Decline in Real Estate Transactions in Bulgaria: Further Price Growth is Not Expected
At the end of last week, a business forum dedicated to the challenges facing the real estate market in Bulgaria was held in Varna. The experts who took part in the event united around the opinion that the past year was successful for the real estate market in Varna. There is a growth in both demand and supply, as well as in new construction, where the growth is about 22%.
For the last two quarters of 2022, however, a decline in the number of transactions is observed in Bulgaria. Maria Parova, who is the manager of one of the largest real estate agencies in our country, said this in an interview with Radio Varna.
"Against the background of the first two quarters, Varna ended the year with positive results and there is even a minimal growth in transactions. What we observe is that buyers make difficult decisions about the purchase of a property, do more inspections and take longer to think things through. Together with the decrease in transactions, this means that the market goes from growing to a plateau. That is, it becomes more balanced," commented Parova.
She does not expect property prices to rise this year.
"If there are no cataclysms, as in the last two years, I expect prices to maintain their current values," commented the expert.
According to Maria Parova, the war in Ukraine and the wave of refugees in Bulgaria have affected the rental market, which until then was at a standstill due to the pandemic. The increase in rental prices is about 30-40%, she also shared.
Since the end of last year and the beginning of this year, there has been a tendency for Ukrainian citizens to purchase property in Bulgaria more and more often. They are looking for all kinds of properties, and the leading factor in their selection is the price and the budget they have.
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