Bulgarian Housing Market Predictions For 2024: Stable Year And Increase In Prices

According to Yavor Peychev, CEO of “Imoteka” a part of the “Realto Group”, Bulgaria can expect a stable year, with the number of real estate transactions remaining similar to that of 2023, and a gradual increase in prices for quality newly-built properties in major cities. This information was shared during the presentation of data on the current state of the market to journalists.

The expert confidently expressed the belief that new construction and high-quality properties will continue to experience moderate growth, and this growth will be maintained between 2-6%, or at least notably so in the first half of the year. He pointed out that mortgage financing will remain a key factor for buyer motivation, as he does not anticipate a sharp increase in interest rates. According to him, this means that funds will be accessible to buyers. Peychev emphasized that even with an increase in interest rates by 0.3%, 0.6%, or even one percent, it will not have a substantial impact on buyer behavior.

Yavor Peychev acknowledged that it's possible for some people to prefer renting, which could stimulate this sector of the market. However, he emphasized that the number of transactions and buyer activity will remain stable, despite expectations for euro adoption and Bulgaria's entry into the Schengen zone, which he considers positive factors, encouraging Bulgarians in their decision to buy property. Additionally, with the control of inflation in the country and the slight increase in demand compared to supply, the expert predicts that we can expect a stable year.

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