Non-resident investments in Bulgarian real estate in January-November 2025 resulted in a net outflow of €18.6 million, while Russia recorded a net outflow of €19.9 million, according to data from the Bulgarian National Bank (BNB).
According to BNB data, a year earlier (January-November 2024), the net outflow of non-resident investments in real estate was estimated at €11.6 million.
The net outflow indicator means that non-residents’ payments under real estate agreements in the country during the period under review were lower than receipts, i.e., sales exceeded purchases in value terms. At the same time, the fact that the total indicator for all non-residents (-€18.6 million) was less than the outflow for the Russian Federation (-€19.9 million) formally indicates a small aggregate net inflow of investment in real estate from other countries (about €1.3 million).
The BNB report, which is referenced by the media, does not provide a separate breakdown by other countries (including Ukraine) in terms of non-resident investment in real estate—only Russia is highlighted separately.
