Bulgarian Property Market in 2024: Trends, Prices, Analysts' Forecasts

The 2024 Bulgarian property market forecast from Bulgaria Avenue is based on an understanding of the situation prevailing in the Bulgarian residential real estate market. The article presents the main market trends, its nuances, and apartment prices. All this will help you make a decision about a profitable purchase or sale of a seaside flat in Varna, Burgas and the Black Sea resorts.

Trends in the Bulgarian property market in 2024

In 2023, the Bulgarian real estate market was quite dynamic. In the first half of the year, prices for studios and flats rose sharply in the Black Sea cities of Varna, Burgas, Nessebar, Sozopol and Pomorie, as well as in the resorts of Saint Constantine and Helena and Elenite.

The price rise was supported by steady interest in property and a large number of sale-and-purchase transactions. 

In the second half of the year the market began to stabilise. Many experts started talking about a decline in demand, inflated prices, and speculations about a property bubble forming that would soon burst. 

Nevertheless, we are currently looking at a market that is weaker than in 2022 – early 2023, but still alive and stable.  Let us note several key trends that will influence the property situation this year:

In Varna and Burgas a sharp fall in prices is not expected. Property in these cities enjoys steady demand. Students, professionals and foreigners choose these cities as their permanent place of residence. There is good social infrastructure and jobs. New buildings and residential complexes are being constructed constantly.

The pricing situation is largely dictated by prices for apartments in new-build developments. One should not expect a sharp fall in these prices or a return to 2020-2022 levels, since they reflect the situation in the building-materials market, including their cost and the level of inflation. 

Bulgaria Avenue experts anticipate property price increases in Burgas and Varna of around 5-8%. A more dynamic change is possible due to a sharp rise in inflation caused by economic or political events.

At the resorts, prices are expected to remain at their current level or rise slightly, which again will be triggered by inflation.

Demand for property will remain stable, despite the decline in interest towards seaside apartments and flats in Bulgaria on the part of Russian citizens. Clients from these countries are being replaced by buyers from Israel, Ukraine and Poland. There is also high demand from Bulgarian citizens. 

One should not expect the market to suddenly see a huge number of listings for flats in Burgas, Sveti Vlas, Varna, Ravda and other Black Sea cities and resorts. Property owners in Bulgaria from the United Kingdom and other countries who wanted to sell their flats and houses have either already done so or have decided to postpone selling.

Quality property in Bulgaria will remain in demand in 2024 as well. New residential complexes and multi-storey buildings continue to be built in cities and resorts. In villages around Burgas and Varna, cottages and townhouses are being constructed. All this makes it possible to speak of a fairly stable market situation.

Is it worth buying property in Bulgaria in 2024?

An analysis of the property market situation allows us to conclude that in 2024 buying an apartment or a house will be profitable both for permanent residence and as an investment. 

For year-round living in Bulgaria, apartments, houses and townhouses in Burgas, Varna, Sveti Vlas and Sozopol are an excellent choice. They are chosen by pensioners, families with children, single people and young couples. Studios are of interest to students and young professionals.

Studios, two-room and three-room flats in Pomorie and Nessebar, both in new-builds and older residential buildings, are often bought by pensioners and family people.

For investment purposes and letting property out, one can buy a two-room apartment or a studio in a residential complex in Sunny Beach, in Byala, or in the Saint Constantine and Helena resort. Most often such flats are let out in the summer. Property in the cities is suitable for long-term rental. Townhouses, one-room and two-room flats are in demand.

In the opinion of many experts, seaside property in Bulgaria will remain a profitable investment in 2024. 

Prices for Bulgarian property in 2024

By many estimates, prices for flats and houses in Burgas and Varna will continue to rise. The average increase will be 5%. In the centre and in districts located next to the sea and the Sea Garden, apartments with a favourable layout in good buildings will cost 8-10% more. 

The price per square metre in the cities is expected to be €1,800-2,200. Premium-class property may reach €2,800-3,000/sq m.

It will be possible to buy a flat more cheaply in Sunny Beach and Ravda. The price level here is €800-900/sq m. Thus, a studio from Bulgaria Avenue will cost €32,000-35,000, and a two-room flat €50,000-60,000.

In luxury residential complexes at the Saint Constantine and Helena resort and in Elenite, property costs more; the price per square metre reaches €1,200-1,500.

When planning to buy property in Sozopol, Nessebar, Pomorie and Sveti Vlas, one should expect a studio price starting from €40,000, a two-room flat from €55,000, and a three-room flat from €80,000.

Bulgaria Avenue is constantly working with property sellers and selects the most attractive offers. If the owner of a house, apartment or studio decides to sell their home quickly, we will definitely offer you this option and provide a reliable and transparent transaction. You can review the current offers on our website or by contacting us by phone or a convenient messenger.