After the rapid rise in house prices in Plovdiv, Varna and Burgas, a slight slowdown in growth rates is observed between 2 and 5 percentage points. compared to those from the end of 2023. Prices continue to rise the fastest in Varna, where growth accelerated only after mid-2022 and currently remains at levels close to 20%, while annual growth is reported in Plovdiv and Burgas from about 8-10%. This is indicated by Bulgarian Properties data 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 on average about 100 euros per square meter higher than those in Plovdiv and Burgas. In the first quarter, the average price in Varna reached 1,343 euros/sq.m. meter, according to the company’s data. In Plovdiv and Burgas, the prices are already quite similar – 1,212 euros per square meter and 1,244 euros per square meter, respectively.
In the three major cities, there are almost no prices below 1,000 euros per square meter anymore, except for some more extreme and less favored neighborhoods, and their most prestigious areas are chasing and even surpassing 2,000 euros per square meter.
Photo: iStock
In Plovdiv, Varna and Burgas, new construction has driven the market in recent years and is preferred by buyers. Along with this, secondary market supply remains limited and demand is high, making this a very good time to sell, the company reports.
The data of Bulgarian Properties indicate that in all three large cities, similar to Sofia, the volume of sales at the beginning of 2024 increases by about 20% 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%, 12.7% and 9.2% respectively for Plovdiv, Varna and Burgas.
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At the end of 2023, affordability in all three cities improved after a temporary deterioration in early 2023 when incomes rose more slowly than property prices.
According to the data, 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 points out.
The housing market in Plovdiv
Photo: iStock
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 showed that growth had slowed to around 8% year-on-year.
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The most expensive neighborhoods, whose prices exceed 1,500 euros per square meter, are “Mladezhki hilm”, “Marasha”, “Kamenitsa 1”, Center.
The cheapest homes are sold in Izgrev, where the only prices below 1,000 euros per square meter are. After him, in ascending order, are “Belomorski”, “Ostromila”, “Komatevski Knod”, “Yuzhen”.
The housing market in Varna
Photo: iStock
Varna is the leader in price growth and is the second most expensive city for residential properties after 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 among the highest in our country – 18.5%.
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 1,000 euros per square meter, and the cheapest at the moment are “Vladislav Varnenchik”, “Kaisieva gradina”, “Hristo Botev”.
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The interesting thing in Varna is that there are neighborhoods with an average price of over 2,000 euros/sq.m. meter – the Sea Garden and Greek Village, and a little over 1/4 of the neighborhoods in the city have prices above 1,500 euros per square meter. Among the most expensive neighborhoods are traditionally “Operata”, “Chaika”, “VINCE – Red 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
Photo: Burgas municipality
Housing prices in Burgas have also grown significantly in recent years – just 2 years ago the average price was 923 euros/sq.m. meter, and now it is 1,244 euros/sq.m. meter.
This is an annual growth rate of 10.5%, which follows the general slowing trend.
The Burgas city market is also characterized by expansion towards new territories – in the direction of the city center. Slaveykov and the highway “Trakia” and to Sarafovo quarter and railway station. Copper mine.
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Only in “Meden Rudnik” can still be found prices under 1,000 euros/sq.m. meter, 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 points out.
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 priced between 1,500 and 2,000 euros per square meter.
