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Polina Stoykova and Ivan Krumov about the property market on NOVA TV
Property prices in Bulgaria have jumped by almost 80% in the last 10 years. This is shown by Eurostat data. The most serious price increase was recorded in Estonia - 220%. In our country the jump is nearly 80%, and in Italy the trend is the opposite. There, a cheapening by 8% is reported.
Sofia ranks at the top in terms of property price growth when compared to 107 other cities worldwide. It is impressive that the appreciation in our capital is ahead of Sydney and New York. In a year, the reported jump is almost 9%.
NOVA TV turned to BULGARIAN PROPERTIES for comment on these trends.
The Managing Director of the company, Polina Stoykova MRICS, said that despite the serious price growth, the demand for property in the Bulgarian capital remains high. BULGARIAN PROPERTIES data shows that from 2020 to 2023 prices in Sofia have jumped by another 50%. "The main factors driving the market are the incomes of the population. We see incomes growing steadily in the years since 2010. Another thing that influences the market is the economic growth, low unemployment, low mortgage interest rates," she adds.
Choosing an apartment in a new building remains the preferred option for buyers. "New construction is going at a faster pace. There is a higher amount of sales there for two reasons. The first is that in terms of supply, old construction is lower. The other is that people prefer to buy a new home," says agent Ivan Krumov. He and his colleagues expect price growth to slow in the new year.
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Buying or selling a property in Bulgaria? You can count on us!
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