Demand from Bulgarian buyers is fueling a real estate boom in the seaside villages of northern Greece’s Kavala region, transforming the coastline and pushing up property prices while stirring unease among locals.
Once a quiet holiday spot, Ofrynio – known locally as Touzla and just three-and-a-half hours from Sofia – has seen a surge in construction of vacation homes over the past decade. Local agents say Bulgarians now make up half their clients, buying not only apartments by the sea but also land in villages up to 20 km inland.
“Just before the coronavirus, it was madness. Properties were being bought via video calls,” said Mariana Borikova, a Bulgarian real estate agent who arrived in Ofrynio in 2001 and now co-manages one of the area’s largest agencies. “Today, there are virtually no plots left on the coastline.”
Average sale prices have jumped from about 900 euros per square metre a decade ago to 2,500 euros, according to architect Ritsa Karagiannidou. Luxury villas in nearby Nea Peramos now sell for over 1 million euros, she said.
The influx has drawn mixed reactions. Restaurant owners and tourism workers welcome extended summer seasons and higher spending, while some locals resent what they see as overcrowding, rising rents and foreigners becoming landlords and employers. “You no longer find Greeks in Touzla – Bulgarians and Turks have taken over,” read one recent local newspaper headline.
Historical tensions between Greeks and Bulgarians, dating back to regional conflicts in the 20th century, also colour perceptions. “If it were Germans, it wouldn’t bother us as much,” one resident said.
For younger entrepreneurs, however, business comes first. “We’re lucky to have them,” said 24-year-old restaurant owner Nikos Kourkoumbas, who has learned Bulgarian to better serve his customers.