Property prices in Plovdiv, Burgas and Varna are already chasing those in the capital. At the moment, there is a slight slowdown in growth rates of between 2 and 5% compared to those of the end of last year.
Prices continue to grow the fastest in Varna, where growth accelerated only after mid-2022 and currently remains at levels close to 20 percent, while in Plovdiv and Burgas an annual increase of around 8-10 percent is reported.
This is shown by Bulgarian Properties data on market trends in Plovdiv, Varna and Burgas at the beginning of 2024, BTA reported.
In the sea capital Varna, the average price is around 100 euros/sq.m. m higher than those in Plovdiv and Burgas. In the first quarter, the average price in Varna reached 1,343 euros/sq.m. m, according to the company’s data. In Plovdiv and Burgas, the prices are already quite similar – 1212 euros/sq.m., respectively. m and 1244 euros/sq. m.
In the three big cities, prices below 1,000 euros/sq.m are almost impossible to find. m with the exception of some more extreme and unpreferred neighborhoods, and their most prestigious areas chase and even exceed 2000 euros/sq.m. m. Quite logically, new construction drives the market and is preferred by buyers.
The data shows that in all three major cities, the sales volume at the beginning of 2024 is growing by about 20 percent year-on-year. This observation is also supported by the data of the Registration Agency, which report an increase in the number of transactions on an annual basis by 4 percent, 12.7 percent and 9.2 percent respectively for Plovdiv, Varna and Burgas.
At the end of 2023, affordability in all three cities improved after a temporary deterioration in early 2023 when incomes grew more slowly than property prices.
The Burgas city market is also characterized by expansion towards new territories – mainly in the direction of the city center. “Slaveykov” and the “Trakia” highway, as well as to the “Sarafovo” quarter and the railway station “Copper mine”. Only in “Meden Rudnik” can still be found prices under 1000 euros/sq.m. m, which makes this area quite profitable against the background of the general picture.
