Do you have a property for sale in Bulgaria?
If you’re looking to sell property in Bulgaria, then you might be interested in reading this article. We tell you exactly what to expect from the Bulgarian property market in 2018.
Well, if you’re in Bulgaria right now, you will have noticed that this is a country on the move. The Bulgarian economy has been doing very well, as a majority of the Bulgarian population reaches middle class status.
Remember, this was once one of the poorest countries in Europe back in the 1990s, when the Iron Curtain of communism was first removed. Bulgaria has come a long way since then. It is a middle income country these days with one of the fastest growing tourist economies in Europe.
Over 8 million foreign tourists visited Bulgaria in 2016 and close to 10 million in 2017. This goes to show that the “dark secret of Europe” is not a secret anymore and has become the hub of tourism in the region.
While there is a lot of interest in Bulgaria from foreign investors, the biggest buyers of properties remain the locals. Locals have a higher buying power than ever before because of fast rising incomes.
Property investment is considered to the safest way to spend money in Bulgaria compared to investing in the stock market or parking money in banks.
That’s why, even if things take a turn for the worse with the economy, the property market here will always do well, and is insulated from the ups and downs of the economy.
Home prices in Sofia have gone up by 10% to 15% last year and have reached 1,000 Euro per sq. meter. But it’s not just Sofia, the capital of Bulgaria that has been doing well.
The best news in the property market comes from ski resorts such as Bansko, where home prices have gone up by a record 30% in 2017. Also doing well are other ski resorts such as Borovets and Pamporovo.
The most exciting has been the Sunny Beach area. Sunny Beach has emerged as the best beach resort in Eastern Europe. Every summer, hundreds of thousands of foreign tourists flock to this area.
The Story So Far in 2018
The story in 2018 is that the rapid rise in home prices in Bulgaria is likely to slow down a bit, which is actually healthy for the property market.
It is never a good thing when property prices go up so fast so soon. A slight blip now and then can help keep things in check and prevent the market from boiling over leading to a bubble.
Bulgaria has a healthy property market, not a bubble. Home prices here are still very reasonable. Owning a property in Bulgaria allows you to earn a decent rental income, which means it is a valuable investment and not just a speculative one.
You’re welcome to contact us if you would like to know more about buying or selling property in Bulgaria.