Currently, there are 1 400 000 sq m under construction along the Bulgarian Black Sea coast, and another 750 000 to 800 000 sq m are in the design phase. This was said at Immmobilia Bulgaria by Plamen Andreev, head of the Varna Construction Chamber and manager of Planex Holding.
Andreev said that there were new large investment funds and international brokers entering the local market, and they would shape prices in the next couple of years.
Andreev said prices of newly-built apartments in the centre of Varna were stabilising. The levels are between 800 and 1100 euro a sq m. There is increased demand for industrial and commercial premises in and around Varna.

The real estate market in the region of Varna is currently saturated, says Rumiana Karmazova, manager at investment and construction company Melchin. The company has a wide spectrum of activities, including land purchase, design, picking construction developers, marketing built residential properties, legal advice and support. Melchin offers apartments in different neighbourhoods of Varna (with varying prices) and is involved in the entire process of solving property rights.
Karmazova believes there are many realtors in Bulgaria that are not aware of the land regulation matters in this country. Very often this has been causing trouble to foreigners acquiring real estate here. She is positive however that the market itself will regulate the situation, especially in view of Bulgaria's accession to the EU.

IMMOBILIA Bulgaria is preparing to host its second real-estate exhibition in late August in Bourgas after successfully completing the first in Varna between July 6 and July 9.
The exhibition, held in the Bulgarian Black Sea capital city, showed that there is still strong demand that could keep real estate prices rising in the short term. Exhibitors found that many foreigners were coming not only as tourists to the Black Sea but were also interested in acquiring property in the country.
The exhibition saw the participation of leading real estate agencies in the region of Varna and throughout Bulgaria. Address, Planex Holding, Foros and Property Invest Ltd, which are top performing realtors in the Varna region, had the best-built and most attractive stands at the exhibition. The event also featured fascinating exhibits from the Varna Archaeological Museum, brought by Colliers International.
Immobilia Bulgaria's Varna event showed that more and more Bulgarians are turning their attention towards buying holiday homes in residential flats built in or around the top resorts of Zlatni Pyasutsi (Golden Sands) and St Constantine and Elena. Brokers believe that locals are following the pattern of foreigners, who have shown keen interest in such properties in recent year.
Properties at resorts near Varna are mostly offered fully completed, although some real estate can still be found at a design stage or unfinished, which could mean that its price will be a bit lower. Lately, the price of a finished apartment is about 1500 euro a sq m. The price is high, of course, but it is based on strong demand.
Statistics show that from February to the end of June, prices a sq m in Zlatni Pyasutsi and St Constantine and Elena jumped by 10 to 20 per cent. The most expensive were at Zlatni Pyasutsi, where several luxury residential flats are still under. Construction permits for the design stage have been issued to several such developments in St Constantine and Elena.
The minimum price at which holiday homes in the two resorts are offered is about 1000 euro a sq m. In fact, however, deals are sealed at higher prices.
New homes in the area around the former royal palace at Evksinograd (currently a government residence and a museum) cost a bit less - between 950 and 1150 euro a sq m. 
Brokers say that British people are keen on cheap village properties in villages around Varna. UK citizens prefer to buy plots of land costing between 10 000 and 20 000 leva in areas relatively far from the big cities and resorts areas, such as the villages of Rogachevo and Kranevo, or around the town of Balchik, said representatives of the Foros real estate agency.
British people have shown keen interest in buying land. They come to Bulgaria to buy plots, and start construction of new villas or holiday villages. This is achievable and economically efficient, given that cheap land deals are sealed at an average price of four to eight leva a sq m of land.
Brokers said that foreign buyers frequently buy houses close to famous balneological centres or in the mountains, in small villages or towns.
Another category of foreign buyers is made up of those that want to buy a holiday home. They use the property for several months in the year and the rest of the time, rent it out.
A third category is made up of foreigners who acquire properties purely as investments. People in this category tend to be younger, investing in property to rent it out or for subsequent resale.