“The market has calmed down, prices have remained at similar levels and we currently have a very active real estate trade. October is a peak month for the market – not only for this year, but also for the last few years,” said Polina Stoykova.
Accessibility of properties
The CEO of one of the leading agencies in our country indicated that in 2008, three average Sofia salaries were needed to buy 1 square meter of living space in the capital. Today, just over 1 average salary in Sofia is enough for the same purchase.
“This is one of the best ratios globally, which is due to the fact that in recent years incomes grew much faster than prices,” said Stoikova.
However, this is not the case in some of the other cities of the country.
“In Plovdiv, Varna and Burgas the property market moves at a pace similar to that of the capital, but incomes are lower. In these three cities, about 1.3 average salaries are needed to buy 1 square meter of living space, which is also not bad, given the available bank financing,” the expert added.
The property market in the next decade
Polina Stoykova explained that only in the last year, after the launch of ChatGPT and the widespread introduction of artificial intelligence, we have witnessed major changes in the real estate market. This mostly concerns processes that are not visible to customers, such as writing texts, translations into different languages, creating content and videos for social networks.
According to her, new technologies will help optimize these processes and allow brokers to be more with people, help them and make personal contact, because this will remain at the heart of business and services in the field of real estate mediation .
Technology will play an extremely important role in presenting properties in such a way that the customer can get the best possible idea and prepare before visiting the property, because increasingly buyers are not in the locality of their choice to buy property.
The housing market is in a mature phase and remains resilient. In the future, people will own several properties and live in different places at different times of the year or according to their life needs.
Stoykova indicated that she hopes that in the future Bulgaria will be the place where people will want to buy property and live.
Buyers will become increasingly demanding about the living environment, and while the property market is currently managing to compensate for shortcomings by building interior spaces with greenery, park areas and areas for sports and recreation, this is not enough. In the future, people will increasingly have claims to the improvement of the living environment.