The real estate market in Stara Zagora has begun showing clear signs of cooling after a prolonged period of rapid growth, with uncertainty surrounding Bulgaria’s adoption of the euro and increasing living costs prompting many potential buyers to delay property purchases, BNR reports
According to Krasimir Kirchev, manager of a real estate agency in the city, demand for housing has fallen by approximately 25% during the first months of the year. Speaking on the program "60 Minutes More Business," he said many households are becoming more cautious about taking on long-term financial commitments, particularly mortgage loans, amid concerns about future expenses and economic stability.
The slowdown follows a period of sharply rising prices that, according to Kirchev, were no longer supported by market fundamentals.
“Between October and December, we observed speculative prices. Now we will already enter reasonable limits,” he said, describing the current phase as a market correction rather than a collapse.
Kirchev expects residential property prices to adjust further over the coming months, predicting declines ranging between 10% and 15%. The correction is already most visible in the upper end of the market, where sellers are being forced to lower expectations after the rapid price increases seen before the New Year.
