Property prices in major cities are expected to rise by between 9 and 15%

According to forecasts by industry representatives, the introduction of the euro is expected to impact property prices in Bulgaria. Some predict price increases of between 9% and 15%, particularly in major cities.

'The introduction of the euro will affect property prices in Bulgaria, but this will only be a temporary effect,' said Ivan Velkov, chairman of the Management Board of the Bulgarian Association for Facility Management. He believes that it is precisely because of the euro that the domestic market is attracting foreign investors, albeit temporarily. He thinks that the cost of high-quality goods and services, including real estate, will continue to rise as a result.

Real estate brokers report that a construction boom is underway not only in Sofia, but also in nearly all other major cities, including Varna, Burgas and Plovdiv. However, experts interviewed by BNR reporter Svetoslava Kuzmanova warn that the pace is likely to slow, as much of the available land for new developments is already being exhausted.