Overview of the Bansko Property Market – 2023

Sep 26, 2023 No Comments by

After February’s blog on the market here, I decided it was a good time to see how the market is going. So here it is; my exclusive Bansko Property Market Update with Cristian Zarnescu of Plus Property Bansko The Bansko property market has seen some noteworthy shifts in the past year, and we’re here to provide an exclusive update for the readers of banskoblog.com. As one of the leading agencies in the area, Plus Property Bansko is dedicated to keeping you informed about the latest developments. Take a look at my recent tour of a one bedroom apartment for sale for 49,950 EUR and a discussion about prices:

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Price Adjustments

In the past year, we’ve observed significant price adjustments in the Bansko property market. Properties that were previously listed in the range of 800 to 1000 euros per square metre have now come down to a more attractive range of 650 to 850 euros per square metre. On average, the market has witnessed a 12% to 15% drop in property prices, depending on the location. The drop since February has been small and prices seem to have stabilised.

Buyer Preferences

Buyer preferences have also evolved. Today, most buyers are looking for turnkey solutions—properties that are ready to move into with good management, functioning lifts and well-maintained facilities. Cristian reports that there’s been a noticeable decline in the number of buyers interested in properties requiring extensive repairs, as such renovations can be both expensive and time-consuming. My personal view is that I prefer properties, in general, that have not been renovated so that I can add my personal touch and style to the interior.

Who Are the Buyers?

  • Year-round Residents: Approximately 25% of buyers are individuals who choose to live in Bansko year-round, enjoying the unique lifestyle and natural beauty of the region.
  • Seasonal Residents: A significant portion, around 30%, reside in Bansko for a few months each year, making the most of the region’s diverse offerings.
  • Holiday Homeowners: The majority, nearly 45%, purchase properties in Bansko to use as holiday homes, enjoying both the winter and summer seasons.
  • Rental Income Seekers: Many property owners opt to rent out their homes when they are not using them, contributing to the increase in rental income, which now averages around 400 euros per month, up from 300 euros in August 2022. Higher rentals are being achieved with premium refurbishments and/or more facilities.

Changing Buyer Nationalities

While the Bulgarian buyers dominated the market in 2022, accounting for 60% of transactions, this landscape has shifted. In 2023, Bulgarians have taken a less prominent position, now constituting 25% of buyers. This change could be attributed to various factors but the best guesses was the sudden desire to have a base outside Sofia in a post-pandemic world. And high inflation with low savings rates that made property an attractive bet to combine lifestyle with a sound investment. So here is Cristian’s best guess at the breakdown in nationalities of the buyers of Bansko property:

  • Bulgarians: Around 25% of buyers
  • Israelis: Approximately 10% of buyers.
  • Ukrainians: Another 10% of the market share.
  • UK: UK buyers still represent around 10% of the market.
  • Central Europeans: Buyers from Czech Republic, Poland, and Slovakia collectively account for another 10%.
  • East Europeans: Approximately 5% of buyers hail from Eastern European countries.
  • Other Europeans: The remaining 10% is made up of buyers from various European nations.
  • Digital Nomads and Global Buyers: A growing segment, making up 20% of the market, includes digital nomads and individuals from outside the above mentioned categories.

Seller Demographics

On the seller’s side, the landscape is as follows:

  • UK and Irish Sellers: Still comprise around 30% of sellers, with many being folks retiring property owners who are using their properties less frequently.
  • Bulgarian Sellers: Approximately 25% are selling their properties at a profit, reflecting the market’s dynamic nature.
  • Greek Sellers: Represent 5% of the seller pool.
  • Russian Sellers: Their presence has increased to 10% in recent times.
  • Other Nationalities: The remaining 30% of sellers come from various other nationalities.

Market Need and Potential

The Bansko property market remains dynamic and in demand, with a need for more available stock. We estimate 3,000 to 4,000 units will be sold on the Bansko market. Of the approximately 30,000 units in Bansko, many are still owned by the UK and Irish market. Whilst they are gradually selling over time the supply is being boosted by new building stock arising from previously unfinished buildings (see below).

Unfinished Buildings

There are around 30 unfinished building projects in the region, with around 15 of them already sold. Approximately 6 these projects have been completed, putting pressure on property prices due to the economic issues these unfinished developments have created. One-bedroom properties in these projects are now available for as low as 44,000 euros.

Prices lower, higher or the same in 2024?

The market is far from being dead. The number of sales are lower than the high pace witnessed last year but still robust. Traditionally, the Bansko property market does not have high leverage in the respect that most properties are unencumbered from a mortgage. This would suggest that there are less dramatic movements downwards due to forced sales and repossessions. That said, there is the strange paradox of the real possibility of some property prices dropping some more but also the reality if potential buyers simply not having enough property to choose from. This is especially the case for property in well maintained buildings, often with facilities, in sought after locations.

In conclusion, the Bansko property market is evolving, with shifts in buyer demographics towards Digital Nomads and buyers outside Europe, Israel and Russian. And a growing trend for property for living in either permanently or for longer.

I would add that we can see that Bansko continues to improve upon its status as an attractive all year round destination for both residents and investors. Whilst some new stock will hit the market from previously unfinished buildings, the prime location properties will continue to be sought after and will hold their value well if the overall market weakens further.

Plus Property Bansko is here to provide the latest updates and expert guidance to navigate this dynamic market.

For more information and personalised assistance, feel free to contact Cristian Zarnescu at Plus Property Bansko. It helps if you can mention Bansko Blog when you do! Thank you.


+359 89 917 8644 (What’s App)

Disclaimer: The information provided in this update is based on market observations and trends at the time of writing and may be subject to change. Not investment advice.

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About the author

I enjoy tech, apps, entrepreneurship, podcasting and collaboration with others. I love travelling as well as skiing, hiking, MTB, paragliding, cooking and good food.
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