Bulgaria has been known to attract foreign buyer with its cheap rural properties. The demand for properties in and around the top 4 major cities has driven prices up.
The country is naturally divided into two parts, the North and the South, by the Balkan mountain range. The East of Bulgaria attracts holidaymakers seeking the sunny beaches of the Black Sea. There are Varna (#3), the sea capital of Bulgaria to the North and Burgas (#4) to the South. The Central region is already popular with expats, who prefer Veliko Tarnovo to the North or Plovdiv (#2) to the South. Meanwhile, to the West have a split between the poorer North and the wealthier South. The latter is pricier also because of the capital city, Sofia (#1).
How much is a house in Bulgaria?
Houses in the North West have an average asking price of only 18,000 euros. Potential buyers would have to pay more than double, circa 39,000 euros if they want to dip their toes into the Black Sea.
A 3-bedroom house is the way forward
A three-bedroom house tends to be the most popular type of dwelling when it comes to properties available for sale in Bulgaria. The average price of such homes comes to approximately 32,000 euros, and it works out to about 7,000 euros more for an extra bedroom. Meanwhile, the 2-bedroom property costs about 25,000 euros.
There is very little seasonality in the asking price
A 3-bedroom average house price has seen a +12% increase in January 2022 when compared to a year ago. While a 4-bedroom property has declined in price by -6%. The lowest price of a 2-bedroom house was recorded in January 2022 – circa 18,000 euros. The highest was recorded in January 2021 (a year ago) and it was approximately 33,000 euros.
The North-West in detail
A 3-bedroom house costs an average of 18,000 euros in the North-West. It is the most affordable housing market in Bulgaria. The region is famous for its location to the south of the Danube River and to the North of Stara Planina Mountain. The main road E-79, currently undergoing a major renovation and extension, is connecting the Bulgarian capital Sofia and Romania to the North via the second bridge on the Danube River near Vidin.
Vratsa, a city with a 65,000 population, is quick to attract foreign investment. Two big international players in the automotive industry have recently opened new factories. There are a number of renovation projects backed by EU funding targeted at local public areas, parks and open spaces. Other cities such as Vidin, with 55,000 population, provide popular attractions such as “Baba Vida” Fortress and nearby Belogradchik Rocks.
Most of the houses for sale need serious renovation and repair.
Think about the big-ticket items such as roof repair, wall insulation, new garden fence, new windows etc. The rule of thumb is to set a renovation budget of at least the same amount as the asking price for the house. Whilst builders might be available in your chosen area, do your homework first and ask the local community for recommendations. Try and collect at least two different quotes for each job.
Plan ahead on your journey to a mortgage-free property in Bulgaria with our how-to guide. British nationals can purchase properties in the name of their Bulgarian company. Move2Bulgaria offers accountancy service you can trust.
Note: All pricing data provided in this article is based on the information from Jan 2021 to Jan 2022 as available on RightMove.co.uk
