Investing in Real Estate in Varna: A Guide for French-Speaking Investors

Published on January 17, 2026 and written by Cyril Jarnias

Investing in real estate in the city of Varna, on Bulgaria’s Black Sea coast, is no longer a fringe idea. As the country’s third-largest city, a major economic and logistics hub, a highly frequented seaside resort, and a large university town, Varna concentrates almost all the factors that interest investors: price growth, strong year-round rental demand, low taxation, and a market that remains far more affordable than major coastal cities in Western Europe.

Why Varna is Attracting More and More Investors

Varna is often presented as Bulgaria’s “sea capital.” With over 330,000 inhabitants, an international port, an airport 7 km from the center, and five universities, the city is simultaneously a seaside resort, a logistics hub, and a major employment center.

On a macroeconomic level, Bulgaria ticks several boxes that reassure investors: a member of the European Union, recent entry into the Schengen Area, preparation for euro adoption, projected GDP growth of around 3% per year, low unemployment (4.3%), and real estate still much cheaper than in neighboring countries like Greece or Croatia. Nationally, real estate prices have more than doubled in fourteen years and increased by another 18.3% year-on-year by the end of 2024.

Added to these fundamentals is a structurally strong rental market: seaside tourism, students, local professionals, expatriates, foreign retirees, digital nomads… Demand does not rely solely on summer but on an annual flow of residents and visitors, clearly distinguishing Varna from many highly seasonal coastal resorts.

A Real Estate Market Under Full Pressure: Strong Growth, Limited Supply

The real estate market in Varna is described as “very dynamic” but also unbalanced: demand, particularly for good-quality, large new homes, exceeds available supply.

The most recent data shows:

This situation is explained by several factors. Households are looking for larger, modern apartments in new buildings, ideally with parking, green spaces, and sometimes a pool or gym. They are turning en masse to gated communities and recent developments, while many properties for sale are old, poorly located, or require major renovation.

Developers, for their part, must contend with rising construction costs, materials, and labor, which increases the final price of new homes. Added to this is very uneven quality among projects: some complexes are exemplary in terms of energy efficiency and architecture, others much less so, requiring rigorous selection of the operator before investing.

How Much Does a Property Cost in Varna?

Figures vary depending on sources, but the orders of magnitude converge. It can be summarized as follows:

Price Overview

Indicator	Approximate Level in Varna
Average apartment price (entire city)	~ 1,450–1,700 €/m²
New build (city average)	1,550–1,650 €/m²
Broad city center	~ 1,700 €/m²
Strict / administrative center	2,000–2,500 €/m²
Economical neighborhoods (Vladislavovo, etc.)	900–1,100 €/m²
Intermediate family neighborhoods	1,000–1,300 €/m²
Premium sea-view neighborhoods (Greek Quarter…)	2,800–3,300 €/m²

Thinking in terms of property type, the following price ranges are frequently observed:

Property Type	Typical Price Range
Studio	40,000 – 65,000 €
1-bedroom apartment	55,000 – 90,000 €
2-bedroom apartment	85,000 – 130,000 €
City-center apartment	100,000 – 200,000 €
Luxury sea-view unit	150,000 – 300,000 €
Suburban houses / villas	120,000 – 300,000 € (and up)

The median property price is around 94,000 €. The price difference between a prestigious central neighborhood and a family-friendly peripheral area can be double, or even more for high-end seaside properties.

Overview of Key Neighborhoods for Investment

One of Varna’s strengths for the investor is the great variety of neighborhoods, from the historic center to green peripheral areas close to beach resorts. Each has a specific risk/return profile.

City Center: Prestige, Scarcity, and High Liquidity

The administrative and cultural center of Varna concentrates institutions, shops, offices, restaurants, and the most vibrant part of urban life. Prices per m² are around 2,000–2,500 €, with an increasingly limited supply of new builds.

Demand remains constant, both for purchase and rental, making it a safe-haven value. Investors often target 1 to 3-bedroom apartments, easy to rent to professionals, students, or urban tourists. A comfortable two-room apartment can rent for around 600 to 900 € per month depending on quality and exact location.

For a long-term investor, the center offers several advantages: prestige, resale liquidity, robust rental demand, including for short-term stays. In return, gross yield is a bit more compressed than in some cheaper neighborhoods, and opportunities for spectacular capital gains are rarer, as the market is already mature.

Greek Quarter: The Very High-End Segment

The Greek Quarter, or Grutska Mahala, is considered Varna’s most prestigious neighborhood. Close to the sea and the Sea Garden, with characterful buildings, it attracts an affluent clientele and many foreigners looking for second homes or luxury apartments.

Prices match this reputation: around 2,800–3,200 €/m², with spectacular annual increases in recent years (over 20% in some segments). The market remains low-volume, however: few offerings, many targeted demands, which tends to stabilize prices at a high level.

