The housing affordability ratio in Sofia at the end of 2023 dropped to 1.03. De facto affordability of apartments in the capital has improved as incomes rise faster than prices.
„The average salary in Sofia reached BGN 3,025 in the last quarter of 2023, so for the purchase of 1 sq.m. residential area in Sofia required about 1 average monthly Sofia salaries. For comparison, in 2008 (at the previous peak of the market), 3.4 salaries were needed for the same area”, according to the data of Bulgarian Properties.
Regarding the volume of sales, the Registry Agency shows that property transactions in Sofia marked the first growth after several consecutive quarters of decline since 2022. 7,298 property transactions were registered compared to 6,381 in 2023. Thus, the registered growth was 14.4% on annual basis, which is one of the largest increases in transactions in Sofia, and in terms of volume ranks the quarter among the strongest first quarters for the real estate market.
Bulgarian Properties data also show a growth in transactions in Sofia, with this growth being about 20%, including transactions with housing in newly constructed buildings.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE