The cost of housing in Bulgaria has surged dramatically in recent years, with prices climbing to levels many consider exorbitant. However, a recent study comparing over 60 countries suggests the situation is not unique to Bulgaria, as rising property costs have been accompanied by growing incomes worldwide.

According to the analysis by the platform BestBrokers.com, purchasing a 100-square-meter apartment in Bulgaria requires 199 average monthly salaries. While high, this figure is still more favorable compared to some neighboring countries. For example, in Greece, such a property would cost 228 salaries, in Slovakia nearly 300, and in Turkey over 600. The study relied on data covering property prices, inflation rates, mortgage interest rates, and net monthly incomes in each country.

Surprisingly, Denmark, known for its high cost of living, offers the most affordable housing relative to income. An average Dane would need just 114 monthly salaries to buy a 100-square-meter home. This is largely due to the country’s high income levels. Ireland and Sweden follow closely, with homes costing 123 and 129 salaries, respectively.

In Bulgaria, by contrast, saving the average salary would take over 16 years to afford a comparable property. Yet, when compared to other Eastern European countries, the situation is not as dire. Hungarians and Lithuanians need 226 salaries to buy a home, Poles require 242, and Czechs face the steepest challenge in the region at 274 salaries.

Interestingly, the affordability of housing in Bulgaria aligns closely with more developed nations like France and the United Kingdom, where a similar property costs 197 and 202 monthly salaries, respectively. By comparison, Turkey and China present far grimmer scenarios, requiring over 600 and 680 salaries, respectively, to purchase a home.

While the data provides valuable insight for international comparisons, the figures should be treated with caution as they reflect average values. In Bulgaria, current property prices appear to have plateaued, making transactions increasingly challenging. Online listings continue to feature unusual offerings, such as a modest 14-square-meter bungalow priced at €14,000, or garages listed for the cost of full apartments. One notable example is a small house in Sofia's Obelya district advertised at €2,000 per square meter, showcasing the extremes of the local property market.

Sources:

• BestBrokers.com
• econ.bg