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Real estate market on Bulgaria’s Black Sea coast heats up

Buyers of real estate properties are mainly Bulgarian nationals or foreign nationals from EU member states

Photo: burgas.bg

80% of the purchasers of holiday properties along Bulgaria’s Black Sea coast are Bulgarian nationals, indicate data of experts from a large construction and investment company. “The travel restrictions stemming from the coronavirus pandemic and the uncertain economic environment made a number of people take action and buy properties. The prices of holiday properties remain stable, unlike the prices of urban properties which have continued to increase in the past twelve months”, note analysts in the field of real estate properties. In fact, investing in real estate properties along this country’s seacoast is a better option than buying a small flat in a big city.

“We have witnessed a sharp increase in the number of real estate transactions in the coastal towns of Sozopol, Nesebar and Pomorie”, said Diana Ivanova, manager of a real estate agency in Burgas. People are investing in holiday properties, so they can use them all year round, Diana Ivanova said in an interview for BNR-Burgas. The real estate properties in Sozopol have already been sold, said Diana Ivanova:

“The real estate market has heated up this summer both in terms of prices and the number of property transactions. Investors have been looking to buy properties not only in the city of Burgas, but also in other areas. People are looking for finished apartments, as well as for uncompleted projects, indicate data of notary offices located in this country’s coastal towns. The number of real estate properties signed at the notary offices has increased significantly. The property prices depend on whether the apartment sold on the real estate market is finished, whether it is located in a new building. Real estate prices also depend on the location of the given property. Investors who want to buy properties located in closed-type holiday complexes take the prices of maintenance, service and management of the property into account.”

According to real estate agents, the property prices in the area vary widely. However, investors mainly prefer properties whose prices fluctuate between EUR 800 and EUR 1,200 per square meter. “Some real estate properties are sold at higher or lower prices. Small apartments located in holiday complexes where maintenance is not perfect are sold at lower prices, which attracts investors’ interest, Diana Ivanova told BNR-Burgas.”

“Customers prefer finished and furnished apartments. Apartments from the secondary market, as well as newly built flats and apartments located in buildings under construction, are being sold at present.”

Buyers of holiday properties are mainly Bulgarian nationals, who want to invest their money. Some of them work abroad and invest their savings in this country. “Our clients are mainly Bulgarians. Sometimes, foreign citizens from EU member states also buy properties here. The Russian nationals mainly act as sellers of real estate”, added Diana Ivanova.

Compiled by: Gergana Mancheva (based on interview by Svoboda Atanasova, BNR-Burgas)

English version: Kostadin Atanasov

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