New Trends in Bulgarian Real Estate: Larger Homes in High-Demand Areas

The Bulgarian real estate market has remained stagnant, reflecting last year's levels, according to Alexander Bochev, chairman of the National Real Estate Association (NREA), in an interview with BTA. He discussed the latest data from the Registration Agency regarding transactions in the third quarter and the upcoming October 30 celebration of Real Estate Brokers and Agents.

Notably, larger cities, especially the coastal regions of Varna and Burgas, have seen a rise in transactions. This trend indicates a shift in the real estate market from smaller settlements to urban areas, aligning with Bulgaria's demographic and economic patterns. Bochev anticipates that the final quarter of 2024 will yield transaction levels comparable to the same period last year, with an estimated 62,368 sales. If this trend continues, total sales for the year could range between 215,000 and 216,000, similar to 2023's figures.

Regarding housing prices in 2025, Bochev expects the current upward trend to persist, projecting an increase of over 10 percent annually. However, the third quarter saw a decline in property sales compared to the previous quarter, with major cities like Burgas, Varna, Plovdiv, and Sofia experiencing an average drop of around 11.3 percent. Bochev noted that the third quarter typically witnesses lower activity due to the holiday season, reflecting the recent data from the Registration Agency.

Despite the seasonal downturn, the overall stability of the market remains evident, with a slight sales increase observed in the first nine months of 2024 compared to the same timeframe last year. Specifically, the first quarter experienced an average sales growth of approximately 11 percent year-on-year, while the second quarter reported a growth of 0.02...