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Borislav Vujović, owner of real estate agency Opereta d.o.o., Audrius Gudanavicius, Managing Director of Capital Commercial, Lithuania, Martin Lazik, partner at Urban & Partner, Slovakia, Arturs Obrikis, Managing Partner at DoReMi Group, Latvia and Irena
Optimism surrounding Bulgaria’s upcoming entry into the Eurozone set the tone at the 11th International Forum of the National Real Estate Association (NREA), which brought together over 250 professionals from the real estate and banking sectors, as well as international experts from Central and Eastern Europe. The event, titled “Inspire to Higher 2025: The Real Estate Market in the Eurozone,” took place at the Hyatt Regency Sofia Hotel and focused on the future of Bulgaria’s property market within the new monetary framework.
Opening the conference, NREA Chairman Alexander Bochev expressed confidence in the sector’s ability to adapt smoothly to the changing economic landscape. He projected that by 2026, Bulgaria’s real estate market would adjust to new interest rate and regulatory conditions, with property prices expected to rise moderately by 5 to 10 percent annually. Interest rates, Bochev added, would likely stabilize between 3 and 3.5 percent, while Eurozone membership would attract additional private and institutional investors to the country. He underlined that Bulgaria’s Eurozone accession represents “a new era of trust, transparency, and integration,” emphasizing NREA’s ongoing efforts to regulate the profession through the adoption of a law on intermediary services in real estate transactions. Such legislation, he said, would introduce clear professional standards, improve transparency, and protect both consumers and practitioners.
In his keynote address titled “Euro and Real Estate,” financial expert Levon Hampartzumyan reassured participants that Bulgaria’s transition to the euro is unlikely to cause major disruptions in the property market. He noted that the euro already functions as the primary currency in real estate transactions across the country. However, Hampartzumyan urged investors to act with greater caution, pointing out that joining the Eurozone will bring advantages such as reduced transaction costs, better access to foreign markets, and stronger alignment with the European Union’s economic core. “We will have a geopolitical anchor keeping the country within the EU orbit,” he remarked.
The conference’s agenda featured five specialized panels examining macroeconomic trends, sustainable construction, innovation, real estate financing, and professional standards in the evolving market. International participants from Belgium, Slovakia, Lithuania, Croatia, and Latvia shared their experiences on the tangible effects of Eurozone entry in their respective countries.
Croatian real estate expert Borislav Vujović, owner of Opereta d.o.o., discussed how the introduction of the euro reshaped Croatia’s housing market. He explained that property and commodity prices surged significantly following the currency transition. In Zagreb, average home prices rose from around 1,400 euros per square meter in 2016 to approximately 3,500 euros today. Vujović pointed out that Croatia’s 25 percent VAT, the highest in the EU, has made investments more costly. However, he highlighted several positive developments, including sustained foreign interest, which accounts for about 37 percent of buyers, and new taxation policies aimed at encouraging the use of uninhabited properties. Although the new property tax is still symbolic, at about 8 euros per square meter annually, he believes such measures, alongside improved financial literacy, are helping make the market more functional despite high costs.
Further readings:
Audrius Gudanavičius on Bulgaria’s Euro Transition: Insights from Lithuania’s Real Estate Market
Among the forum’s official guests were representatives from the Bulgarian Chamber of Commerce, the Institute for Economic Research at the Bulgarian Academy of Sciences, the banking community, and leading European organizations such as the Council of European Real Estate Professions (CEPI), the Belgian Institute of Real Estate Agents (IPI/BIV), and the Federation of Francophone Real Estate Agents in Belgium (FEDERIA).
As one of Bulgaria’s most important professional gatherings, the “Inspire to Higher 2025” conference provided a platform for experts, economists, and investors to share perspectives on the sector’s future in light of Bulgaria’s Eurozone ambitions. The event also included the presentation of the Annual “Inspire to Higher 2025” Awards in the categories “Heart in Real Estate,” “Ambassador of the Profession,” “Journalism,” and the “Honorary Award of the National Real Estate Association.” The awards recognize professional excellence, social responsibility, and contributions to the advancement of the real estate industry.
The conference was organized with the support of DBank, Banka DSK, and CreditLand. Media partners included Bloomberg TV, Euronews, Trud, Standart, Stroitel, Manager, Economy.bg, imoti.net, novinite.bg, Stroitelbg.bg, and Domaza.bg.
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