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Sotheby's International Realty enters Bulgarian market

Author Vasil Kolchev
Sotheby's International Realty enters Bulgarian market Photo: Sotheby's International Realty

SOFIA (Bulgaria), October 15 (SeeNews) - U.S.-headquartered luxury real estate broker and manager Sotheby's International Realty said it has entered the Bulgarian market by including local company Iris Estates in its global network.

Iris Estates will operate as Bulgaria Sotheby’s International Realty, Sotheby's International Realty said in a press release on Wednesday.

Bulgaria Sotheby’s International Realty is owned and operated by Hristo Angelkov in partnership with Andrei Manoukovski, according to the press release.

“Bulgaria is an emerging market and is an attractive destination for residential developments, making it appealing for global investors. The country is seeing positive momentum, offers attractive prices, and is situated between major cities in Europe, Asia, and Africa. The luxury segment is well-positioned in the market," Philip White, president and CEO of Sotheby’s International Realty, said.

The whole region where Bulgaria is located offers a variety of lifestyle interests including skiing, golf resorts in the mountains as well as on the Black Sea coast, winter and summer resorts, and is an up-and-coming spa destination, the press release noted.

The Sotheby’s International Realty network currently has more than 24,000 affiliated independent sales associates located in approximately 1,000 offices in 75 countries and territories worldwide.

Elsewhere in Southeast Europe, the company is present in Croatia, Greece and Romania. It also has an office in Montenegro.

Sotheby's International Realty posted a net loss of $71.2 million (61.4 million euro) in 2019 on total revenue of some $992 million.

($ = 0.86214 euro)