It is not surprising that the real estate market and real estate deals have experienced some stagnation in the first peak of the pandemic associated with the new coronavirus. This is a phenomenon observed on a global scale, and Bulgaria, Burgas and the region are an integral part of it, as far as their development is strongly related to the opportunities for domestic and international mobility.

What is the current state of the real estate trade market in Burgas and the region, what are the interests and demands of the consumers and what are the forecasts for the upcoming months – below you can find out what the data says and what the experts in the field predict.

What happened to the real estate market in Burgas and the region in the first half of 2020?

If in the first months of 2020 Europe and Bulgaria managed to stay away from the spread of the pandemic, then in March the situation changed significantly. The closed borders, the restrictions on travel between cities, forced social isolation and the difficulties in the tourism industry have led to a brief stagnation in the real estate market deals - both in Burgas and the region as well as in all parts of the globe. 

In general, a large part of the institutions involved in the real estate market - notary, tax services, cadastre, Registry Agency, etc. – had operated with reduced staff and limited working hours in the period from March to early June. Therefore, many of the deals planned for this time period were delayed and finalized only after the state of emergency and anti-pandemic measures were relaxed.

Fortunately, the second half of 2020 comes with much more positive trends.

June 2020 and the trends reversal

With the relaxing of the measures and the return of mobility, the real estate market in and around Burgas marks a very dynamic return to its normal indicators.

Experts in the field explain that the demand for buying a home on our Southern Black Sea coast has not essentially decreased, but on the contrary - marks a significant increase in both domestic and foreign buyers from nearby European countries such as Italy, Germany, and Belgium. Thus, although а temporarily obstructed by force majeure circumstances, the market is booming now when potential customers could see the green light for their plans and resume their search.

In June, 561 deals for purchase and sale of real estate were finalized in Burgas, which is with only 24 less, in comparison to the same period in 2019.

As of July 2020, the real estate trade market inside and around Burgas remains stable, and property prices remain unchanged. Demand for housing continues to exceed supply, which is the first and main reason for both the sustainability of the industry and its good financial performance.

What we should expect next in the near future - expectations, and forecasts

COVID-19, the lifestyle changes, and people's priorities are factors with a socio-cultural character that is just as crucial and important as the economic processes. Due to the forced lockdown and the uncertainty of whether this will happen again in the near future, more and more people are trying to find their place that is close to nature, with a large garden and private yard. This could be found in the Family House in Homes. 3, without these advantages being a compromise for the buyer and distancing him too much from the big city.

Burgas and the region offer a combination of excellent urban planning, favorable climate conditions, and close proximity to both the Black Sea and Strandzha Mountain to the south. Such a combination of qualities is more tempting now than ever before. Therefore, the real estate market in and around the district city predicts several trends, some of which are even already seen:

• Increasing the demand for single-family and multi-family houses with a yard on the outskirts of the city;
• Significant increase in demand for housing in small resorts offering close proximity to the beach and / or green areas;
• Maintaining the traditionally high demand in housing with new construction in the central and best-developed neighborhoods of the city;
• Increase of the purchases with a mortgage loan.

As uncertain as the future may seem, we can be sure of one thing - Burgas, with its newly created green neighborhoods and surrounding small towns, like Sarafovo South area, will attract more and more permanent residents with a combination of tranquility and entertainment, nature, and culture, accessibility and environmentally friendly luxury.