They predict an increase in property prices upon entry into the Eurozone
They tend to build bigger buildings with more housing in them
Demand is greater than supply
A number of homeowners who had planned to sell are holding out in anticipation of higher prices, realtors said. After Bulgaria’s entry into the Eurozone, the expectations are for house and apartment prices to rise, and that is why many owners are in no hurry to sell. Of course, there are also people in the market who see that prices are high and think now is a good time to sell and make a profit.
After the adoption of the euro, the demand from foreign buyers – citizens, companies and investment funds – is expected to increase. At the moment, mainly buyers on the market in the country are Bulgarians. With more foreign buyers coming in, demand for housing will increase.
The supply of housing in the major cities of the country is currently less than the demand, which leads to a rise in prices. There is a wide variety of new build properties on the market for buyers to choose from. But the supply is not enough to meet the demand. That is why they are selling a large part of the apartments while they are still under construction.
The trend in the property market is to build bigger buildings with more apartments in them due to the increasingly difficult to find plots. Large-scale projects are a sign that investors have the courage to start and complete them, brokers say. In all major cities, they create entirely new residential areas or transform former industrial areas, which also contributes to a better urban environment.
A number of factors contribute to property market activity. Among them are the increase in people’s incomes, low unemployment and low interest rates on loans. But the main reasons for the high demand for property are the desire of people to live in their own or in a larger home, as well as the desire to invest their money in real estate. New construction housing is in the greatest demand, because with them both the common parts of the cooperative and the appearance of the building are nicer than with the old construction. In the new construction, quality modern building materials are used, and the buildings themselves are more energy efficient.
