Record Year for Estate Agents as Property Prices Rose by Over 15%

The reason lies in the strong demand for apartments ahead of the official adoption of the euro and the successful completion of property transactions.

Among the district cities experiencing a significant increase is Ruse.

Nikoleta Yotova and her partner currently rent a flat in Ruse, but they are looking to buy their own home—spacious, well located and reasonably priced.

“We have a small amount saved, and we’ll most likely rely on a mortgage. We prefer to buy something now because prices are rising quite sharply,” Nikoleta Yotova shared.

Concerns that property prices will continue to increase have led to a record number of transactions being completed this year.

“Every second buyer is investing in property with the intention of renting it out,” commented estate agent Rozmari Mitkovska.

“Everyone expects housing prices to rise. People rushed to buy before the holidays, but time has run out—those who bought, bought. We’ll see what happens when 1 January arrives,” said Ivaylo Vasilev, manager of a real estate agency.

Economists do not anticipate major turbulence following the introduction of the euro, particularly as interest rates in Bulgaria remain below the European Union average.

“The reduction of Bulgaria’s credit risk as a country, along with access to European funding sources for both individuals and legal entities, will lead to a decrease in lending interest rates. From an economic standpoint, this naturally stimulates increased demand and, in this case, provides motivation for potential price growth,” explained Petar Penchev, PhD in Economics at the Department of Economics and International Relations at Ruse University.

Mortgage lending has also reached record levels this year, exceeding 10 billion leva.