site.btaReal Estate Prices Will Continue Upward Trend This Year - Expert

Real estate prices will continue to increase this year, but at a slower pace compared to last year, said in an interview for BTA the chief analyst of the National Registry for New Constructions and Reconstructions, Peter Mastikov, basing his arguments on the current data about construction, the economic and political conditions. 

An increase of around 10% can be expected, and this is mainly due to the psychological effect of Bulgaria's upcoming possible entry into the eurozone, the expert said.

Bulgaria's entry into Schengen is very likely to lead to an increase in investments in new industrial areas this year and in holiday properties because of expectations of increased demand for second homes in Bulgaria from foreigners - mainly from Greece and Romania. This will also reflect on the construction of new hotels.The upward trend in new office construction will continue.

This year the residential properties sector will remain the main driver of new construction in Bulgaria, Mastikov said. Last year, it accounted for 73% of all new building construction sites across the country, which amounted to 7.698 million sqm of construction area, according to preliminary data. Of these, 5.6 million sq m were residential construction.

While total construction in 2024 decreased by 0.42% for all building types, residential construction increased by 3.9%.