site.btaNational Real Estate Association Aims to Unify Sector, Raise Professional Standards

The newly elected Chair of the Management Board of the National Real Estate Association, Daniela Grozeva expressed in an interview with BTA her desire for the association to act as a unifier within the sector and to change the way real estate transactions are conducted in Bulgaria. The focus would be on raising professional standards, fostering trust in the sector, and engaging in many conversations, feedback sessions, roundtables, and open discussions with clients.

According to Grozeva, housing prices in Bulgaria are expected to slow in their rate of increase at the beginning of 2026, but they are unlikely to decrease. She predicts that the market will experience a period of stagnation, caused by the tension between the expectations of buyers, who are hoping for price drops, and sellers, who are anticipating price hikes.

The long-term drivers of growth in the real estate market next year, according to Grozeva, will likely be residential properties in large cities, purchased for personal use by bold buyers with incomes between BGN 2000 and 2500, who have a genuine need for housing and are interested in new construction. There is also a possibility of growth in the industrial and logistics markets, as has been observed in other countries that have transitioned to the Eurozone.

Grozeva does not expect a major surge in demand or price increases for vacation properties this winter season but rather expects stable market activity. She noted that there has already been a pre-emptive increase in prices for these types of properties, with many Bulgarians and foreigners buying them for personal use with the option of renting them out for income. In the long term, Grozeva anticipates the return of foreign buyers (such as British and German), thanks to Bulgaria’s membership in the Schengen Area and the Eurozone.

“We, as an association, have been preparing for entry into the Eurozone for a whole year. We organized numerous events for both the consumers of our services and for our colleagues. On September 17, during Sofia Day, we held a large event where all citizens and guests of the capital had the opportunity to come and hear what the expectations were, what factors could influence the property market when our country joins the Eurozone, and also to have individual consultations with professionals from across the sector - lawyers, notaries, appraisers, brokers, who offered free advice. Just a few days ago, on October 31, we held a conference at the Hyatt Hotel, where we aimed to support professionals and our clients in preparing for entry into the Eurozone. We organized a strong macroeconomic panel with leading experts, discussed possible scenarios, the expectations of banks, and interest rates. Colleagues from several European countries that have already adopted the euro shared their experiences. Our discussions showed that the experiences of individual countries are highly specific to each one, so we will see how things unfold in Bulgaria. However, we will monitor and try to support professionals and clients as best as we can,” she said.

According to Grozeva, the organization does not need to take any more specific action for the euro adoption. “We have been working in EUR for quite some time. The prices we announce are in EUR. So, I do not expect any significant changes in our daily work. The market’s expectations, however, are the ones that differ,” she added.

“My short-term priorities are to help and adapt both buyers and sellers, as well as our colleagues, to navigate the changes that the Eurozone might bring. With the colleagues from the Management Board, we are consulting with our members. We plan to do a lot of tours around the country to understand their specific needs and update them on the Eurozone transition. I would really like for us to become the unifiers of the sector and change the way real estate transactions are done in Bulgaria, by raising professional standards, building trust in the sector, and facilitating many conversations, feedback, roundtables, and open discussions with clients,” Grozeva said.

When asked about the division within the sector regarding regulation, Grozeva acknowledged that the core issue was the suggestion that the state should take on the role of regulating the industry. She explained that the association had held multiple discussions with relevant institutions, only to find that the state lacked the necessary resources. "There is no ministry prepared for this, nor is there a planned budget," she said. According to Grozeva, the alternative proposed by her colleagues was for the Commission for Consumer Protection to oversee the regulation. However, after consulting with the Commission, it became clear that they too lacked the capacity to take on such a task. Grozeva mentioned that a mixed regulatory solution might be pursued, and while she recognized that serious discussions and decisions were still ahead, she concluded, "The state is not prepared and lacks the capacity to lead the regulation of the sector at this stage."