Official Bulgarian property market recovery
After a long recession, the property market in Bulgaria is currently in a recovery process.Real estate agents inform that 220,000 transactions are annually completed which amounts to 19,000 sales per month. The average price is approximately EUR 50,000 and the sales increase is of 15 % in July.
Many people prefer one and two-bedroom apartments predominantly in large cities as the trend relates to popular tourist destinations.
There is also a steady increase of the transaction activity in terms of office buildings with construction permits.
The Bulgarian capital city of Sofia and the largest seaside city of Varna are the most attractive cities as far as property demand is concerned. The property deals in these cities are the basis for stabilization even for the second half of the year.
Property prices in Sofia jumped by 1.13 % in August this year which means an annual increase of 0.82 %.
House prices have been increasing during 2013 and now they account on a fall of 1.54 %. The increase reaches up to 15 % during the last 12 months.
Bulgaria is a new EU member and as such it is currently experiencing successful foreign investment and considerable infrastructure improvement.
In every country, the property price is tightly related to the economic stability of the nation itself. With a GDP growth of 3 %, Bulgaria remains economically stable.
What especially attracts the attention of the tourists is the huge number of unexplored regions of immense cultural value and magnificent natural beauty.
This was our first experience of buying a property abroad, and The whole process was managed and controlled by KiKi, due to Covid 19 we were unable to travel to Bulgaria to sign and complete the documentation, however we were guided through the legalisation process and purchasing using Kiki as our power of attorney, Everything was smooth and faultless, very happy with the service we received and the property, can’t wait to get to bulgaria to see our forever home project. Thank you very much Kiki.
— Donna Haskett, England