Arco Vara's Bulgarian unit plans local market expansion

Therefore, Arco Vara has extended the licence agreement in Bulgaria until December 31, 2028, the Estonian company said in a press release.

"Bulgarian real estate brokerage bureau has shown desire to grow and has proved it with increasing revenue numbers. Due to Arco Imoti’s plan to expand on the Bulgarian market, we have already signed a contract extension to encourage the work of the local team and ensure Arco Vara’s support,“ CEO of Arco, Vara Miko Niinemae, commented in the statement.

Arco Vara sells brand licences to real estate agencies in Estonia, Latvia and Bulgaria. The Estonian and Latvian agreements last until December 31, 2023 and are subject to review next year, the company said.

According to Arco Vara's annual report, the Bulgarian operations generated revenue of 5.4 million euro ($5.32 million) in 2021.

($ = 1.0242 euro)