Property Prices in Our Country Rise by Nearly 80% in Last 10 Years, Eurostat Data Reveals – Expert Predicts Continued Increases

In the last 10 years, property prices in our country have risen by nearly 80%, according to Eurostat data.

“The market this year is off to a calm start and will continue to be. It will be a balanced market – no shocks and sharp increases in property prices. They have peaked and there will be little change within 5% when it comes to new construction. Rents will they raise their prices, as they do not correspond to the prices of the properties”, Snezhana Stoycheva – manager of the real estate site Imoti.net, commented in “Bulgaria morning”.

It turns out that in some areas the prices have risen by 8-9%, but in others, such as “Strelbishte” and “Krastova vada”, the jump in prices is as much as 16-17%. In “Mladost” 4, the increase in two-room apartments is 9%.

Two-room apartments continue to be the most sought-after and their price changes are greater. People who buy a home to live in prevail. The desire to live in a wider, newer and better area drives the real estate market, Stoycheva emphasized to Bulgaria ON AIR.

In Plovdiv, in the “Proslav” area, there is a rather serious increase in prices in 2023 – 20% for two-room apartments. In Varna, the prices in “Vladislavovo” and “Pobeda” rose by 15% each. In Burgas, the market is calmer and no such increase in prices is noticeable.

A survey of leading brokers in the country shows that for 50 thousand euros in Sofia you can only afford a garage in the center or two garages outside the center. Even for a house in the vicinity of Sofia, you can’t talk about this amount.

Around Burgas and Varna you can buy a house for renovation for the sum of 50 thousand euros. In Plovdiv, you can buy a one-room apartment on the outskirts of the city.

The expectations of the experts are that property prices will rise even after the entry of our country into the Eurozone. They will have to equalize with property prices in European cities, to the greatest extent this applies to Sofia, noted Stoycheva.

2024-01-24 07:42:51
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