A home in Bulgaria costs 7.4 years of salary – in Czechia it is 13 to 14
Bulgarian home prices have risen by about 113% since 2020, incomes by 103%. The deposit needed for a two-bedroom flat has grown from 22,000 to about 50,000 euros, a banker said.
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Homes in Bulgaria have become more expensive faster than incomes have grown, but remain relatively affordable compared with other countries in the region, Ivaylo Valchev, deputy director of retail banking at Fibank, told a real estate forum covered by Investor.bg on Oct. 26. According to him, prices rose by about 113% nationwide and 118% in Sofia between 2020 and 2026. Over the same period, incomes grew by about 103% and savings by about 93%.
Buying a 70-square-meter two-bedroom flat took 6.8 to 6.9 years of gross salary in 2020 and 7.4 years in 2026, Valchev said. In Czechia and Slovakia the figure is 13 to 14, and in Poland and Hungary above 10. The deposit needed for such a flat, including notary fees and commissions, has risen from about 22,000 euros in 2020 to about 50,000 euros today, he said. Household debt stands at about 25% of GDP, compared with an EU average of 50% to 60%.
At the same time, more than 53% of Bulgarians aged 18 to 29 live in overcrowded homes, compared with an EU average of 27% to 28%, the banker said. Miroslav Vladimirov of real estate network ERA Bulgaria expects mortgage rates to rise by 0.5 to 0.7 percentage points next year, slowing sales and price growth. Valchev forecasts income growth of 6% to 8% in 2027.
This article is for information only and is not legal, tax, financial or medical advice. Figures as of the date stated.