For sellers

Quest Bulgaria Magazine Publishes - 'NewEstate - Bulgaria's Most Successful Agency'

23 August 12

NewEstate - Bulgaria`s Most Successful Agent


NewEstate is amongst the most successful agencies selling Bulgarian property in the Russian market. Employing 24 British, Bulgarian and Russian staff, across four offices, they succeed to resell 10-12 foreign owned properties each month. Approximately 80% sell to Russians and 20% to Bulgarians, the sales of which account for 40% of NewEstate's revenue. Unlike many in the market, NewEstate only benefits from a pre-agreed fixed commission when a buyer actually pays;there are zero upfront fees, no advertising charges or valuation costs.

Unfortunately, any so called agency charging any such fee is only selling a false opportunity using the allure of heavily inflated values. Naturally it is nice to believe, but actually the market sets the achievable price and no agency can increase that, there is no secret source of Russian buyers who happily pay twice as much as the apartment next door. The reality is that these companies do not actually sell any property, just add slots on their own unknown websites designed and marketed only to attract English speaking vendors to scam, not Russian speaking buyers to purchase.

Since the start of 2012 NewEstate has been contacted by more than 1500 British and Irish owners of Bulgarian property who are considering to sell, about half of them list their properties and probably only 10-15% manage to sell within 12 months. It is still very much a buyer's market and all vendors need to be fully informed of the reality; extreme competition from rival owners, very few buyers and low prices. Non acceptance of the true market conditions will result in any vendor staying an owner for the mid to long term. It is really a choice to decide to sell or just advertise.

NewEstate also manage 350+ tenants in 150 properties across Sofia on behalf of foreign landlords. They are also a licensed construction company undertaking new build construction and renovations for both domestic and foreign demand.