Demand for property in the last three years has been steadily rising, especially since the previous year was 2016. "Dobromir Ganev, deputy chairman of the National Real Estate Association, said for Black Sea TV. Although the first quarter of 2017 shows some weakness according to the reports, the six-month period shows growth in property sales in two of the big cities in the country and one of them is Varna. In Sofia there is a growth of transactions of 4% and in Varna - 3% for the reporting period, compared to the same period last year. The other major cities with few exceptions show declines. Dobromir Ganev specified that there are also many transactions, which are done in "green" and register with the Entry Agency at a later stage, which also plays a role in determining the data, but it is not significant.
"The rise in property prices in several of the cities in the country shows that supply is less than demand, but this is not quite the case," commented Dobromir Ganev. "If we look deeper into the structure of sales, we will see that there is a very serious supply of old construction and not so much interest. Greater interest is directed at new projects in big cities. Current buyers have higher requirements, and investors, in keeping with these requirements, create their projects and buildings much better than materials, design and functionality. For this reason, in new construction, demand is greater than supply, "the expert said.
It turns out that the most commonly bought properties are those with one and two bedrooms, with one-bedroom dwellings being sought mainly by young families, retirement families who are separated by a larger home and buy less, and willing to invest.
"In recent months, for the first time in a few years, we have witnessed inflation in Bulgaria, which will also affect the people's desire to acquire ownership," Ganev said, adding that the data from the Registry Agency showed some 3500 deals in the Black Sea municipalities where buyers of property are mostly Russians. These figures also show an increase in the share of purchases by Bulgarians who see a good opportunity at good prices to acquire property to use in the long term.