For an investor, this is clearly a heritage and prestige segment, more than a hunt for high gross yield. On the other hand, the tourist appeal and “premium” status of this area guarantee good long-term value retention.

Chaika: Green, Family-Friendly, Sought-After for Rental

Chaika is one of the greenest neighborhoods in Varna. It features large spaces between buildings, numerous schools and nurseries, local shops, and easy access to the Sea Garden. Many recent developments offer modern apartments with sea views and underground parking.

Chaika is particularly well-suited for rental, both long-term (local families, expatriates) and short-term in summer (proximity to the sea, green spaces). For an investor, it’s an interesting compromise between quality of life, appreciation potential, and rental yield, with a market deemed “stable in the long term.”

Briz: Rapid Growth, Potential but Risk of Over-Supply

The Briz (Breeze) neighborhood has experienced rapid development in the last ten years. It combines an open sea view, greenery, and relatively quick access to the center. The population is rather young, consisting of families and professionals attracted by new buildings and modern complexes.

Prices typically range between 1,700 and 2,100 €/m², with double-digit increases recently, especially for small and large units. Briz also attracts short-term investors, due to its proximity to universities and the coastline.

However, it is also one of the neighborhoods where experts warn of a beginning of over-supply: many projects have been launched in parallel, creating a significant stock of new housing. In the medium term, this could put pressure on rents or slow price growth if demand were to weaken. For an investor, Briz remains interesting, provided they are very selective about project quality, precise location, and purchase price.

Levski: Heart of Student and Rental Demand

Levski is the major student district of Varna, close to several universities and higher education institutions. It stands out as a major hub for rental demand, with very high occupancy and constant tenant turnover.

From an investor’s point of view, Levski is one of the most obvious places to build a long-term yield strategy. But again, caution is advised: construction has been intense, to the point that some professionals mention a risk of over-construction similar to that in Briz. The key lies in selecting a well-positioned building with solid homeowners’ association management and a preference for easily rentable sizes (studios, 1–2 bedrooms).

Vinitsa: Green, Affordable, in Strong Development

Vinitsa is located northeast of Varna, in an environment described as “ecologically clean,” close to the Saints Constantine and Helena resort. This neighborhood appeals to families with its green setting, the possibility of buying houses with gardens, and still accessible prices: around 1,000 to 1,300 €/m².

Infrastructure is developing rapidly: new schools, shops, modern residential complexes. Specialists see it as having one of the highest growth potentials in the city, with significant price increases already in recent years.

For a long-term investor, Vinitsa is often cited as one of the best compromises between entry price, quality of life, capital gain potential, and possibility of year-round rental. It is also a relevant sector for purchasing houses or small residential complexes intended for local or expatriate families.

Asparuhovo: Beach, Nature, and Catch-Up Effect

Located on the south shore of Varna Bay, Asparuhovo has its own beach, many green spaces, and quick access to the center via the Asparuhov Bridge. Long considered a “second choice” compared to northern neighborhoods, it is now undergoing full transformation, driven by new real estate developments and growing interest from young households.

Vladislavovo and Vazrazhdane: The Active Family Market

Vladislavovo (Vladislav Varnenchik) and Vazrazhdane are large residential complexes on the outskirts, highly appreciated by active families for their contained prices, road connections, and the presence of shopping malls, schools, and daily services.

Prices per m² are approximately between 900 and 1,150 €, placing them in Varna’s most accessible range. The market is described as stable, with sustained demand from local households. Vazrazhdane, in particular, is identified as one of the fastest-growing neighborhoods, although some parts face the electrical capacity issue.

For an investor with a limited budget aiming for long-term rental to local families, these areas can be interesting. However, tourist potential is lower, and resale value will depend more on the general market evolution than on an “exceptional location” effect.

Other Sectors to Know

Several other neighborhoods and suburban areas deserve mention:

– Galata: A small, quiet, elevated neighborhood with a sea view, appreciated for its relatively affordable prices and proximity to the coast.

– Trakata and Evksinograd: Highly sought-after suburban areas for houses and villas with panoramic views, considered luxury residential.

– Alen Mak, St. Nikola, Primorski: Coastal sectors where many residential complexes, new projects, and vacation homes with sea views are found.

– Nearby villages, such as Zvezditsa, Bliznatsi, or Kamchia: Rural or semi-rural localities 10–20 minutes from Varna, where one can still buy houses with large plots at prices well below those in the city, often with strong revaluation potential in case of quality renovation.

To summarize the different neighborhood profiles, they can be compared according to three key criteria: price, growth potential, and rental orientation.

