrainians who want to urgently purchase real estate in Bulgaria, Sofia was in special demand. In order to sell it and rent it out after the end of the crisis.
Real Estate Prices - Forecast for 2023
Depending on the situation, real estate prices will continue to rise. This is due to increased demand for real estate in Sofia and other cities. Naturally, this cannot continue indefinitely, over time, demand for housing will decrease, and prices will begin to stabilize.
It will be enough to contact a Sofia real estate agency to find the right apartment. That is, the sooner the war ends, the sooner the situation in the Bulgarian real estate market will improve.
More detailed information about Bulgaria can be found on the mybgday.com website.