Bulgaria's Real Estate Boom: Varna Outpaces Sofia in Price Growth

Business » PROPERTIES | July 2, 2024, Tuesday // 09:10
Bulgaria: Bulgaria's Real Estate Boom: Varna Outpaces Sofia in Price Growth

In Bulgaria, residential property prices are on the rise, with Varna leading the charge ahead of even Sofia, according to recent statistics reported by Nova TV.

During the first quarter of this year, Varna saw a significant increase of 9% in housing prices, slightly outpacing the growth in the capital city. Despite these hikes, there appears to be unabated interest from prospective buyers, indicating a robust market demand.

Iliana Grudeva, currently in search of a spacious apartment in Varna, emphasized her need for a larger living space. "I want a multi-room apartment, preferably with three rooms, as my three children are at an age where separate rooms are necessary," she explained. Grudeva expressed urgency in her decision to buy, citing escalating prices and the uncertain impact of potential Eurozone integration on property values.

Despite Varna now boasting the highest property prices nationwide, the 9% surge has not deterred prospective buyers. "The price increase does not discourage buyers. If anything, it motivates them to act swiftly," noted Ivaylo Gradev of the National Association of Real Estate. "After years of speculation about falling prices and rising interest rates, people are observing the market closely and opting to make purchases sooner rather than later," he added.

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Tags: Varna, sofia, property, prices

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