Address Real Estate: Varna Has The Highest Home Prices At An Average Of 806 EUR/sqm In H1

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Address Real Estate: Varna Has The Highest Home Prices At An Average Of 806 EUR/sqm In H1

Homes in Varna were the most expensive in the year's first half, shows statistics released by real estate agency Address. The average price of residential properties in Bulgaria's most famous city on the Black Sea Coast stood at 806 euros per square meter. The data was presented during the Balkan Properties Exhibition, which is currently taking place in Sofia.

Prices in Varna rose by 9.86% in H1, compared to H1 last year.

Address real estate agency is also reporting a rising interest in properties near big coastal cities and resorts, which spurred offering. Another factor has been the increasing demand from foreign investors, which find a lot of potential in properties in the area and expect prices to continue rising.

A characteristic of the real estate market in Varna is the growing supply of new homes. The average price of such stands at 782 euros per square meter.

It is interesting that in H1 the prices of existing homes in Varna were 8% higher than those of new homes. Buyers spend an average of 848 leva per square meter for apartments in panel buildings.

The hike in home prices in Varna was extrapolated to rents. The average rent rose 14% over the period (the highest increase in the country) and came to 4.43 euros/sqm.

Experts think that the demand for properties in Varna, on the part of both Bulgarian and foreign investors, will stay high. One of the leading real estate agencies projected a price hike of between 10 and 15% (diversified on different segments). Experts also think that in the future investors will be focusing their attention primarily on high quality properties.

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