In Bulgaria, (soviet-style) panel apartments (panelkas) continue to see rising prices as demand remains strong, according to real estate brokers. This trend affects both newly constructed homes and older panel buildings, with high interest driving up costs across the market.

The value of panel apartments depends heavily on the condition of the property, the extent of renovations, and its location. In some cases, an older apartment that has been recently and thoroughly renovated in a desirable area can command a higher price than a newly built home. Beyond location and size, factors such as future repair needs, maintenance of common areas, and the building’s overall condition also play a significant role in determining pricing.

Buying a new construction apartment offers certain advantages. Residents usually share similar financial means, which minimizes the risk of unpaid contributions for common area upkeep. Additionally, major maintenance issues such as elevators, roofing, and plumbing systems are unlikely to arise soon. Panel homes, by contrast, offer the benefit of maximizing actual living space, but older units may require further repairs, adding to the overall cost. Newer buildings also provide advantages in design, energy efficiency, and the quality of the surrounding environment.

In Varna, prices for fully renovated panel apartments in inspected and insulated buildings range between 1,300 and 1,500 euros per square meter, brokers noted. In central parts of the city, some homes reach prices exceeding 3,000 euros per square meter, reflecting both their location and upgraded condition.