Despite recent increases, Sofia, Varna, and Burgas continue to rank among the most affordable cities for housing rentals in Europe, according to a report by an international auditing firm. The analysis, which reviewed rental markets in 59 European cities, highlights significant disparities between Eastern and Western Europe in terms of housing costs.
In Sofia, Bulgaria’s capital, the average rent has climbed to €9.1 per square meter. This marks a notable rise compared to previous years, reflecting increased demand and inflationary pressures. Despite this growth, Sofia holds the tenth position among the most affordable cities in the study.
Varna, Bulgaria’s coastal gem, has seen average rents reach €7.8 per square meter. Known for its picturesque beaches and vibrant tourism sector, the city ranks fifth among the cheapest European rental markets included in the analysis.
Burgas, another seaside city in Bulgaria, stands out for its even lower rental rates. With average rents at €6.9 per square meter, Burgas ranks second in affordability across the continent, surpassed only by Patras, Greece, where rents average €6.3 per square meter.
Western Europe Dominates High-Rent Rankings
On the other end of the spectrum, London maintains its position as Europe’s most expensive city for renters, with average prices soaring to €33.8 per square meter. The British capital is followed by Dublin (€31.5) and Paris (€31.3).
Additionally, ten other cities report rents exceeding €20 per square meter, including Barcelona, Amsterdam, Oslo, Madrid, the Greater London region, Copenhagen, Trondheim, Munich, Galway, and Bergen. The stark contrast between these figures and those in Bulgaria underscores the financial challenges faced by renters in Western Europe.
Local Dynamics Driving Rental Trends in Bulgaria
The rising rents in Bulgaria’s largest cities are attributed to a combination of factors, including increasing demand for urban housing, inflation, and growing interest from foreign investors. Sofia, as the country’s political and economic hub, attracts a steady influx of new residents, including students and young professionals, driving up demand.
Varna and Burgas, as key coastal cities, benefit from their strategic locations and appeal to tourists and seasonal workers. However, their relatively low rents compared to other European cities continue to make them attractive options for local and international tenants alike.
Affordability in a European Context
While the increases in Bulgarian cities are significant for local residents, they pale in comparison to the exorbitant rents in Western Europe. The report illustrates a growing divide in rental affordability across the continent. In high-cost cities such as London, Paris, and Dublin, housing affordability is a pressing concern, prompting policymakers to explore solutions such as rent controls and affordable housing initiatives.
Conversely, cities like Sofia, Varna, and Burgas remain competitive options for those seeking low-cost urban living in Europe. Their affordability, coupled with ongoing economic growth, positions Bulgaria as a viable destination for cost-conscious renters.
As the European rental market continues to evolve, the dynamics of affordability and accessibility will remain central to housing policies and urban development strategies across the continent.