Bulgaria's property market: results of the second quarter of 2024

Bulgaria's property market is showing steady growth, especially in coastal cities such as Burgas and Varna. According to the results of the second quarter of 2024, the number of transactions in Burgas increased by 43.1% year-on-year, the highest figure in the country. According to data from the Registry Agency, growth in the number of transactions is being observed in Sofia and Varna alongside Burgas. Property transactions in the maritime capital of Varna rose by 4.2% in the second quarter and by 7.8% over the half-year on an annual basis.

In the first half of 2024, the growth in transactions exceeded 27%,  which significantly surpasses the figures for the same period in 2022, which was a particularly active year for the market.

One of the key factors driving the growth of property transactions in Bulgaria has been the increase in mortgage lending volumes. In the second quarter of 2024, more than 15,000 mortgage loans were issued in the country, which is 17.7% more than in the same period last year. Over the first six months, the volume of mortgage lending grew by 20.5%. Low interest rates continue to stimulate demand for home purchases, making mortgages accessible to a wide audience.

Burgas is also ahead of other cities in terms of the number of mortgage loans issued. In the second quarter of 2024, their number rose by 45.8%, and over the first half-year the growth was 37.8%. Sofia is also seeing a significant increase in mortgage lending: in the second quarter, 22.5% more housing loans were registered than in the same period last year.

The second quarter of 2024 became an important milestone for the Bulgarian property market. During this period, 54,379 transactions were registered, which is only eight more than in the same period last year, but this result marks the first increase in eight quarters. Despite a slight decline in the first half of the year — a drop of 0.7% — the market is showing signs of returning to 2022 levels.

Out of more than a hundred cities included in the statistics, around 40 localities showed growth in the number of transactions. Bulgaria's property market, particularly in the major cities and along the coast, is recovering and once again becoming attractive to investors and buyers. Purchasing property in the country remains a reliable investment.