Foreign Interest Surges in Bulgarian Property Market, Especially in Resorts
Real estate agents have reported a surge in property purchases by foreigners in Bulgaria's resorts and major cities like Sofia, Plovdiv, Varna, and Burgas
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member. This represents an impressive annual growth rate of 20.4%, marking a significant increase over the past decade, where incomes have more than doubled, growing by 2.3 times.
When accounting for inflation, real household incomes saw a notable increase of 10% over the past year, with a staggering 158.5% surge compared to 2014. The data also highlight substantial growth in income from salaries, rising by 22.5% compared to 2022, and from pensions, which increased by 13.6%.
On the expenditure front, households spent an average of BGN 10,044 per person in 2023, reflecting a 19.7% increase from the previous year and a 2.2-fold rise compared to a decade ago. Notably, spending on leisure, cultural activities, and education saw the most significant growth, surging by 46.8%, followed by expenditures on clothing and footwear, which rose by 23.8%, and on food and soft drinks, increasing by 18.1%.
In terms of consumption patterns, the statistics indicate a continued decline in the consumption of bread and pasta, with consumption in 2023 averaging 3.1 kg per household member. Conversely, consumption of meat products increased by 0.8 kg, fruits by 0.6 kg, non-alcoholic beverages by 5.9 liters, and alcohol by 2.9 liters per household member.
The data underscores a positive trend in household purchasing power, with the largest increases observed for butter (16.9%), ripe beans (16.5%), and bread (15%).
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Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
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