Analysis of the Real Estate Market in Shumen, Bulgaria, during the COVID-19 pandemic

Abstract: In this paper in-depth analysis of the price variation of the 1-, 2- and 3-room real estates in the city of Shumen, Bulgaria for the period 2019-2021 is presented. Apart from the price timeseries, histograms and their continuous approximating distributions are given along with clustering of the neighborhoods of the city by price class. K-Means algorithm is used with associated Silhouette scores which reveal the number of the classes in each of the studied years. Not only the effect of the emerging COVID-19 pandemic could be observed from the obtained results but they could be useful guide for brokerage house managers into establishing appropriate marketing strategies while offering various price tag residences.