Real Estate Trends 2024
The property sector is one of the most sensitive to economic conditions and factors. In the last few years, it has gone through a period of explosive growth, followed by some cooling. What trends can we expect in 2024?
1. Moderate rise in prices
According to an analysis by the National Association of Real Estate Agencies (NAA), in 2023 housing prices in Bulgaria have risen by around 9-10%. This increase is expected to continue in 2024, but at a slower pace. The main factors that will affect prices are:
- Inflation. Although it is expected to ease in 2024, it will still have an impact on property prices.
- Interest on mortgage loans. They are also expected to rise next year, making buying a home more expensive.
- Demand and supply. If housing demand remains high and supply tight, prices will continue to rise.
2. Increasing interest in new construction
In 2023, there is an increased interest in new construction. This is due to several factors, including:
- Increasing the prices of old housing.
- The reduction of mortgage interest rates.
- The higher quality and energy efficiency of the new construction.
This trend is expected to continue in 2024. This will lead to an increase in the supply of housing on the market, which may limit price growth.
3. Increasing demand in small towns
In recent years, there has been a tendency to increase the demand for housing in small towns. This is due to several factors, including:
- Lower housing prices.
- Better quality of life.
- Lower employment.
- This trend is expected to continue in 2024.
This may lead to an increase in house prices in small towns as well, but to a lesser extent than in big cities.
4. Increasing interest in investment properties
Interest in investment properties is expected to increase in 2024. This is due to several factors, including:
- The increase in interest rates on deposits.
- Lower risks associated with real estate investment.
- The higher rental income.
There is expected to be increased interest in buy-to-let homes as well as commercial properties.
5. Emergence of new trends
In 2024, new trends in the real estate market may arise that cannot yet be predicted. Some of them may be related to:
- Technological progress.
- Climate change.
- Political events.
The emergence of new trends can have a significant impact on the development of the real estate sector.
The real estate market in 2024 is expected to be moderately active, with modest price increases. The main factors that will influence the market are:
- Interest on mortgage loans.
- Demand and supply.
There is expected to be increased interest in new construction, townhomes and investment properties. New trends may also emerge that cannot yet be predicted
You read: Real Estate Trends 2024
All views: 9974