Bulgarians most willing to invest in local real estate – Novinite.com
The Covid-19 crisis has affected all spheres of activity. However, according to data from Bulgarian real estate agents, demand and sales of housing have increased, especially in large cities. According to them, this is due to several reasons, but the latest increase in real estate sales is mainly due to the return of confidence in Bulgariareal estate market. Investors have a keen interest in depreciated vacation properties sold primarily by foreign nationals rushing to sell their properties in Bulgaria even at prices below market prices. This is so because these people find it difficult to travel during the coronavirus pandemic. The main buyers of real estate in Bulgaria are Bulgarian citizens living in Bulgaria or abroad who invest their savings in properties, in order to rent them out or spend their summer vacations there.
Almost no stranger investors buy real estate at Bulgaria more, Kaloyan Balinov, co-owner of a real estate agency told BNR-Varna:
“Our Romanian neighbors are now the only foreign nationals interested in Bulgarian property. Some Russians settled in Germany also bought a property in Bulgaria as a form of investment. During the winter, airlines suspend flights due to Covid-19 restrictions. This is why foreign nationals who own property in Bulgaria travel to this country during the summer season, but during the winter their trip to Bulgaria is very difficult and expensive. On the other hand, Bulgarians have shown a greater interest in Bulgarian properties. Real estate sales have increased significantly. Buyers try to buy off-plan properties or properties under construction. An entire residential complex consisting of four houses was sold even before construction began. The highest interest in real estate properties was recorded in Plovdiv, followed by Sofia and Varna.
According to real estate agents, property prices have increased slightly. According to them, this is due to higher prices for building materials, rather than greater demand. “The prices of iron and wood have doubled. As a result, the prices of new homes have increased by 10-20%. This is the result of the post-pandemic crisis, ”continued Kaloyan Balinov, adding:
“Housing prices in Varna have increased this summer. Residential buildings are being built in new areas. Prices vary from 650 to 900 euros per square meter. Investors are also interested in the properties of the village, which are a prime destination for tourism during the weekends. People want to own property away from traffic noise in cities. In addition, the prices of these properties are quite attractive and are much lower than the prices of urban properties, ”said Kaloyan Balinov.