Confederation Partners

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Since 1989.

Bulgaria

Geography

Bulgaria is a Balkan nation with diverse terrain, encompassing coastline along the Black Sea, a mountainous interior, and rivers (including the Danube). It is located in southeastern Europe, bordering Romania, Serbia, the Republic of Macedonia, Greece, and Turkey. It has an area of approximately 111,000 km2.

 

Population

The country has a population of 7.3 million people, approximately 18% of whom live in the capital city of Sofia (1.3 million). Other cities and districts include Varna, Plovdiv, Veliko Tarnovo, and Stara Zagora.

 

Climate

Bulgaria has a temperate-continental climate, with hot summers and snowfall in winter (especially in the mountains). The average temperature in Sofia varies from 27°C in July and August, to -4°C in January.

 

Language

The official language is Bulgarian, and a large percentage of the population also speaks English, German, or French.

 

Economy

Bulgaria is part of the European Union, but not part of the Eurozone. The currency is the Lev (BGN), which is tied to the euro (€): 1 EUR = 1.95583 BGN.

The GDP in 2015 was USD $18,501 per capita, with growth of 3.9%. The economic sectors in Bulgaria are services (67.4%), industry (27.5%), and agriculture (5.1%). Bulgaria exported $26.1 billion worth of goods in 2016, which was mainly clothing, footwear, iron and steel, machinery and equipment, and fuels.

 

Real Estate Market

Since 2014, the property sector has experienced a revival due to population growth in the major cities of Sofia, Plovdiv and Varna. A lower interest rate for mortgages further fueled the desire to buy residential properties. Many young families are looking to rent 2 to 3 bedroom apartments or buy condos, and many older people are looking for 1 bedroom apartments.

Many new developers have entered the market, and building activity jumped between 2015 and 2018 (the average price of residential properties grew by approximately 8% per quarter during that time frame). The big cities are expected to see a prolonged growth of new residents. So, a stable growth of residential property prices is expected until at least 2021.

 

Education

There is a free public school system for children with Citizenship or Permanent Residency. There is also an American school that accepts international students, and a number of private schools that use the British curriculum (such as Saint George International School and Preschool in Sofia: http://stgeorgeschool.bg).