In brief: In Varna and Burgas, the share of sales at early stages is increasing because ready, liquid apartments sell out faster, and construction costs are rising. Buying at the 'foundation stage' offers potential price growth but adds risks regarding timelines, the project, and the developer. The key to a safe deal is checking documents related to land and construction permits, a proper contract with a payment schedule, and understanding the stages (Acts 14/15/16). Profit is usually built on capitalization before/after Act 16 or on a combination: price increase + subsequent rental.
This article is useful for those considering buying an apartment in Varna or Burgas as an investment: for resale after the house is commissioned, for subsequent rental, or as a capital safeguard. We will analyze why deals increasingly occur at early stages of construction in 2025–2026, how buying 'at the foundation stage' works in Bulgaria, and where investors most often lose money.
What is happening in the Varna and Burgas real estate market in 2026
Прибрежные города живут в логике ограниченного ресурса: хорошие участки в удобных районах and рядом с морем заканчиваются, а требования к качеству проектов растут. На практике это приводит к двум последствиям: (1) готовые квартиры в современных домах продаются быстрее, (2) девелоперы всё чаще собирают значимую часть продаж ещё до ввода здания в эксплуатацию.
Важно правильно понимать термин «котлован». В Болгарии покупка на ранней стадии почти всегда означает сделку на будущий объект в строящемся здании, где юридически вы покупаете право собственности на конкретный объект (или долю/право строежа) по нотариальному акту, а не «бронь на словах». Конкретная схема зависит от стадии проекта and документов.
Why ready housing has become a 'premium'
A ready apartment wins on three parameters: lower risks, clear timelines, and immediate usability or rental. When such properties are scarce, they receive a price premium. This is not 'market opinion', but a standard reaction to a shortage of supply in the segment, where the buyer pays for reduced uncertainty.
Why the cost of new builds is increasing
The price per square meter in new projects is pressured by costs for materials, labor, and requirements for energy efficiency and infrastructure. If you invest at the construction stage, you effectively lock in the price before the developer transfers rising costs into the price list for the next sales stages.
Why apartments are bought at the foundation stage: the investor's logic
1) Capitalization potential as construction progresses
The mechanics are simple: at the start of the project, the price is usually lower, then it rises as construction progresses and choices diminish. In reality, growth is not guaranteed and heavily depends on location, project quality, sales pace, and overall market conditions. But it is this 'price ladder' that makes early entry an investment tool.
2) Access to the best lots
At the early stage, you choose what will later be almost impossible to buy without overpaying: the right floor, orientation, view, layout, location in the section, convenient parking. For resale, this is critical: liquidity is formed not by the 'average price of the building', but by the characteristics of a specific lot.
3) Installments and capital management
In many projects, the developer offers stage payments until construction is completed. This is convenient for investors: capital is not 'frozen' entirely on the transaction day. However, installments are not a bank product and are not regulated like loans, so the terms of the contract and sanctions for failure to meet timelines/payments are crucial.
Varna or Burgas: how to choose a location for your strategy
Both cities are not just resorts, but also year-round living, which is essential for rental and resale. The difference often manifests in micro-locations and demand profiles.
Varna: focus on urban liquidity
In Varna, investors more frequently choose neighborhoods with stable year-round demand: proximity to the center, universities, business districts, and convenient transport links. For the 'resale after Act 16' strategy, it is important to have projects where the buyer pays for the quality of the building and the surroundings, not just for 'proximity to the sea'.
Burgas: balancing city and resort models
In Burgas a strong combination: urban rental + seasonal. For the investor, this means that when choosing a project, you need to understand in advance who your future buyer/tenant will be: the local market, relocation, seasonal guests, or mixed demand. A typical mistake here is buying a 'beautiful complex' that is practically inconvenient for year-round living, leading to weak liquidity off-season.
How buying an apartment in a building under construction works in Bulgaria
Key stages of construction: Acts 14, 15, 16
В Болгарии в сделках с новостройками постоянно фигурируют Акт 14, Акт 15 and Акт 16. Это не «маркетинговые статусы», а формальные строительные этапы, привязанные к процедурам ввода and приёмки. В инвестиционной логике это точки, где меняется риск and обычно меняется цена.
Для ориентира: ввод здания в эксплуатацию связан с выдачей удостоверения (разрешения) на ползване/въвеждане в експлоатация компетентным органом, что регулируется Законом за устройство на територията (ЗУТ).[1]
What documents should the project have before the transaction
The minimum practical set of checks before signing (ideally by your lawyer):
- Land rights and no title issues: verification in the Property Register (Agency for Registration) by plot and by seller.[2]
- Construction permit (building permit) and project parameters: what is being built and under what conditions.[1]
- Sales scheme: what you are buying by notarized deed (property/ideal shares/construction rights) and how this is described.
