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There's been a decrease in market activity. The primary reasons for this decrease include high inflation, increasing mortgage rates, and the ongoing military conflict in Ukraine. We anticipate a slowdown in price growth, together with an expansion of real estate listings for sale.
Simultaneously, we've noticed that banks are raising their requirements for borrowers and scrutinizing financed projects more rigorously.
In the capital, despite the apparent slowdown, property prices remain high. It's challenging to pinpoint an average price, as it varies across regions and building types. Factors such as apartment type, year of construction, and others also plays a role. The demand in the capital and other large cities primarily gravitates towards larger residential properties ready for living. Three-bedroom apartments, in particular, are in high demand.
Interest in houses and small lots for single-family homes is growing near the larger cities. The availability of such properties is limited, leading to high prices. In more remote rural areas – 50-60 km from cities, with excellent connectivity, there are affordable properties that, after renovation, make great solutions for holiday or permanent residences. We're observing an increasing number of young people, able to work remotely, favoring this type of property.
Vacation properties in coastal and mountain resorts also garner interest. Despite this, activity in this area has been slow during the first quarter of 2023 but began to increase in the second. Bulgarians and foreigners alike continue to show interest in real estate in Sunny Beach and its surrounding areas.
In summary, the real estate market situation in the first half of 2023 is complex.
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