On March 20th, the Bulgarian Government closed its borders for all non EU Members and their families.
The Bulgarian Government extended the Lockdown until May 13th.
These measures are expected to be eased after that date as the number of cases of COVID 19 are beginning to reduce.
As a result of COVID 19 measures the majority of property transactions in Bulgaria have been put on pause.
Property Prices in Bulgaria due to COVID 19 are currently unknown but we should expect a reduction in the region of 10%.
With Non EU members making up a large percentage of Buyers in Bulgaria.
This exclusion has had a serious but temporary impact on the completion of property sales.
On a positive note, the number of online enquiries is greatly up on the same period in 2019.
This in itself is not definitive but it is certainly encouraging.
Property Prices in Bulgaria due to COVID 19 have been negatively impacted.
The level of interest in purchasing a holiday home in Bulgaria remains very strong.
We credit this mainly to the following points.
- Holiday Homes in Bulgaria offer the best value for money per m2 in Europe.
- We are seeing a large number of people wanting to own their own Holiday Home for the future instead of using hotels.
In conclusion, the long term impact on Property Prices in Bulgaria due to COVID 19 will be neutral.
If you are considering purchasing a property in Bulgaria.
If you would like a current market valuation for your existing property in Bulgaria.