Bulgaria Sees Surge in Demand for New Construction Amid Rising Property Prices

In Bulgaria's real estate market, recent trends highlight a significant shift toward new construction. The latest data indicates that Bulgaria ranks second out of 56 countries surveyed by Knight Frank for price growth. This surge in prices coincides with a high rate of construction in major cities and a slight rise in home loan interest rates.

A noticeable trend in recent years is the increasing preference among buyers for newly built properties. New constructions are favored for their superior quality, better insulation, improved distribution of space, and modern amenities, such as smart home features and additional storage. This trend is driving sales for large real estate agencies, many of which are now developing their own projects to meet client demand.

The older panel buildings, first constructed in the late 1950s and more prominently in the 1960s, are now between 60 to 70 years old, prompting many residents to seek newer alternatives. This shift is evident in neighborhoods like Ovcha Kupel, Mladost, and Lyulin, where panel buildings are prevalent. New developments are also attracting interest in emerging areas such as Malinova Dolina, Vitosha, Krastova Vada, and Manastirski Meadows, although these areas still lack fully developed infrastructure.

The demand for new properties remains strong in well-established neighborhoods, while developing and peripheral areas offer more affordable options. In Sofia, buyers increasingly prefer homes near metro lines and locations with accessible amenities, including kindergartens, schools, and healthcare facilities. Parking issues are often addressed by purchasing additional parking spaces or garages.

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