Bulgaria is facing a sharp rise in construction material costs, which experts warn will drive property prices higher. Svetoslav Zhekov, chairman of the Chamber of Builders in Varna, told Radio Varna that prices for bricks and concrete have surged, with concrete seeing the most dramatic increase, ranging from 15 to 25 percent. He noted that this rise will directly impact the cost of new construction projects.

Zhekov attributed the jump in concrete prices to recent increases in cement costs by several domestic producers, which occurred alongside the euro conversion and currency revaluation. Authorities monitoring price hikes have been notified, and Zhekov emphasized that the sudden spike is a serious concern for the sector.

Iron prices have also risen, adding further pressure to construction costs. According to Zhekov, buyers who previously could negotiate favorable deals for new properties before the New Year will find this increasingly difficult after January 15, as the higher material costs push overall property prices upward.