- The total number of real estate transactions in Bulgaria in 2024 remained at the 2023 levels.
- Growth was recorded only in apartment sales, while house and land transactions declined.
- Bank loans are becoming increasingly crucial-73% of transactions in Sofia were mortgage-financed, compared to 43% nationwide.
Burgas has emerged as Bulgaria's top real estate market in 2024, with transactions surging by 25% year-on-year, driven by growing demand for both residential and holiday properties. Varna has now edged out Plovdiv in transaction volume, while Pleven overtook Stara Zagora. The real estate fever is particularly strong in holiday hotspots-Nesebar municipality, home to the buzzing Sunny Beach seaside resort, and Razlog, the gateway to Bansko's ski resort, both ranking among Bulgaria's six largest markets. Nesebar recorded more apartment sales than Plovdiv, while Razlog outpaced Ruse and Stara Zagora.
Data from Bulgaria's Registry Agency, provided to Capital Weekly, categorizes properties into individual units, buildings, and land plots. Unlike official statistics based on deed registrations, this method provides a more detailed market picture. While deed registrations dipped by 1.28% in 2024, actual property transactions remained steady at 269,387-just 0.13% below the 2023 levels.
Apartment Market Trends
Apartment sales climbed by 6.9% to 95,525 units in 2024, showcasing the resilience of the housing market. Meanwhile, house sales saw a decline of 2.4% to 33,332 transactions. Combined, apartment and house sales grew by 4.32%, maintaining strong momentum despite rising prices.
Land transactions fell by 3.9%, with 140,530 land plots changing ownership. However, due to varying parcel sizes and fragmentation, interpreting this decline remains complex.
Regional Market Shifts
With shifting regional trends and the growing role of mortgage financing, Bulgaria's real estate market remains dynamic, attracting both local and foreign buyers.
Only 24 of Bulgaria's 113 property registry offices recorded over 1,000 transactions in 2024. Burgas led with a remarkable 25% increase, followed by Pomorie (13%) and Sofia (10%). Other standout performers include Pleven (10%), Shumen (9%), and Stara Zagora (7%). Sofia remains the nation's property powerhouse, with 29,437 transactions-nearly 23% of all deals nationwide. Varna (10,800) narrowly surpassed Plovdiv (10,283), while Burgas, the star of the year, approached 7,000.
The holiday property market remains vibrant, with Nesebar (8,256 transactions) once again outperforming Burgas. The registry office handling transactions from Sunny Beach and the surrounding area recorded Bulgaria's fourth-largest real estate turnover. Razlog (2,503 transactions) also showed strong activity, surpassing Pleven (2,306) and Stara Zagora (2,283).
Rising mortgage activity
Mortgages are playing an increasingly important role in property transactions. The number of mortgage-financed home purchases surged by 18.5% in 2024, expanding their share by five percentage points to 43%. Sofia leads the trend, with 73% of deals involving mortgages, followed by Stara Zagora at 68%. Other major cities with over 50% mortgage-financed transactions include Varna, Plovdiv, Ruse, Pleven, Shumen, and Blagoevgrad.
The most significant mortgage growth was recorded in Veliko Tarnovo (31.6%), followed by Burgas (31%), Pomorie (25%), and Pleven (23%). Sofia, Vratsa, Kazanlak, Haskovo, and Gabrovo also experienced notable increases of around 20%.
Holiday homes, however, continue to be predominantly cash purchases. In Nesebar, mortgage-backed deals remained at just 8% for both years of available data. Razlog reported 13%, while Pomorie saw a slight rise, from 16% to 17%.
- The total number of real estate transactions in Bulgaria in 2024 remained at the 2023 levels.
- Growth was recorded only in apartment sales, while house and land transactions declined.
- Bank loans are becoming increasingly crucial-73% of transactions in Sofia were mortgage-financed, compared to 43% nationwide.
Burgas has emerged as Bulgaria's top real estate market in 2024, with transactions surging by 25% year-on-year, driven by growing demand for both residential and holiday properties. Varna has now edged out Plovdiv in transaction volume, while Pleven overtook Stara Zagora. The real estate fever is particularly strong in holiday hotspots-Nesebar municipality, home to the buzzing Sunny Beach seaside resort, and Razlog, the gateway to Bansko's ski resort, both ranking among Bulgaria's six largest markets. Nesebar recorded more apartment sales than Plovdiv, while Razlog outpaced Ruse and Stara Zagora.
