What are the trends in the most progressive real-estate market (REM) in Eastern Europe after the removal of most measures related to the Covid-19 pandemic? Is now the time to invest in Bulgarian REM? In our opinion, the answer is: YES. Because property prices and rents are falling. For example, in rents, where liquidity is more serious, the decline is already in the order of 9%.
Housing prices depends mostly on the unemployment rates in the country and the general economic situation. For the last 2 months housing prices in Bulgaria have fallen by 3-5% compared to house prices before the pandemic.
This is not yet such a sharp drop in prices. But currently the internal market is much more strongly influenced by external factors. Given the situation in the United States, the economic crisis and the impending second wave of the pandemic, prices are expected to fall further. This means that now is the time to make a serious investment in this sector in Bulgaria. The best option for you, if you are a foreigner and have more serious intentions for business in Bulgaria, is to combine the purchase of a property with applying for Bulgarian citizenship by Investments.
In this way “you will hit two rabbits with one bullet”! The investment will serve you to achieve two major goals:
The most serious differences compared to the prices before the pandemic are on the Black Sea coast. Which is great news for investors. The Bulgarian Black Sea coast is an attractive destination for investors from all over the world due to the well-developed tourist industry. In the last 20 years, modern resorts for every taste have been built there, and the influx of tourists is growing every year.
Currently, the observed decline is about 4% of apartments in Burgas and about 6% – in Varna. There is a serious drop in prices of about 7% in Stara Zagora, while in the capital Sofia and the second largest city in Bulgaria, Plovdiv, real estate prices have fallen by about 3%.
In the 6 major cities in Bulgaria, the number of apartments for rent has fallen by 21% since the beginning of the Covid-19 crisis.
With the abolition of measures related to the coronavirus, the REM in Bulgaria is expected to return to its normal rhythm. And some even portend a boom in deferred deals.
All specialists in the real-estate business share one opinion. We are witnessing an unprecedented situation. All predictions for the real estate market are difficult, as it depends more on the decisions of politicians and epidemiologists than directly on market participants.
However, our experts believe the time is right to make a serious investment in the REM in Bulgaria. And especially on the Bulgarian Black Sea coast. As already mentioned, the optimal option is to combine this investment in real estate with applying for Bulgarian citizenship under the program Citizenship by Investment. The Bulgarian CBI program is the best in Europe – proven.
Find out HERE what are the steps you need to take if you have decided to apply for Bulgarian (EU) citizenship under the Citizenship by Investments program. The Euroformat.eu team is part of the international law firm VD&A with offices in Sofia, Hong Kong, Dubai and others. Our experts and lawyers have serious experience in the field of real estate in Bulgaria and will help you make the best choice.
You will feel our help at every stage of your application for the Citizenship by Investment Program – Bulgaria. Maximum transparency, trust and absolute professionalism – this is what we rely on in our office. That is why we have an unblemished reputation and great customers from all over the world. Call us.