The National Statistical Institute (NSI) today, 23 September 2026, published its house price indices for the second quarter of 2026. They supersede the first-quarter figures we relied on in our market report for the first half of the year and in our comparison of new-build and resale. This piece updates both with the new numbers.
In short: prices are still rising at a double-digit pace, sales are still falling, and the gap between existing and new homes is widening.
All figures below are preliminary NSI data released on 23.09.2026. The NSI normally confirms or revises them with the next quarterly release.
| Measure | Total | New dwellings | Existing dwellings |
|---|---|---|---|
| Prices vs Q2 2025 | +15.5% | +12.3% | +17.6% |
| Prices vs Q1 2026 | +4.5% | +4.6% | +4.3% |
| Number of sales vs Q2 2025 | −18.1% | −15.4% | −19.2% |
| Value of sales vs Q2 2025 | −5.8% | −7.4% | −4.7% |
Three things stand out.
Annual growth is accelerating; quarterly growth is slowing. For the first quarter the NSI reported +14.8% year on year and +6.2% on the quarter (as published in June). The annual rate is now 15.5%, but the quarterly rate is 4.5%. In other words the market is not gathering speed quarter to quarter — the annual figure is higher because quarterly growth in the second quarter of 2025 was lower still.
Prices are rising while sales shrink. The number of sales is 18.1% lower than a year ago and their total value 5.8% lower. It is the same picture we described for the first half using Registry Agency data: fewer buyers, but willing to pay more. The rise against the first quarter (+26.9% in number) should not be read as a turnaround — the first quarter is traditionally the weakest of the year.
The gap between existing and new homes is widening. Existing homes are up 17.6% on the year, new builds 12.3%. The gap is now 5.3 percentage points, against roughly 3.8 points in the first quarter. Over the quarter itself, though, the pace was practically the same — 4.6% for new and 4.3% for existing.
| City | Prices y/y | Prices q/q | New y/y | Existing y/y | Number of sales y/y |
|---|---|---|---|---|---|
| Sofia | +13.2% | +2.4% | +12.6% | +13.7% | −21.3% |
| Plovdiv | +11.3% | +5.8% | +2.7% | +19.0% | −3.3% |
| Varna | +14.3% | +2.8% | +9.1% | +16.3% | −21.9% |
| Burgas | +9.1% | −1.5% | +10.5% | +8.5% | −24.7% |
| Ruse | −0.8% | +2.0% | — | −0.9% | −7.7% |
| Stara Zagora | +15.7% | +2.9% | +22.3% | +12.8% | −15.0% |
"—" — not published by the NSI owing to low precision.
Plovdiv leads on quarterly growth and has barely lost any sales. +5.8% on the quarter, the highest of the six cities, with sales down just 3.3% year on year — far less than the other major markets. Its annual growth comes mainly from existing homes (+19.0%), while new builds are up only 2.7%.
Sofia is calming down. +2.4% on the quarter, against +5.8% in the first. Existing homes in the capital rose just 1.0% over the quarter, new builds 4.1%. Annual growth of 13.2% is below the national average, and the number of sales is down 21.3%.
Burgas is the only large city where prices fell over the quarter. −1.5% overall, with the decline coming entirely from new builds (−7.3%), while existing homes rose 2.4%. Burgas also has the steepest fall in the number of sales — −24.7% on the year. In the first quarter it led the six cities on quarterly growth.
Varna posts the highest annual growth among the four largest markets (Sofia, Plovdiv, Varna, Burgas) — 14.3%, again driven by existing homes.
Ruse and Stara Zagora reverse their first-quarter decline: both show quarterly growth (+2.0% and +2.9%) after being in negative territory in the June figures.
Five of the six largest cities — all except Stara Zagora — show annual growth below the national average. Since the six cities account for a large share of the transactions in the national index, this strongly suggests that outside them — in smaller towns and resorts — prices rose faster than 15.5%. That is our inference from the data, not a separate NSI statistic.
For sellers. Prices are still rising, but there are about a fifth fewer buyers than a year ago. A good price comes from a realistic asking price, not a high one followed by a discount. Especially in Sofia and Burgas, where sales are falling most sharply, a property listed above the market loses its most valuable first weeks.
For buyers. Fewer transactions means more choice and more time for due diligence. The widening gap between existing and new homes is one more reason to compare on a like-for-like basis — usable area, VAT, finishing — rather than on the price per square metre in the listing.
For investors. The 15.5% annual figure is an average that describes none of the large cities. Plovdiv, Varna and Burgas moved in three different directions within a single quarter. The macroeconomic backdrop — the BNB's overvaluation estimate — is covered separately in BNB model puts Bulgarian housing 13.8% above equilibrium.
The NSI index shows the direction. The price of a specific property is settled elsewhere — by completed sales in the same neighbourhood and class, the discount actually achieved and time on market. For every property we take on, that calculation is where we start.
If you are considering selling or buying and want to know what the new data means for your neighbourhood — call us or come by the office. We will look at the specific numbers together.
NSI data (House Price Indices and Housing Sales Indicators, Q2 2026, preliminary), released on 23 September 2026. Market indicators are indicative and subject to revision. The NSI's next release is on 23 December 2026.
