Experts are expecting an increase in real estate prices in Bulgaria after entering the Euro-zone
March 20, 2024
19
They think the country will become more appealing to investors.
Opinion
The brokersbelieve that Bulgaria will become a more appealing destination for property investments after entering the Euro-zone. The country's adoption of the euro will drive demand for properties as foreign investors are anticipated to show more interest in the local real estate market, resulting in price hikes.
Details
The Bulgarian real estate market is well-prepared for joining the euro-zone. The prices in the country have been quoted in euros for the past 20 years. Therefore, there won't be any purely technical changes. However, joining the euro-zone will impact demand and supply.
According to brokers, there's already been some increase in interest from foreign buyers. It's expected that with the introduction of the euro, the market will become more attractive for property purchases by foreign citizens, companies, and investment funds. This will provide a significant boost in demand.
Sellers
The brokers suggest that there might be a certain waiting period for individuals planning to sell their properties before Bulgaria joins the eurozone and during the forst months afterwards. In hopes of fetching higher prices, they could delay listing their properties on the market.
Upon the introduction of Euro, housing prices will see a slight uptick, aligning closer to levels observed in other euro-zone countries. However, the experts note that the impact on the residential property market won't be as pronounced as on the commercial real estate market.
Prospects
Additionally, there will be an increase in interest from large investors in commercial real estate – including warehouses, retail spaces, and offices. New investment projects may emerge, possibly quite different from those seen before - like complexes for rental purposes, a surge in interest in resorts and spa areas in Bulgaria.
The adoption of Euro will also drive up the number of tourists in Bulgaria, as it'll be easier for them to use Euro than Bulgarian Lev. This will lead to an uptick in property purchases for short-term rentals to tourists. Apartment prices in Sofia will match those in other European capitals. Currently, the city remains one of the most affordable European capitals in terms of real estate.
Joining the euro-zone will put upward pressure on wages, benefiting the real estate market. Increased demand and income levels will push up prices for "concrete gold".
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