Polina Stoykova: 2016 Is Extremely Dynamic Year for Bulgarian Real Estate Market
Tuesday, 13 December 2016
2016 has been a very dynamic year for Bulgarian real estate market and for the first time in many years the trend has been entirely positive. Growth has been witnessed in sales and prices, as this growth in Sofia reaches two-digit numbers, Executive Director of Bulgarian Properties Polina Stoykova told Radio Bulgaria. These days, analysts have been observing a more mature market, dominated by domestic demand and by factors such as migration to big cities, rising incomes and very favourable conditions for mortgage lending, Stoykova said and added:
"In 2016 demand focused mostly on residential housing, predominantly in big cities. Sofia is leader in sales, but it should be pointed out that in Plovdiv, Varna, Burgas and Stara Zagora trends are positive too with sales growth reaching between 5% and 10%. Real estate prices marked almost the same growth. In Sofia the market ends the year with a 12-percent price rise, which is double the rise marked in the previous year. Furthermore, buyers have been looking for making investments in real estate and receiving rent. I must say that this year there is a trend of high demand in the segment of holiday homes. Currently, about half of the purchases of vacation homes at the seaside and in ski resorts are made by Bulgarians and before that this market used to be mainly dominated by foreigners."