Apartment Prices in Bulgaria in 2025: Where Growth Peaks and What Awaits the Market

In the first quarter of 2025, residential property prices in Bulgaria rose by an average of 15.1% compared to the same period in 2024. The sharpest increase was recorded in the secondary market (+16.2%). However, prices on the primary market also saw significant growth of 13.4%, according to the portal Investor.bg, citing data from Bulgaria’s National Statistical Institute (NSI).

Among Bulgaria’s six largest cities (each with populations over 120,000), the highest annual price increase was recorded in Ruse at 25.4%. Next came Varna (+18.4%) and Plovdiv (+17.9%). Property prices in Sofia increased by 14.1%, in Stara Zagora by 13.3%, and in Burgas by 10.6%.

A comparison with the fourth quarter of 2024 also shows acceleration, with national prices rising by an average of 4.2%. Again, the secondary market outpaced new construction, growing by 6.1% compared to a 1.3% rise for newly built properties. The highest quarterly price surge was observed in Ruse (+9%). Prices climbed by 5.8% in Varna, 4% in Stara Zagora, and 3.7% in Plovdiv. Sofia and Burgas saw more modest increases of 2.9% and 1.7%, respectively.

The National Real Estate Association of Bulgaria estimated the Q1 price increase at 5–8%. The gap in prices between large and smaller cities is widening, alongside rising transaction volumes. Some experts emphasize strong buyer interest in new-build properties, while others note a 60% annual decline in new residential construction in Sofia.

The rental market is also experiencing imbalances. Many listings feature clearly inflated prices, and finding well-maintained apartments at reasonable rates is becoming increasingly challenging. Reliable data on such transactions is lacking, as they are not included in official statistics, complicating market analysis and regulation.

According to InvestRopa data, property prices in Bulgaria’s major cities are growing by 8–18% annually, while in some regional hubs, growth exceeds 20%. In Sofia, the average price per square meter is €1,980–2,225, with annual growth of 14–16%. Gross yields for long-term rentals range from 4.2–4.6%, while short-term rentals can yield up to 12%. New apartments are considered the best investment choice.

In Plovdiv, average prices stand at €1,150–1,328 per sq. m, with annual growth of 6–7%. Yields range from 4.7–5.5% to as high as 18%, especially in student housing. In Varna, prices are between €1,550–1,676, with annual growth of 14–16%. Gross yields for long-term rentals are 5.1–5.8%, while short-term rentals can reach up to 12%, with high demand for apartments near the sea.

In Burgas, property prices range from €1,200–1,300 per sq. m, showing similar annual growth of 14–16%. Long-term rental yields are estimated at 5.1–5.3%, while short-term yields range between 5–7%. The most profitable investments here are apartments along the coast. In the ski resort of Bansko, the average price per square meter is €1,100–1,500, with an annual price increase of 8–10%. Long-term rental yields are 4–6%, while short-term rentals can achieve up to 11%, particularly in the resort apartment segment.

Conversely, experts at Global Property Guide report a decline in Bulgaria’s gross rental yields, falling from 4.90% to 4.56%. According to their data, only Burgas and Varna show higher yields at 5.15% and 5.06%, respectively. In Plovdiv, the yield is 4.70%, while Sofia offers 4.26%. Many analysts note that an increasing number of investors are shifting focus from rental income to capital appreciation through property resale.

Specialists at InvestRopa forecast that the Bulgarian residential real estate market will remain highly active in the second half of 2025, though price growth is expected to moderate compared to the start of the year. In the country’s major cities, prices are anticipated to rise by 8–10% over the next six months. Buyer interest is expected to focus on new energy-efficient apartments, particularly in tourist and resort areas.

According to Colliers, the peak for price growth in Bulgaria is projected for 2025, after which growth rates are expected to stabilize at around 8–10% annually in 2026–2027. Experts believe that preparations for eurozone accession will not trigger sharp price fluctuations but will support sustained interest in real estate investments.