Rural property prices have doubled since the pandemic

After the pandemic, there was a great interest in properties in the villages, mostly from Bulgarian buyers, which led to almost a double jump in the prices of these properties. However, the process of rising prices is already calming down and is close to a peak that will remain stable.

After the withdrawal of the British and Irish, who bought in 2005-2008, rural real estate was a severely depressed market, with falling prices and low sales. Now, however, there is a movement in the market and prices have risen as demand is very high. "Average prices have risen from 20,000 to 25,000 euros per house before the pandemic to nearly 50,000 euros in the first quarter of 2022.

Prices will not rise yet, as buyers are reluctant to give space sums, as some owners want. Many Bulgarians are turning their savings to buying property, as property is a safe haven in times of crisis and inflation. The conditions for bank lending also remain unchanged, and unemployment is low - there are no factors to stop demand.

With regard to Russian property owners in resort towns on the Black Sea coast, there is no process of increased supply. There is also uncertainty for them - whether they will be able to get their money in a possible deal and whether they will be able to travel to use the property. The Russian owners have been active in the market for many years, and in the last 5-6 years there have been more sellers than buyers. This is a process that began long before the war.

However, property prices in the resorts have risen significantly, as we have a period of 10 years in which there was no new construction in the resorts, and all secondary supply began to run out. Due to high demand, prices have returned to levels 10 years ago and the long-running process of falling prices has already been reversed.