News Article Bulgaria recession report residential market SEE
by Property Forum | Report

Bulgaria is witnessing a continuous decline in residential real estate transactions for the fourth consecutive quarter. According to data from the Registry Agency, property purchases across the country have decreased by 15% during Q2 2023, reaching  54,371 transactions in total.

The decrease follows a 9% decline in the previous quarter, with 44,461 transactions recorded. The drop in real estate deals has been developing since the Q3 of 2022, when transactions amounted to 62,459, reaching a 7.2% decrease.

In Sofia, property sales have declined by 11.7% annually, with 8,615 transactions in Q3  2023.

The annual drop for the previous quarter was 12.2%, and during Q4 2022, the number of transactions was highest, with 9,668  deals executed. The situation is similar in other Bulgarian cities. Experts in the industry attribute the decline in transactions to consumer expectations regarding future banking policy changes 

In Plovdiv, property purchases have decreased for a fourth consecutive quarter with 4,175 transactions during the second quarter of 2023 compared to 5,079 in the same period last year.

Burgas mirrors the trend in the country with a 23.15% drop in property transactions during the Q2 of 2023. The city, which previously experienced an increasing number of transactions, has now faced a notable decline.

However, it is worth noting that some municipalities have seen growth in real estate transactions. Trun, Nikopol, Devin, Arda, Kneja, and Sandanski are some exceptions, with increases ranging from 1% to 57.14%.