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The second-largest city on the Black Sea Coast of Bulgaria and overall fourth largest in the country, Burgas is home to over 200,000 people. This city is the capital of the state with the same name. It is a significant economic and cultural asset to Bulgaria. Burgas particularly well-known for its booming tourism industry, with its popularity as a vacation spot growing day by day. The real estate market of this city, which is mostly linked to the tourism industry, has also shown great potential in recent years.
Culture, History, and Business
The earliest inhabitants who made Burgas their home can be dated back to the early Iron Age and Bronze Age. Its fertile soil, mineral-rich springs, and proximity to the sea have attracted many settlements over the centuries. Under the Ottoman rule in the 18th century, Burgas acted as a major port, but the city showed its first signs of significant development in the late 19th century. The first urban layout of the city was introduced in 1891, and since then, it has become an important industrial hub.
The rich historical heritage makes the city of Burgas a significant cultural center in Southeastern Bulgaria. The city has great cultural roots in areas like poetry, fine arts, theatre, and music, thus gaining the name ‘the city of romance.’ It has an abundance of historical landmarks like St. Stephens Church, Old Nessebar, and the Southern Walla of Sozopol.
Burgas has an unmatched significance in the industrial sector of Bulgaria. The city’s economy relies primarily on trade, transport, and, most importantly, tourism. A combination of the city’s historical heritage, natural beauty, and affordability has attracted tourists from all over the globe in recent years. The most noteworthy company in Burgas is LUKOIL Neftochim Burgas, the biggest oil refinery in all of Southeastern Europe. Additionally, due to its ideal location on the coast, The Port of Bulgaria plays an integral role in the economy of the city.
Real Estate Appeal
The real estate market of Bulgaria has gained quite a lot of attention in recent times, mainly due to its booming tourism industry. An upsurge of visitors in the city has opened up a market for vacation homes and short-term rentals, which can be substantially profitable. Plenty of commercial properties are also up for sale due to the ever-growing industrial sector of the city.
It’s location near the coast, and political stability has attracted people from around the world to settle here, leading to a higher demand for properties in the last few years. An added benefit is the sheer affordability of real estate in the city, leading to a growth of 5-10% in property sales. The future of real estate in Burgas is seemingly very bright.
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