Bulgaria Nears Euro Adoption, Says European Parliament President
The President of the European Parliament, Roberta Metsola, highlighted Bulgaria's progress toward adopting the euro as its primary currency, describing it as "one step away"
In 2023, around 4.9 percent of residents aged 16 and older in the European Union reported experiencing housing difficulties, defined as lacking a permanent home and relying on temporary accommodation. This data was released by Eurostat, highlighting a significant disparity among those at risk of poverty or social exclusion, with 8.5 percent experiencing similar issues. Conversely, only 3.9 percent of individuals not at risk of poverty reported facing housing challenges.
Bulgaria ranks fifth among EU nations with the lowest percentage of its population facing housing difficulties, with only 1.5 percent reporting such issues last year. This places Bulgaria after Slovakia (1.3 percent), Italy (1.2 percent), and Poland and Hungary (both at 0.8 percent). In stark contrast, Cyprus (11.2 percent), Finland (10.8 percent), and Denmark (9.4 percent) have the highest rates of housing difficulties.
Among those at risk of poverty or social exclusion, Denmark leads with 18.4 percent experiencing housing difficulties, followed by Finland at 17.5 percent and France at 17.1 percent. On the other hand, Poland (1.9 percent), Italy (2 percent), and Hungary (2.1 percent) report the lowest rates for this group.
The age groups of 16-29 and 30-54 reported the highest levels of rent payment difficulties, at 14.8 percent and 14.7 percent, respectively. In contrast, the percentage declines for the 55-64 age group (12.8 percent) and those aged 65 and above (6.7 percent).
The findings indicate that individuals at risk of poverty or social exclusion across all age groups struggle with rent affordability, although this issue diminishes with age. For those in the 30-54 age group at risk of poverty or social exclusion, 27.7 percent reported difficulties in affording rent. This is followed by 24 percent in the 55-64 age range and 22.1 percent among those aged 16-29. The lowest proportion, at 12.9 percent, was found in the 65 and older category.
The cost of housing in Bulgaria has surged dramatically in recent years
Rents in Sofia, Varna, and Burgas are seeing significant growth, but they remain among the most affordable in Europe
If Bulgaria adopts the euro in July 2025, property prices are expected to rise further
In the third quarter of 2024, housing prices in Bulgaria saw a notable rise of 16.5% compared to the same period last year
The real estate market in Sofia remains robust as the year draws to a close
Housing affordability in Sofia has improved since the pandemic, making it one of the few capitals in Central and Eastern Europe (CEE) to experience this positive trend
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