Bulgaria’s Fastest-Growing City
Discover Varna's Real Estate
Varna is ranked third as regards Bulgaria’s largest cities. It is also the biggest city and seaside resort on the country’s Black Sea Coast. The city of Varna is strategically located in the Gulf of Varna, making it a main cultural, social, and economic hub for nearly 3000 years.
Culture, History, and Business
Initially known as “Odessos,” the city’s first existence was as a Thracian seaside settlement. It was founded by the Greeks in the 6th century BCE. The Romans seized control of the area in the 1st century CE. Ever since then, the city has become a tussle ground with many events, including the siege by Kaloyan forces in 1201, battle of Varna in 1444, etc. However, in the present day, the city has established itself as a principal seaport on the Black sea.
Economically, the city is one of the fastest-growing and best-performing cities in Bulgaria. The rate of unemployment in the region was at a city record low of 3.5% in 2016. The economy here is service-driven, with 61% of the net revenue obtained via the tourism and trade sector. Manufacturing, transportation and communication, and construction generate 16%, 14%, and 6%, respectively, of the total city revenue.
Financial services, especially real-estate finance, investment management, insurance, and banking, are also on the upward trend. The city’s major industries include transportation (Varna Airport, Port of Varna, Navibulgar), distribution, ship repair, shipbuilding, and other industries in the marine sector.
Real Estate Appeal
The city has seen a boom and subsequent crisis in the real estate market over the past few decades. Today there is a firm increase in the number of people interested in buying a property in Varna. This could only be possible by the drastic changes in the banks on mortgage rates. Enhanced trade in farmland in the region also favors this change.
The three-room flats in the city’s center that can be accessed from various areas are already seeing about 30% higher prices. The cost of an apartment in the city center is 2,153.20 Bulgarian Lev per sq. meter while outside the city center cost 1,458.50 Bulgarian Lev per sq. meter. The investment opportunities in Varna rose to 70-80% in over a few years and now are being rented by people from all across the country. Rental yields at the city center are at a rate of 4.48% while outside the city center is 5.27%. The cost of renting a one-bedroom in the city center and outside the city is 478.27 Bulgarian Lev and 362.03 Bulgarian Lev, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is 857.08 Bulgarian Lev and 611.65 Bulgarian Lev, respectively.
The supply is still low compared to demand, which has hiked up the prices. However, this will not last long since the residential buildings bound to be completed in the next few years are constantly on the increase. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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