Varna is the leader in price growth and is the second most expensive city for residential properties after Sofia

After a rapid increase in house prices in Plovdiv, Varna and Burgas, there is a slight slowdown in growth rates by between 2 and 5 percentage points compared to those from 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 data from “Bulgarian Properties” on market trends in Plovdiv, Varna and Burgas at the beginning of 2024. As a result of the rapid increase in prices in Varna, they are already at an average of around 100 euros/sq.m. m higher than those in Plovdiv and Burgas.

According to the company’s data, in the first quarter the average price in Varna reached 1,343 euros/sq.m. m, 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.

In Plovdiv, Varna and Burgas, new construction has driven the market in recent years and is preferred by buyers. In addition, the supply on the secondary market remains limited, and the demand – high, which makes the moment very suitable for sale, the company commented.

The company’s data shows that in all three large cities, similar to Sofia, the volume of sales at the beginning of 2024 will increase by about 20 percent on an annual basis. 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.

All these data indicate that the housing markets in the big cities started the year with improved conditions for the realization of transactions and this explains the increased market activity, the company said.

The housing market in Plovdiv

The second largest city in the country managed to catch up on its price lag compared to Varna and Burgas. It can already be said that the markets in the three largest cities after Sofia are similar in many respects.

Plovdiv closely follows the trends of the housing market in Sofia and catches them faster than other cities. It can be seen how the acceleration of growth and its slowdown occur earlier than those in Varna and Burgas. Data for the first quarter indicated that growth had slowed to around 8 percent year-on-year.

The most expensive neighborhoods, whose prices exceed 1,500 euros/sq.m. m, are “Mladezhki hilm”, “Marasha”, “Kamenitsa 1”, “Center”.

The cheapest homes are sold in “Izgrev”, where the only prices below 1000 euros/sq.m. m. After him, in ascending order, are “Belomorski”, “Ostromila”, “Komatevski Knod”, “Yuzhen”.

The housing market in Varna

Varna is the leader in price growth and is the second most expensive city for residential properties after the capital Sofia, the company notes.

In the first quarter of 2024, the average price of housing in Varna reached 1,343 euros per square meter, and the annual growth is one of the highest in the country – 18.5 percent.

Growth in the maritime capital accelerated more visibly after mid-2022 and still remains at high levels.

There are no neighborhoods in Varna with prices below 1000 euros/sq.m. m, and the cheapest at the moment are “Vladislav Varnenchik”, “Apricot Garden”, “Hristo Botev”.

The interesting thing in Varna is that we have neighborhoods with an average price of over 2,000 euros/sq.m. m – these are the Sea Garden and Greek Village, and a little over 1/4 of the neighborhoods in the city have prices over 1500 euros per sq. m. Among the most expensive neighborhoods are traditionally “Operata”, “Chaika”, “VINCE – Cherven square”, “Sports hall”, “Center”.

Varna is growing in search of new opportunities for the implementation of new construction projects and a modern lifestyle, and already a number of localities and resort complexes have been annexed to the city, giving the opportunity to live in a combination of urban rhythm and vacation amenities.

The housing market in Burgas

Housing prices in Burgas have also grown significantly over the past years – just two years ago the average price was 923 euros/sq.m. m, and currently it is 1244 euros/sq. m.

This represents an annual growth of 10.5 percent, which follows the general trend of slowing down.

The Burgas city market is also characterized by expansion towards new territories – mainly in the direction of the city center. “Slaveykov” and “Trakia” highway, as well as to “Sarafovo” district and 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, and the prevailing new construction there gives opportunities to choose a quality property, the company comments.

In all other districts, prices are about above the average for the city. And here, similarly to the other big cities, it can be seen that the central areas are at prices between 1500 and 2000 euros/sq.m. m.