site.btaBulgaria Ranks Sixth in Europe in Terms of Number of PropTech Solutions, Survey Shows
Bulgaria ranks sixth in Europe in terms of number of PropTech solutions, according to PropTech Bulgaria’s (PB) 2023 European PropTech Report: 32 Countries in Numbers. The first five places are held by Germany, the UK, France, Spain, and Switzerland.
Bulgaria is disproportionately ahead of any other country in Central and Southeastern Europe, which puts it in the report’s category of European countries that are medium to highly developed in PropTech. The category includes countries with more than 200 and fewer than 400 PropTech solutions in 2023. PB's database of nearly 6,000 solutions from 32 countries in Europe shows that Spain, Switzerland, Bulgaria, the Netherlands and Sweden fall into this category as of February 1.
The Profile of Bulgarian PropTech Companies
The number of Bulgarian PropTech solutions stands at 240 as of February 1, according to data based on 800 PropTech solutions by ten countries in Central and Southeastern Europe, which is part of the 2023 BULGARIA & CSEE: PropTech Mapping Report. This number does not take into account companies of foreign origin, including the ones with research and development units operating in Bulgaria.
A total of 280 Bulgarian PropTech solutions are currently included in the PB database. Some of them were identified in 2023 but were produced in previous years.
For the last 10 years, 228 Bulgarian PropTech companies have been established, which is over 81% of all the ones currently operating. Twenty-eight out of 240 companies are headquartered outside Bulgaria, but all of them were founded by Bulgarians. The majority of them are based in the US (11) and the UK (9). The rest are headquartered in Germany, Austria, Spain, France, and Australia.
Meanwhile, the reverse process of foreign nationals establishing PropTech companies in Bulgaria is also observed. The PB database contains data about companies established by French, Russian, and British citizens.
Twenty-four foreign PropTech companies have entered the Bulgarian market between 1998 and December 2023. This number does not include ABB, Bosch, Siemens and Schneider Electric, even though most of them have research and development centres in Bulgaria.
Thirty-two percent of Bulgarian PropTech companies serve the residential asset class, 18% provide city-level solutions, 14% cover both residential and commercial properties, and 13% serve all asset classes.