The largest city on Bulgaria's Black Sea Coast ranks second in the Address Real Estate's chart of cities with most rising property prices in 2007.
The average price for the period stood at 852 eur/sqm, which was the highest in the country. One of the characteristics of the market in the city was the increased offering of newly built homes.
On the other hand, offering of panel apartments decreased, which lead to a 41% hike in the prices of those. This is the biggest increase on that segment in the country.
Demand for family houses in Varna has shifted to the nearby villages, situated at a 10-15 km distance from the city.
Three golf courses are currently under construction to the north of Varna. Thracian Cliffs Golf & SPA Resort, Black Sea Rama and Lighthouse Golf Resort are to be opened in 2008. All three feature about 1,200 luxury homes (apartments and villas) plus luxury hotels.
The Northern Black Sea Coast of Bulgaria is gradually becoming a more luxurious destination.
Investors' interest is mainly focused on the Varna-Trakata-Evksinograd trajectory, as well as in the resorts of St Konstantin and Elena, Chaika, and Zlatni Piasatsi.