New buildings in Bulgaria: a review of preferences when choosing an object
The company New Estates conducted a survey among employees of real estate agencies. According to the results, buyers are attracted to new buildings in Bulgaria, which are located on the outskirts of cities. About 70% of clients prefer homes that are located in remote areas. At the same time, 43% of buyers cite as one of the conditions for finding real estate the availability of transportation infrastructure, which allows easy access to the central part of the city.
Despite the fact that many people appreciate the quietness of the suburbs, they want to be able to quickly get to the administrative center. According to analysts, the trend of people moving to the suburbs instead of downtown areas has been going on since the pandemic, when people wanted more privacy and tranquility. Remote work also contributed to this trend. People were free to choose where they lived, no longer tied to office locations. Buyers are now trying to be able to be in the central part of the city at any time, but still, have housing in more comfortable neighborhoods.
The survey found that 46% of buyers of new buildings when choosing an object focused on quick access to the center – the way should take 15-30 minutes by car. 13% of respondents consider the availability of metro stations and parking near it as an advantage. 30% of respondents prefer to live within the city, close to the subway station and developed transport interchange.
Most buyers choose a detached house over an apartment. Buyers who are planning to buy an apartment in a new building, looking for options in closed complexes.
20% of respondents believe in the advantage of a nearby playground, and 22% would like to have a gym nearby. 25% mentioned outdoor recreation areas, and for 27% of respondents it is important that the complex is equipped with video surveillance.
More than 60% of buyers are considering options for a house of 120 to 180 square meters. And 26% of respondents, on the contrary, prefer homes with an area not exceeding 100 square meters. And only 10% of buyers intend to buy spacious houses of 300 sq.m. or more.
As for the forecast for the Bulgarian real estate market in 2023, New Estates experts believe that it will be fairly predictable, without sudden jumps. There will be a balance between supply and demand, but a price decrease should not be expected. So far, the interest rate increase has not affected the dynamics of the market, but the consequences of this revision may become tangible in the future.
In addition, much depends on further rate increases. If this process will go smoothly, then customers will be more decisive in making deals. In this case, the loyalty of sellers, their flexible payment system, and the possibility to provide a discount from the initial price of the object will play an important role.