2024-09-07 05:43:42
The center of Plovdiv, the area of Mladezhkia Hill, the “Otdih i Kultura” park, “Kapana”, around “Peshtersko Shosse” and several other neighborhoods are the most expensive from the point of view of real estate in the second largest city in our country.
Statistics show that currently there
the average price is over 1100-1300 euros/sq.m. meter of living space
Expensive, but one idea cheaper, are the apartments in “Karshiyaka”, around the Sugar Factory, in the huge residential complex “Trakia” and in other places, and the cheapest are those near the industrial zones.
In the Old Town, the average property price has long exceeded 2,500 euros/sq.m. meter, but there are rarely deals there.
There is a strong growth in property prices in all major cities in Bulgaria, but in Plovdiv it is somewhat late. If the peak in Sofia, Varna, Burgas, Stara Zagora, Ruse, Pleven, etc. started at the end of 2021 and reached its peak in 2022-2023, in Plovdiv prices went up steeply a little later.
At the moment, it can be said that they are growing at the greatest pace.
However, in the second quarter of 2024, the city was the only one among the big six in which the number of transactions fell on an annual basis – everywhere else it continued to increase.
Or as the local realtors say: Plovdiv residents are not currently buying homes, they are selling them.
There is another peculiarity of the real estate market in the city under the hills – real estate is currently earning quite well there, even better than in other big cities.
If we compare, for example, the average prices of properties in Sofia in 2000 and today, then 24 years ago they cost an average of BGN 583/sq.m. meter, and now they are about BGN 4,000. In other words, they have generated an average annual yield of 8.7%, without taking into account the rental yield, which was about 4%.
Even if we take a slightly shorter period – 10 years, we will see that the real estate has brought
annual yield 7.9%, excluding rental yield,
i.e. buying property is one way to deal well with the depreciation of money. Because 7.9% on an annual basis is much more than the paltry 1% and less if left in the bank.
If we make the same calculations regarding Plovdiv, we will see that the annual yield from a property there is even 18% and is the highest among all large cities in Bulgaria. Because in Varna and Burgas, the yield is definitely a little lower than that in the capital – it ranges between 6 and 7% per year, and in the other big cities it is even lower.