Citizens of Ukraine and Russia are among the top ten foreign buyers of housing in Bulgaria in 2024–2025, according to a study by the Experts Club analytical center and data from the Bulgarian Real Estate Association.
According to the study, the top 10 countries whose citizens are most active in buying real estate in Bulgaria are: Great Britain, Germany, Greece, Israel, Romania, Turkey, Italy, Russia, Ukraine, and Poland.
Foreigners account for a significant share of transactions in the housing market. According to one international analytical resource, the number of foreign buyers of residential real estate in Bulgaria in 2024-2025 has increased by approximately 18%, and the overall market is showing steady price growth. According to local experts, the percentage of foreigners in some coastal projects may reach 30% of the total number of buyers.
Foreign buyers are most interested in properties on the Black Sea coast – in Varna, Burgas, and Nessebar – as well as in the mountain resorts of Bansko and Pamporovo, where real estate is considered both for personal use and as an investment for rental.
Analysts note that Ukrainians have firmly established themselves in the top 10 due to a combination of relocation and investment demand: some buyers view Bulgaria as a safe EU jurisdiction during the war, while others see it as an opportunity to earn income from renting out property in tourist regions.
The growth in foreign demand is supporting price increases: over the past year, the cost of housing in Bulgarian seaside resorts has risen by an average of 8-10%, and in Sofia by 7-10%.
At the same time, according to estimates by the European Commission and a number of analytical reviews, housing in Bulgaria in 2025 is overvalued by approximately 10-15% relative to fundamental indicators, but experts are not yet talking about a critical “bubble” in the market.
In the next 2–3 years, Experts Club analysts expect foreigners to keep showing interest in Bulgarian real estate, but with a change in the demand structure: they estimate that the share of buyers from the EU, Ukraine, and Israel will grow, while the role of Russian buyers in new deals may continue to decline amid sanctions and capital movement restrictions.
According to data from the National Statistical Institute of Bulgaria and international reviews, in the second half of 2024, housing prices in the country rose by 15% year-on-year and by 87% compared to 2015. At the same time, the average price per square meter in the country remains significantly lower than in most EU countries, making Bulgaria one of the most affordable real estate markets in the Union for foreign investors.
Russian citizens traditionally account for a significant share of owners, especially on the coast. According to Bulgarian sources, in the Burgas region alone, more than 5,200 properties owned by Russians are officially registered, while across the country as a whole, there are several tens of thousands of properties. At the same time, in recent years, the share of new purchases by Russians has been declining, and some of the properties are being put on the market and bought by Bulgarian and Western European buyers.
Source: https://expertsclub.eu/rynok-zhytla-bolgariyi-analiz-vid-experts-club/
