Bulgarian Property prices have increased with an average of 30% and 35% in bigger cities and holiday and spa resorts. The total number of Notary deals is 311 000, which is approximately 4%-5% more than last year.
According to data, provided by Bulgarian Properties agencies, there are about 3 million sq.m vacational properties under construction – 2 m illion sq.m along the seaside and the rest mainly near Bansko.
The secondary Bulgarian properties market has also began to expand as there are many owners who have purchased real estates as an investment. This market consists mostly of properties bought off-plan a few years ago by English people.
Changes in customers have also been registered for the last year. Clients from UK and Ireland are less, compared to those from Russia, Greece, Roamnia and Bulgaria.
Bulgarians have begun purchasing properties located in holiday resorts. However, most of the Most of the clients were business owners and people working in tourism full-time. Their average budget requirements are up to 25 000 EUR.
According to property forecasts, there will be a slight recess in the holiday property market. However, this is expected to result only in the number of deals, but it is not likely to cause a decrease of the prices.