The housing market in 2024 once again went under the sign of growth – both in the number of transactions concluded and in terms of price levels. At the end of the year, however, we witnessed a gradual change in the behavior of key market participants. While buyers are at their psychological threshold for further growth and a price plateau has been reached for them, sellers on the secondary market are in euphoria and with expectations for a new increase. This is stated in the 2024 review of the agency "Imoteka".
„In the last months of 2024, we see a distinct change in the previous trend and a tangible difference in the attitudes of the two parties. If until the fall 30% of transactions were concluded without any discount or one up to 5000 EUR, since October buyers have increasingly insistently started demanding negotiations on the final price of the transaction, commented Yavor Peychev, executive director of "Imoteka".
According to him, buyers are now demanding a compromise from sellers on the secondary market within 10-15%, most often this happens in property transactions worth over 200,000 EUR. At the same time, every second buyer is now asking for a discount between 5000 and 10,000 EUR from the price. Some sellers, even with a purchase guarantee of the price they announced, are inclined to give up on the sale and wait for the adoption of the euro, driven by euphoric expectations for higher prices.
“In the current conditions, the market price of a given property is increasingly difficult to define. It can no longer be determined solely according to the quantitative indicator - value per square meter, but will be strongly dependent on the qualities of the property and the building, the area and surrounding infrastructure, as well as the potential for future development of the specific neighborhood”, adds Peychev.
Continuing growth in activity on the housing market in large cities in 2024. The number of transactions for three-room apartments in Sofia increased by over 10%, a slight increase was also observed for two-room apartments. At the same time, prices continue to rise, albeit against the backdrop of indications of slowing momentum.
In Sofia, sales prices are up 12% for a three-room apartment and 15% for a two-room apartment. In Varna, the increase in the levels of both types of housing is 19%, while in Plovdiv, two-room apartments are more noticeably more expensive - again by 19%. The prices of three-room apartments in the city are rising by 14%.
Detailed statistics on the average prices of properties in Bulgaria by cities and neighborhoods can be seen HERE