80% of buyers of second homes along Bulgariafrom the Black Sea coast are Bulgarian nationals, according to expert data from a large construction and investment company. “Travel restrictions stemming from the coronavirus pandemic and the uncertain economic environment have prompted a number of people to take action and buy properties. Vacation property prices remain stable, unlike urban property prices which have steadily increased over the past twelve months,” property analysts note. In fact, investing in real estate along the coast of this country is a better option than buying a small apartment in a big city.
“We have seen a sharp increase in the number of real estate transactions in the coastal towns of Sozopol, Nessebar and Pomorie,” said Diana Ivanova, director of a real estate agency in Burgas. People invest in vacation properties, so they can use them all year round, said Diana Ivanova in an interview for BNR-Burgas. Real estate properties in Sozopol have already been sold, said Diana Ivanova:
“The real estate market has warmed up this summer both in terms of prices and the number of real estate transactions. Investors sought to buy properties not only in the city of Burgas, but also in other regions. People are looking for finished apartments, as well as unfinished projects, data from notary offices located in the coastal cities of this country show. The number of properties signed with notaries has increased considerably. Real estate prices depend on whether the apartment sold on the real estate market is finished, whether it is located in a new building. Real estate prices also depend on the location of the given property. Investors who want to buy properties located in closed-type holiday complexes consider the prices of maintenance, service and management of the property.
According to real estate agents, property prices in the area vary widely. However, investors mainly favor properties whose prices fluctuate between 800 and 1,200 euros per square meter. “Some properties are sold at higher or lower prices. Small apartments located in holiday complexes where maintenance is not perfect are sold at lower prices, which attracts the interest of investors, Diana Ivanova told BNR-Burgas.
“Customers prefer finished, furnished apartments. Secondary market apartments, as well as newly built apartments and apartments located in buildings under construction, are currently being sold.
Buyers of vacation properties are mainly Bulgarian nationals, who want to invest their money. Some of them work abroad and invest their savings in this country. “Our customers are mainly Bulgarians. Sometimes foreign citizens from EU member states also buy properties here. Russian nationals mainly act as sellers of real estate,” added Diana Ivanova.
Compiled by: Gergana Mancheva (based on an interview with Svoboda Atanasova, BNR-Burgas)
English version: Kostadin Atanasov