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The pandemic failed to hit the real estate market hard

The real estate market in Bulgaria is alive despite the pandemic and the crisis. Expectations are for a fall in prices for this year by an average of 5%.

There is about 18% decrease for the whole country in the concluded real estate transactions for the first half of the year. For Sofia the decline is 13%, and the lowest decline is for Varna -  only 7.5%, in Plovdiv is 15%, for Burgas is 19%. However, the volume of transactions is significant.

For the first half of last year in Sofia were concluded 13 thousand deals, and for this year they are 11 thousand. The situation is similar in other cities.

The data for the first quarter of the National Statistical Institute show that for four years the housing prices in Sofia have risen by almost 50 percent, which ranks our capital first among the big cities in the ranking for increase in the property prices.

The new active groups in the real estate market are individuals and companies with significant savings who want to take advantage of the situation - this is a normal process. Another new group are Bulgarians who have returned from abroad, and they also buy or rent property.

The rental market in the big cities lost some of its momentum during the pandemic due to the closed schools and universities since March, so it has suffered slightly, but not much. Slightly lower rental prices are also reported.