According to The Serbian Economist, an unusual price paradox has emerged in the real estate market of neighboring Bulgaria: in Varna and Plovdiv, existing homes are rising sharply in price, while prices for new construction have fallen.
According to data from the National Statistical Institute of Bulgaria, in the fourth quarter of 2025, housing prices in the country rose by 12.6% compared to the same period the previous year. At the same time, compared to the third quarter, growth has nearly stalled, amounting to just 0.3%.
The main imbalance is evident between new construction and the secondary market. Nationwide, existing housing rose in price by 15% year-over-year, while new construction rose by 9%.
In Varna, the gap was particularly pronounced: the overall price index rose by 15.1%, but new construction fell in price by 1%, while existing housing rose in price by 23.4%. In Plovdiv, the overall increase was 8.6%, new construction fell by 0.8%, and the secondary market rose by 16.8%.
The reason for this paradox is a shortage of move-in ready apartments. Buyers who need housing immediately are turning more actively to the secondary market. Against the backdrop of limited supply, this is driving up prices for ready-to-move-in apartments. New construction, on the other hand, faces more cautious demand, uncertainty regarding completion dates, and project-related risks.
A similar but less pronounced gap is also evident in other cities. In Sofia, secondary housing prices rose by 14%, while new construction prices rose by 11.3%. In Burgas, secondary housing prices rose by 17.6%, while new construction prices rose by 7.3%. In Stara Zagora, secondary housing prices rose by 23.3%, while new construction prices rose by 10.5%.
For investors and buyers, this is an important signal: the Bulgarian market is not falling, but is becoming more selective. Buyers are willing to pay a premium for a finished apartment in a good location, but are now more cautious about properties under construction.
For the market, this signifies a transition from frenzied growth to a more subdued phase.
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