Bulgarians Drive Real Estate Demand and Price Growth in Northern Greece
Source: Novinite.com (Sofia News Agency)
Bulgarians rank among the leading buyers of real estate in Northern Greece, significantly contributing to the sharp rise in property prices across the region, according to a report by Telegraph. The most sought-after locations include areas close to the Bulgarian border, such as Kavala, Ofrinio, Asprovalta, and especially Halkidiki.
Property values in the region have surged dramatically in recent years. Since 2017, prices have increased by approximately 85%, with some areas experiencing more than double the previous rates. Maria Angelova, a local real estate agent operating in Ofrinio and Asprovalta, notes that Bulgarian buyers often close deals without negotiating, a trend that has prompted sellers to further raise asking prices. This behavior, coupled with the post-pandemic recovery, has been a key factor in the escalating market.
During the COVID-19 lockdowns, tourism came to a standstill, and many properties were left vacant. At that time, sellers were willing to part with land at very low prices—plots as large as a decare could be bought for just €5,000. However, those days are gone. Over the past two to three years, the market has rebounded rapidly. Locals, once hesitant to sell, are now cashing in at high prices. Currently, building plots are priced at no less than €150–€200 per square meter, and the supply is dwindling.
Residential property prices start around €2,000–€2,500 per square meter and can exceed €3,000. Despite high construction activity, demand remains even stronger. Some property owners are intentionally postponing sales, anticipating further increases. Villas once priced at €250,000 are now being listed for €400,000 or more. While some more affordable options still exist, they are rare and mostly located outside the central resort areas.
A new trend has also emerged with the rising popularity of caravans. Buyers are looking for small, reasonably priced plots where they can place mobile homes, avoiding construction costs and permit requirements. Angelova highlights this as a cost-effective alternative for seasonal use.
Other agents argue that the rising prices are a natural reflection of economic trends, including inflation and improved living standards. Vacation homes are considered a luxury, and their appeal is further boosted by potential rental income if managed effectively.
According to Hristo Hristov, a broker in Kavala, around 70% of Bulgarian buyers opt for apartments or small houses, while the rest pursue larger, more upscale properties. He believes that every purchase in the current market is a wise investment, given the upward trajectory of prices.
However, prospective buyers should be cautious. Many properties come with legal or regulatory complications—such as construction restrictions or future urban development plans. In Asprovalta, for instance, a new zoning plan is expected to be implemented in the coming years. Additionally, transactions may involve preliminary contracts and lengthy legal procedures. Experts strongly advise hiring a lawyer to avoid unexpected issues, especially since even renovations often require official permissions.
Beyond Bulgarians, other active buyer groups include Serbians, Macedonians, and Romanians. However, these buyers tend to be more budget-conscious and negotiate more often. Macedonians and Serbs, in particular, remain active in the lower price segment, typically seeking properties priced between €50,000 and €100,000. However, listings in this range are becoming increasingly scarce.
The original article: belongs to Novinite.com (Sofia News Agency) .
