The Housing Market in Europe: Where Are We?

Dragomir Stefanov () and Maria Dimitrova ()
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Dragomir Stefanov: University of National and World Economy
Maria Dimitrova: University of National and World Economy

Stroitelno predpriemachestvo i nedvizhima sobstvenost = Construction Entrepreneurship and Real Property, 2025, issue 2, 30-46

Abstract: The housing market in Sofia has been developing extremely rapidly over the past ten years. Almost every quarter, we have seen an increase in the number and volume of mortgage loans granted, in building permits issued and new construction started, as well as in the number of transactions concluded and in housing prices. Many market participants are concerned about how long this sustainable growth of various indicators will continue. The aim of this study is to show where Sofia ranks among the capitals in Europe in terms of the population’s accessibility to their own home. By comparing various indicators, such as the price/income, rent/price and mortgage/income ratios, we will present the position of the Bulgarian capital in the individual rankings and try to refute the existing thesis that the accessibility of residential property in Sofia is low. We will present arguments as to why the growth in housing prices is to some extent justified and is due to various economic, financial, social and psychological factors, which should be considered in aggregate. Attention will also be paid to the tax burden on real estate as an additional factor for good accessibility.

Keywords: Residential properties; housing affordability; Sofia; price/income ratio; mortgage lending; property taxes (search for similar items in EconPapers)
JEL-codes: G21 L85 R21 R31 (search for similar items in EconPapers)
Date: 2025
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