January 13, 2025
199 Salaries for 100 Sq. m: The Price of Owning a Home in Bulgaria

The cost of housing in Bulgaria has surged dramatically in recent years, with prices climbing to levels many consider exorbitant. However, a recent study comparing over 60 countries suggests the situation is not unique to Bulgaria, as rising property costs have been accompanied by growing incomes worldwide.

According to the analysis by the platform BestBrokers.com, purchasing a 100-square-meter apartment in Bulgaria requires 199 average monthly salaries. While high, this figure is still more favorable compared to some neighboring countries. For example, in Greece, such a property would cost 228 salaries, in Slovakia nearly 300, and in Turkey over 600. The study relied on data covering property prices, inflation rates, mortgage interest rates, and net monthly incomes in each country.

Surprisingly, Denmark, known for its high cost of living, offers the most affordable housing relative to income. An average Dane would need just 114 monthly salaries to buy a 100-square-meter home. This is largely due to the country’s high income levels. Ireland and Sweden follow closely, with homes costing 123 and 129 salaries, respectively.

In Bulgaria, by contrast, saving the average salary would take over 16 years to afford a comparable property. Yet, when compared to other Eastern European countries, the situation is not as dire. Hungarians and Lithuanians need 226 salaries to buy a home, Poles require 242, and Czechs face the steepest challenge in the region at 274 salaries.

Interestingly, the affordability of housing in Bulgaria aligns closely with more developed nations like France and the United Kingdom, where a similar property costs 197 and 202 monthly salaries, respectively. By comparison, Turkey and China present far grimmer scenarios, requiring over 600 and 680 salaries, respectively, to purchase a home.

While the data provides valuable insight for international comparisons, the figures should be treated with caution as they reflect average values. In Bulgaria, current property prices appear to have plateaued, making transactions increasingly challenging. Online listings continue to feature unusual offerings, such as a modest 14-square-meter bungalow priced at €14,000, or garages listed for the cost of full apartments. One notable example is a small house in Sofia's Obelya district advertised at €2,000 per square meter, showcasing the extremes of the local property market.

January 12, 2025
Rent Prices in Sofia, Varna, and Burgas Climb, But Still Stay Below Major European Cities

Rents in Sofia, Varna, and Burgas are seeing significant growth, but they remain among the most affordable in Europe, according to an analysis by an international auditing firm. The study, which covers 59 cities across Europe, shows that Bulgaria's rental prices are still competitive compared to other major European cities.

In Sofia, the average rent has reached 9.1 euros per square meter, placing the Bulgarian capital in 10th position among the most affordable cities in Europe for renting a home. In Varna, rental costs have risen to 7.8 euros per square meter, making it the 5th cheapest city on the list. Burgas, known for its coastal appeal, has an average rent of 6.9 euros per square meter, ranking 2nd in terms of lowest rental prices, only behind Patras in Greece, which stands at 6.3 euros per square meter.

In contrast, some of Europe's most expensive cities for renting a home include London, where the average rent reaches 33.8 euros per square meter. Dublin and Paris follow closely, with rents of 31.5 and 31.3 euros per square meter, respectively. Additionally, 10 other cities, such as Barcelona, Amsterdam, and Oslo, also have rents exceeding 20 euros per square meter.