Real estate prices surge in Bulgaria and North Macedonia

Real estate markets in Bulgaria and North Macedonia are experiencing significant price shifts. In Bulgaria, annual housing prices rose by 15.5% in the second quarter of 2026, according to National Statistical Institute data. Plovdiv saw the highest quarterly increase at 5.8%, followed by Stara Zagora, Varna, and Sofia. Conversely, Burgas experienced a 1.5% decline in prices. While prices are rising, transaction volumes in major cities like Burgas, Varna, and Sofia have seen a sharp decline.

In North Macedonia, residential property prices are growing at a rate far exceeding the global average. Data from Knight Frank and the Bank for International Settlements indicate a double-digit annual growth of over 16% in the first quarter of 2026. After adjusting for inflation, the real price growth in North Macedonia remains high at approximately 13%, contrasting with a global real price decline of between 1.2% and 1.7% during the same period.

Market analysts suggest that the Bulgarian price increases are driven by high construction costs, strong demand, and available credit, though the profile of buyers is shifting from speculators to long-term residents and investors.