- Contract and payment schedule: linking payments to stages, responsibilities of the parties, conditions for termination.
Taxes and expenses when buying: what the investor should consider
Buyer expenses in Bulgaria typically consist of local taxes on paid acquisition, notary fees, and registration taxes. Specific rates depend on the municipality and the price/assessment, while the order and elements of expenses are outlined in regulatory and municipal rules. The local tax is established by the Local Taxes and Fees Act, and the rates are determined by the decision of the relevant municipality.[3]
Practical advice: even before reservation, ask your broker/lawyer for a calculation of "all expenses related to the transaction" referencing the municipality and notary rates. This is the stage where investors most commonly miscalculate their budget.
How to profit from this: 3 actionable strategies
Strategy 1: reselling after Act 16
Логика: купить на старте, дождаться ввода в эксплуатацию, продать как готовый продукт с минимальными рисками для следующего покупателя. Это стратегия про капитализацию, а не про аренду.
Нюанс: ликвидность после Акт 16 зависит от того, что вы купили. «Плохая» планировка или слабая ориентация могут съесть весь прирост цены.
Strategy 2: exit earlier — at the stage of high readiness
Sometimes the investor sells not after commissioning, but at a stage when the building is already "understood" by the market (high construction readiness, facades visible, common areas, pace of work). This can accelerate capital turnover but requires a legally correct mechanism of assignment/resale, which must be provided for in the contract.
Strategy 3: capitalization + leasing
Suitable for those who want to maintain their asset and generate income. Here, it's important to calculate not the "average yield for the city," but your own model: expenses on furnishing, management, repairs, downtime periods, seasonality. A management company in the complex can be a plus, but you need to read the terms: rates, obligations, penalties.
Practice: investor checklist before purchasing "on the foundation"
What to check thoroughly
- The developer: completed projects, quality, adherence to deadlines, legal purity of previous projects (if possible — through documents and registry, not just reviews).
- The land and encumbrances: mortgage, restrictions, legal disputes — verification in the Property Register.[2]
- Construction permit and project compliance: what is included in the complex, what is promised in the advertising, and what is recorded in the documents.[1]
- The contract: deadlines, penalties, conditions for changing the project, transfer procedure, who pays for common parts, how Act 16 is formalized and how utilities are connected.
- Payment schedule: tied to stages, not to a "calendar", and clear consequences of delays.
Where buyers often go wrong
- They buy for the "best view" but do not check what is planned in front of their windows for the next phase or another construction site.
- They focus on price per m², ignoring the liquidity of the layout and the number of floors.
- They do not specify in the contract the composition of finishes and fittings (and then receive "something different than expected").
- They underestimate timelines: construction delays are not uncommon, so the investment plan must have a buffer in terms of time.
Risks and pitfalls
- Timelines: a delay in delivery shifts the moment of sale/leasing and can worsen the financial model.
- Modification of the project: it's important to know that only the developer has the right to change it and how this is compensated.
- Developer's financial risk: is indirectly checked (project structure, funding, sales pace), but cannot be completely eliminated — it must be factored into the strategy.
- Legal structure of the transaction: what exactly you are purchasing and how it will be formalized at the final stage.
Плюсы and минусы покупки на стадии котлована (честно)
Pros
- Lower entry price compared to a finished property under otherwise equal conditions.
- Best selection of lots and the opportunity to buy something that won't reappear on the market.
- Installment payments can improve capital management.
Cons
- Risk of delays and the need to wait.
- Risk of discrepancies between expectations and reality if the contract is weak.
- Higher requirements for document verification and quality of transaction support.
Conclusion and recommendation from Inreal4u
Покупка квартиры в Варне или Бургасе на стадии котлована — это не «лотерея», а инвестиционный инструмент с понятной логикой: вы берёте на себя часть строительных and временных рисков в обмен на потенциальную капитализацию and лучший выбор объекта. Заработок здесь делают не «на рынке в целом», а на правильной связке: локация + девелопер + конкретный лот + юридически грамотный договор.
Рекомендация Inreal4u: если ваша цель — инвестиция, начинайте не с просмотра планировок, а с стратегии выхода (перепродажа после Акт 16 или аренда), затем отбирайте 2–3 микрорайона под эту стратегию and только после этого сравнивайте проекты and девелоперов. Мы в Inreal4u сопровождаем покупателя на всех этапах: от отбора новостроек and проверки документов до сделки у нотариуса and приёмки квартиры, чтобы инвестиционная логика не ломалась на юридических and технических деталях.
