The Luxury Real Estate Market Remains Resilient Despite the Cooling of the Sofia Market

The overall number of transactions in Sofia is declining, yet the segment above €500,000 continues to grow. Transactions in the high-end segment increased by 31.6%, while buyers are fewer in number but significantly better prepared and more decisive.

20 July 2026, Sofia – The luxury real estate market in Bulgaria maintained its stability during the first half of 2026, despite a 17.4% year-on-year decline in the overall number of transactions in Sofia. While the mass-market segment recorded a significant contraction, the high-end price segment followed the opposite trend – transactions above €500,000 increased by 31.6%, and their share of all transactions in the capital rose from 2.18% to 3.47% compared to the same period in 2025.

The analysis is based on data from the Bulgarian Registry Agency for all notarised transactions in Sofia, internal statistics from Unique Estates | Christie’s International Real Estate, and a survey among company clients who completed a purchase during the first half of the year.

During the period, the total number of notarised transactions in Sofia decreased by 17.4% year on year. Behind this overall figure, however, different trends can be observed across individual price segments.

The contraction is concentrated almost entirely in properties priced up to €200,000, where transactions declined by more than 23%. This segment accounts for nearly three quarters of the market and therefore determines the overall transaction dynamics in Sofia.

The mid-price segment between €200,000 and €500,000 remained practically unchanged compared to the previous year.

In the high-end segment, the trend is the opposite. Growth is visible across all four segments above €500,000 – something that is not observed at the lower price levels. Taken together, transactions above €500,000 increased by 31.6% year on year.

In the longer term, the segment between €500,000 and €1 million continues to show steady development. The average monthly number of transactions has been growing consistently throughout 2024, 2025, and the first half of 2026, indicating that the upward trend is not only being maintained but continues to develop.

Unique Estates Data: The Luxury Segment Remains Active but More Selective

Internal statistics from Unique Estates | Christie’s International Real Estate confirm the trend outlined by the official data – the number of transactions in the high-end price segment remains stable, while interest in properties above €1 million continues to be strong.

A comparison between the second half of 2025, traditionally the strongest period for the market, and the first half of 2026 shows that the market is entering a phase of natural differentiation. In some prestigious areas, achieved prices per square metre continue to increase; in others, they remain stable, while at the highest price levels, a selective price adjustment is being observed.

Given the dynamic economic environment over the past two years, a comparison with the immediately preceding period provides a more realistic picture of the current state of the market than a year-on-year comparison.

The strongest performance was recorded in Lozenets, where achieved prices increased by around 12%. In established central areas such as Doctors’ Garden, Oborishte, and the wider city centre, price levels remain stable, although the pace of growth is now significantly more moderate compared to the end of 2025.

It is precisely the most prestigious locations that are showing the first signs of normalisation. Limited supply remains a factor, but buyers are now making decisions far more carefully, comparing more options and negotiating actively. This naturally leads to a longer period for property realisation.

While a year ago the sale of a quality property in the high-end segment was usually completed within 4 to 6 months, today this period reaches between 6 and 12 months, especially when the initial asking price does not correspond to actual market levels. The longer realisation period is not a sign of market weakness, but rather a return to a more normal decision-making cycle.

The same trend is visible in price negotiations. According to a survey among Unique Estates clients who completed a purchase during the period under review, nearly 70% of transactions were finalised after a negotiated discount. The average price adjustment was between 5% and 7%, while for properties above €1 million, discounts reached 10% to 15%, as determining the market value of assets in this class is considerably more complex due to the limited number of comparable transactions.

“The market has entered a more mature phase. Today, it is no longer enough for a property to be of high quality – it also needs to be correctly positioned in terms of price. Sellers who rely on market data and the expert assessment of consultants are successfully completing transactions. The others simply remain on the market for longer,” said Svetoslava Georgieva, Managing Director of Unique Estates | Christie’s International Real Estate.

Fewer Buyers, but Significantly More Determined

The profile of the buyer has changed noticeably. Fewer clients are declaring an intention to buy, but those who do are considerably more certain in their decision and rarely abandon it.

The survey among serviced buyers quantifies this trend. 75% knew clearly what they were looking for and did not change their search parameters during the process. 43% found the right property during the very first viewing. Only 11% viewed more than ten properties. In the lower and mid-market segments, by contrast, decisions take more time and are more often reconsidered.

Nearly 90% of buyers are looking for a property for their own use, which is why demand is directed mainly towards completed properties with high-end finishes and furnishings. Buyers are willing to pay more for a move-in-ready home, and this preference explains the increase in achieved price levels in some areas.

Transactions Defining the Segment

The first half of 2026 recorded transactions that confirm the presence of a real and well-prepared audience for the highest segment of the market.

The company completed the sale of a property for €4 million while it was still under construction. A project in the heart of Sofia was realised at €8,800 per square metre before Act 15. The period also saw the sale of three terraced houses in the premium segment, as well as a detached house for €2 million.

Outlook for the Second Half of the Year

If the current pace is maintained, the overall market volume in Sofia for 2026 will come close to the levels recorded in 2024. This would mean a return to a more moderate distribution after an exceptionally dynamic 2025, rather than a market collapse. However, it also means that comparisons with 2025 will continue to appear unfavourable throughout the year, as the base is high.

No major disruptions are expected in the segment between €500,000 and €2 million. Demand for quality properties in established locations continues to exceed supply, which keeps prices on an upward trajectory.

“We expect the market to remain stable, but significantly more selective. Correct pricing, a quality product, and professional consultancy will be the key factors for successful realisation during the second half of the year,” Georgieva added.