Where in Varna is it best to buy a flat: an overview of the districts

Varna is one of the best cities to live in Bulgaria. But which of the city’s districts should you choose, and where is it best to buy a flat or house in Varna — this is a question many clients ask. That is why we have prepared an overview of Varna’s districts for you.

Varna is located in north-eastern Bulgaria, on the coast of the Black Sea. It is the third largest settlement in Bulgaria and the largest on the Bulgarian Black Sea coast. The population is 500,000 people; according to unofficial data the figure is significantly higher, and in summer it doubles.

Varna has long held its second position for high prices after Sofia.

On the Varna property market you can choose from: a studio, an apartment/flat, a villa/house, commercial property, or plots of land.

The property market in Varna is growing and changing. The standard of living of Varna residents is rising, which makes them more demanding when making purchases. Buyers pay attention to quality.

Current internal migration within the country is influencing the housing market. Owing to the economic situation, more and more people are moving to the city from Dobrich, Shumen, Razgrad and Silistra.

Buyers of property in Varna are mainly Bulgarians. In recent years demand has increased among foreigners from European countries, Israel, Russia and Ukraine. Their preferences are similar to those of Bulgarians.

Profile of the Varna property buyer

• Young people aged between 25 and 40, married, more often with children, choosing their first independent home. They are looking for a one- or two-bedroom flat. As a rule, they pay in cash and have a good income. In most cases the buyers are seafarers. In other cases, clients use bank lending — most often for 50 to 80% of the property’s value.
• People of pre-retirement age or pensioners who have been deciding where it is best to live, where to move for permanent residence, and have chosen Bulgaria. The country is a great fit, since property prices are cheaper compared with other European countries; you can invest inexpensively in quality housing near the sea and live wonderfully all year round.
• People aged 40–60 who have decided to invest in new-build property in order to later resell or rent it out to foreign students. The rental market in the city is active. Housing near the universities is more in demand. There is also the option of daily rentals. The cost of renting a new-build property near the Medical University starts from €300 per month and upwards. Where it is best to rent is up to each person to decide: if it is more expensive, then naturally it is in the centre, giving a higher quality of life and comfort. Cheaper options are in the residential districts, for example in Vinitsa, where rental costs start from €150.

Experts at Bulgaria Avenue identify two new trends on the Varna property market. Both are the result of the rising standard of living of the residents of the maritime capital, as well as their approach to comfort.

• One of the trends is increased interest in buying a house with a plot of land for seaside living, either in the city itself or near Varna.

The most prestigious districts of Varna for buying a house: Briz, Sv. Nikola, Trakata, Evksinograd, Alen Mak.
The most prestigious villages/resorts near Varna for buying a house: Kichevo, Priseltsi, Bliznatsi, Osenovo, Rogachevo.

• Acquiring new-build property is more common. If you buy inexpensive resale housing in the old stock, you will save 10–15%, but you will then spend more money on renovation.

Which district of Varna to choose and where it is best to buy a flat

Location is of particular importance for buyers when choosing property.

The most preferred districts of the city of Varna are: the Centre, Briz, Levski, Vazrazhdane, Chaika, and districts with an eastern aspect. The reasons: proximity to the centre and to the Sea Garden.

For example, when analysing the choice of property and weighing the pros and cons, people ask: „...in which district of Varna is it convenient to live without a car?“ Undoubtedly, in the very centre — in Cherven Ploshtad (Red Square) or Gratska Mahala (the Greek Quarter).

The elite districts of Varna: Chaika, Gratska Mahala, Cherven Ploshtad, Vints, Briz, Evksinograd.

Districts near the sea: Asparuhovo, Galata, Gratska Mahala, Cherven Ploshtad, Vints, Chaika, Briz, Sv. Nikola, Trakata, Evksinograd, Alen Mak.

Districts on the seafront: Galata, Asparuhovo, Gratska Mahala, the Chaika resort complex, Alen Mak.

Environmentally clean districts are located starting from the Chaika district and northwards towards the Saint Constantine and Helena resort.

Price and layout also have a serious impact on the purchase, but some clients are prepared to compromise.

The average price is around €800 per square metre, about €1000 — the price in the wider centre. Here the difference in price between the centre and the outskirts can be double. If in the Greek Quarter prices reach €1000–1500/sq.m, then in the more remote neighbourhoods they start from €600/sq.m.

Prices in euros per sq.m in the districts of Varna

Two-room and three-room flats are popular. One-bedroom flats are most sought after for investment, while two-bedroom flats are for living in. This partly explains their dominance in buildings under construction. According to NSI data for the first two quarters of 2020, they make up almost 80% of the total.

Bulgaria Avenue will be delighted to guide you through the prices, carry out an analysis of the districts together with you, and introduce you to offers on both the primary and secondary markets.

We invite you on a familiarisation tour — get in touch, we are always glad to offer favourable, affordable options. We look forward to hearing from you!

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