site.btaBulgarians Prioritize Vacation Property Purchases, Study Shows

Bulgarians are now the primary buyers of coastal holiday properties on the Southern Black Sea coast, revealed a report released on Tuesday by Green Life Development & Resorts, a construction and property development company. Over the past few years, Bulgarian buyers have increasingly dominated the property market in the Southern Black Sea area. By early 2024, they made up nearly 90% of all property purchases in that region.

The market dominance of Bulgarians in real estate has grown annually since the start of the COVID-19 pandemic. Foreign buyers from Germany, Israel, and Poland amount to only 10% of the market. Project development now primarily caters to the preferences of Bulgarian nationals. Ekaterina Zhelyapova, commercial director, observed a growing diversity among the customer base.

Five years ago, the Bulgarian property market primarily attracted buyers over the age of 50 who invested in lower-priced real estate. Recently, a new group of clients has emerged in the market, diversifying the buyer profile.

Zhelyapova noted that families with young children, especially those aged 30 to 40, have become the most steadfast clientele. This trend is driven by their desire for secure, comfortable locations for summer holidays that require minimal planning. Additionally, rising hotel costs made purchasing private beach houses a financially sound decision.

The rising costs of holiday accommodations, including hotels and short-term rentals, have made these options expensive for younger people. In response, some have considered buying holiday homes as a more permanent solution. The prices of these properties have increased modestly in recent years and are expected to rise further next year. Compared to flats in the capital, holiday homes are 20% cheaper.

In the coastal town of Sozopol, the starting price for a one-bedroom flat is EUR 75,000, and a two-bedroom property costs EUR 95,000. Higher-class properties go for EUR 130,000 to 140,000.

Russian-speaking owners of holiday properties have stopped actively selling their assets despite interest from Bulgarian clients. The secondary market is currently experiencing a slowdown, as indicated in the report.

Sozopol remains a popular destination in Bulgaria, appealing to a broad audience with its amenities, cultural heritage and diverse recreational activities.