Real estate prices in Burgas doubled over the past year

Meden Rudnik is the most affordable neighborhood for buying a home in the city, and the Lazur neighborhood and the center offer the most expensive properties.

Housing prices in all main neighborhoods of Burgas have increased by double digits by the end of September this year compared to the same period last year. The housing market in the city is active, judging by the data of the Registry Agency on the transactions made, as it became the leader in the country in terms of growth in transactions in the second and third quarters.

The offer prices of one-bedroom and three-bedroom apartments are highest in the Lazur neighborhood, which is one of the most preferred for living due to its proximity to the Sea Garden and the city center. There, they are already approaching the threshold of 2,000 euros per sq. m, with average prices for two-room apartments reaching 1,938 euros per square meter and marking the largest annual increase of 28%, and for three-room apartments they are at the level of 1,980 euros per square meter, an increase of 27 percent compared to a year earlier.

In the center of Burgas, the prices of two-room apartments have increased by 22% per year and are already exceeding the mark of 2000 euros per sq. m with an average level of offer prices of 2015 euros per sq. m. Three-room apartments have risen more moderately by 14 percent on an annual basis and the average offer prices now reach 1807 euros per sq. m.

In third place among the most expensive neighborhoods in Burgas for buying a two-room and three-room apartment is the central district "Bratya Miladinovi". The offer prices of the apartments there reach an average level of 1698 euros per sq. m for two-room apartments and 1699 euros per sq. m for three-room apartments. They mark the slowest growth per year among the seven neighborhoods in Burgas surveyed, at 10% and 12% respectively.

Among the expensive neighborhoods for buying a home in the city is the central Vazrazhdane, where the average asking price for two-bedroom apartments has already reached 1,555 euros per square meter, having increased by 20% year-on-year. Three-bedroom apartments are offered at an average price of 1,575 euros per square meter and have also increased by 18% per year.

At the same time, the Meden Rudnik neighborhood, which is the largest in Burgas, is the only one included in the statistics where the prices of two-bedroom and three-bedroom apartments have not yet passed the threshold of 1,000 euros per square meter, but are very close to it due to the strong price growth over the past year of 20% and 29%, respectively. Thus, the average asking price for two-bedroom apartments in the neighborhood reaches 987 euros, and for three-bedroom apartments – 945 euros per square meter.

More affordable homes for purchase can also be found in the northern neighborhoods of Izgrev and Slaveykov. In the former, the average asking prices of two-bedroom apartments have increased by 22% per year and reached 1,253 euros per square meter, while three-bedroom apartments have increased in price by 14% per year to an average of 1,175 euros per square meter. In the Slaveykov neighborhood, the prices of two-bedroom and three-bedroom apartments have increased by 20% and 19% per year, respectively, and have reached average levels of 1,293 euros and 1,267 euros per square meter.