Neighborhood	Indicative Price €/m²	Growth Potential	Dominant Rental Profile
City Center	2,000–2,500	Medium/High	Long-term + short-term
Greek Quarter	2,800–3,200	High but premium	Second home / luxury
Chaika	1,800–2,200	High	Families / short-term
Briz	1,700–2,100	High (over-supply?)	Long-term + short-term
Levski	1,200–1,500	Medium	Students / long-term
Vinitsa	1,000–1,300	Very High	Families / long-term
Asparuhovo	950–1,200	Very High	Young households / long-term
Vladislavovo	900–1,100	Medium	Local families / long-term
Vazrazhdane	950–1,150	Good, but network constraints	Families / long-term

These levels are indicative and can vary depending on the view, condition of the property, year of construction, and building amenities.

Rental Yield: What Can an Investor Expect in Varna?

Available data indicates that the gross yield of apartments in Varna is around 4.5–6.5% in most cases, with higher peaks for some well-optimized short-term investments.

Rent Levels

In the long-term rental market, the following figures frequently appear:

– studios and 1-room units: about 350–500 € / month depending on neighborhood and condition;

– 1-bedroom apartments: 400–700 € / month;

– 2-bedroom apartments: 600–900 € / month in the center, slightly less on the outskirts;

– large family apartments: from 700–1,000 € and up for high-end or very well-located properties.

For short-term rentals (Airbnb type), nightly rents during high season can reach 40–90 € for a small, well-located apartment, or even 80–120 € for a very well-equipped home close to the beach or historic center. An average occupancy rate of about 57% is mentioned for seasonal rental in Varna, with strong variations depending on the property’s positioning, management, and season.

Rental real estate expert in Varna

Average Yields Observed

A synthesis of data by property type shows gross yields in the following range:

Property Type (city average)	Estimated Average Price	Average Monthly Rent	Annual Gross Yield
Studio	~ 67,000 €	~ 300 €	~ 5.3 %
1-bedroom	~ 111,000 €	~ 475 €	~ 5.1 %
2-bedroom	~ 166,000 €	~ 650 €	~ 4.7 %

In some neighborhoods, yield is a bit higher. For example, estimates for Briz and Levski give yields between 4.2% and 5.3%, depending on property size. Market studies also indicate overall rental yields for Varna around 5–7% for well-located apartments, especially when short and medium-term rental is well managed.

Taxation and Costs for an Investor in Varna

Bulgaria is known for its moderate taxation, and Varna is no exception. For a foreign investor, this is a strong argument.

Purchase Costs

During an acquisition, the buyer must budget in addition to the property price:

– a property transfer tax paid to the municipality, generally around 2–3% of the declared price in Varna;

– notary and registration fees, which are roughly between 0.1% and 1% of the cadastral value, with a regulatory minimum, so in practice about 600 to 1,200 € for a standard apartment;

– possibly an agency commission, typically in the range of 2–5% depending on local practices and the sharing of fees between buyer and seller;

– if the property is purchased new directly from a developer, VAT at 20% may apply, but it is most often already included in the advertised price and invoiced by the developer.

In total, acquisition costs typically represent 5–10% of the property price. It is advisable to check case by case with the notary, real estate agent, and a lawyer.

Annual Taxation

Property owners, both residents and non-residents, must pay an annual property tax calculated on the tax value of the property (often lower than the market value). In Varna, the average rate is around 0.15% of this value, a very low level by European standards.

Rental Income Taxation

Rental income is taxed at a flat rate of 10% in Bulgaria. For individuals, the tax authority allows a flat-rate deduction of 10% of gross rents without supporting documents, so the effective tax is calculated on 90% of rents received.

For example, for 5,000 € in annual rental income, the taxable base will be 4,500 €, and the tax due 450 €. This regime applies to both residents and non-residents, as long as they receive property income from assets located in Bulgaria.

Real Estate Capital Gains

Capital gains realized by individuals when selling a property are in principle taxed at 10%. However, several exemptions exist:

– sale of a primary residence owned for more than 3 years;

– sale of up to two properties owned for more than 5 years, provided these operations are not considered recurrent commercial activity.

These exemptions do not apply to companies, which must include the capital gain in their taxable profit at 10%. For non-residents, the 10% capital gains tax rule also applies, with an obligation to report the sale to the Bulgarian tax authority.

In all cases, notary fees, documented renovation costs, and some acquisition costs can be added to the purchase price to reduce the taxable gain. The authorities may request supporting documents; otherwise, they will use a less favorable calculation.

For an investor betting on a medium-term resale, these rules, combined with recent capital gain levels in Varna, offer an interesting ground provided the operation is well structured.

Purchase Process and Legal Framework for Foreigners

Real estate purchase in Bulgaria is based on a relatively simple procedure, provided one is well supported legally.

The classic sequence is as follows: property selection, negotiation, signing of a preliminary contract, payment of a deposit often between 10% and 30% of the price, legal checks (title deeds, charges, permits, compliance), then signing of the notarial deed, which is subsequently registered in the land registry.

