Why property in Bulgaria is cheap – factors of pricing

Why property in Bulgaria is cheap – factors of pricing

 

Property in Bulgaria is cheap.

Property in Bulgaria is cheap. This is facilitated by the economic and social conditions in the country.

It is possible to understand why property in Bulgaria is cheap, by examining the key factors of pricing. Historically, the country’s economic and social conditions were always inexpensive in order to buy real estate there.

Wanting to buy an apartment or house abroad near the sea or surrounded by beautiful nature, many foreigners choose exactly Bulgaria. The reason for that are the good property prices. People might ask why properties in Bulgaria are cheap. The cost of which is sometimes several times the price of housing interior in other European Union countries. There is a logical explanation for this.

Looking back through the years the cost of apartments and houses in Bulgaria have always been lower than in nearby countries. In the 90’s I had the opportunity to purchase a house in a big resort town for an amount of 20 to 100 thousand Euros. During the period of economic instability, the real estate around the world starts to grow very rapidly in price.  The same phenomenon has overtaken and Bulgaria. Following these trends:

  • 2000-2004 – The rise in prices by 5-15% per year;
  • 2004-2009 – An increase of 20-25%
  • 2009-2011 – Rise in price three times.

However, due to the fact that the initial prices were very low, even their growth with 200% couldn’t compare them with the cost of European housing. Today in the Bulgarian cities, living space can be purchased at a price of 600-800 euros per square meter.

Social factor

The average level of wages in the country, which is the lowest among European countries, does not allow significantly increase of prices of apartments. While in neighboring countries, it is equal to 1,000 euros, Bulgarian residents earn about 330 euros a month. The rapid growth in house prices will lead to the impossibility of a greater part of the population to buy an apartment even with a small area.

These simple reasons explain why property in Bulgaria cheap. Therefore, wishing to acquire housing in the resort town can safely choose the country without fear of a dirty trick.

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