Regarding the status of foreigners:

– EU citizens can freely acquire apartments, houses and, under certain conditions, land;

– non-EU citizens can purchase apartments and buildings without restriction, but the acquisition of land generally requires the creation of a Bulgarian company (often an EOOD, equivalent to a single-member LLC) to hold the land.

In all cases, it is highly advisable to work with a reliable local agency, a specialized lawyer, and a notary experienced in transactions with foreigners, to avoid pitfalls (title disputes, undeclared constructions, construction quality, poorly managed homeowners’ associations…).

Who is Buying in Varna and Why?

The profile of buyers in Varna is increasingly diverse. It includes:

The development of remote work and nomadic professions has also given rise to a new profile: digital nomads, for whom Varna is attractive due to a moderate cost of living, good internet connection (about 23 Mbps on average), pleasant climate, rich cultural life, and the possibility of living near the beach.

All these segments fuel pressure on well-connected neighborhoods, close to universities, the historic center, or the coastline. It is this mix of strong local demand and international flows that makes Varna a market less dependent on the vagaries of mass tourism alone.

Urban Projects and New Trends: Where is the Market’s Future Shaped?

Real estate in Varna is not just about small city apartments. Major structuring projects, on the outskirts as well as in the city, can deeply change the real estate value map.

Among them, a “New Varna City” project stands out: a vast urban development of over 540,000 m² of land and 360,000 m² of planned construction, combining 3,200 apartments, over 600 houses, high-tech campuses, a commercial outlet, a hotel, and nearly 500,000 m² of parks and public spaces. The goal is to create a sustainable, mixed-use, autonomous, and connected neighborhood, 10 minutes from the city, designed to retain graduates from local universities by offering them jobs and modern housing.

Within the existing urban fabric, a marked enthusiasm is also observed for gated communities with parks, pools, gyms, and services, such as the “Varna View residential park,” which mixes housing, offices, shops, green spaces planted with thousands of trees, and photovoltaic panels on rooftops. These complexes meet post-pandemic expectations for private or shared outdoor spaces while maintaining proximity to the city.

This trend toward “all-in-one” – housing, leisure, services, work – should continue to structure demand, especially for the upper-middle classes and expatriates.

Risks and Limitations: A Market to Approach Methodically

Even if indicators are largely positive, an investment in Varna should not be idealized. Several risks and points of vigilance regularly appear in analyses.

First, the question of relative overvaluation: some experts estimate that prices in Bulgaria would exceed the “fundamental” level justified by the real economy by 10–15%. For Varna, where increases have been particularly strong, this means that future growth margins could normalize or experience phases of stagnation, especially after the “euro” and “Schengen” effects, largely already factored into expectations.

Next, local over-construction in a few neighborhoods (Briz, Levski) requires carefully distinguishing well-designed, well-located projects from those that risk suffering from a demand deficit in the face of a glut of supply.

Infrastructure constraints (electrical capacity, networks, roads) are another sensitive issue: the refusals of electrical connection in some areas remind us that urbanization has sometimes outpaced technical upgrades, which can delay the completion or full use of certain projects.

On the regulatory front, uncertainties are also present. Bulgaria recently modified some real estate VAT rules for greater transparency, and municipalities do not hesitate to adjust the transfer tax on transactions upward. In the medium term, it is not excluded that social pressure on tourist rentals could lead to additional constraints, as is already the case in other major European cities.

For an investor, these risks are not prohibitive, but they should encourage a methodical approach: detailed study of the neighborhood, analysis of real rental demand (not just theoretical), detailed examination of the developer, homeowners’ association rules, maintenance budget, and stress scenarios (temporary drop in rents, rising interest rates, weakening tourist demand).

Concrete Strategies for Investing in Real Estate in Varna

Depending on one’s profile and objectives, several strategies emerge.

An investor focused on stable rental yield and favoring simple management might look towards 1 or 2-bedroom apartments in neighborhoods like Levski, Chaika, Vinitsa, Asparuhovo, or even the broader center, to attract students, young professionals, or local families, with classic 12-month renewable leases.

Medium-term investors betting on capital gains will focus on catch-up phase neighborhoods like Vinitsa or Asparuhovo, or even on rural houses near Varna that can be renovated and resold with a significant profit, similar to some mentioned projects where 100% returns over two years were achieved through heavy renovation and repositioning in the high-end segment.

In all cases, a few principles are essential: clarify your objective from the start (personal use, rental, resale…), define a realistic budget (including taxes, fees, furniture, renovations), get support from serious professionals (agency, lawyer, notary, possibly property manager), and allow enough time to compare several properties and neighborhoods before deciding.

Investing in real estate in the city of Varna today offers a rare mix of growth potential, rental income, and quality of life. This cocktail explains the enthusiasm of local and foreign buyers. In return, it requires a clear-eyed, informed, and selective approach to turn this potential into a sustainably profitable investment.