SOFIA, Bulgaria and CHICAGO (November 20, 2024) – Global luxury real estate brand Christie’s International Real Estate has expanded to Bulgaria, in partnership with the country’s leading luxury brokerage, Unique Estates.

Founded in 2006, Unique Estates was the first company to exclusively focus on the upper tier of real estate in Bulgaria. Nearly two decades later, the firm remains the preeminent name for luxury real estate in the country. Under the leadership of managing partner Vesela Ilieva, along with managing director Svetoslava Georgieva, the 90-person brokerage represents clients in the purchase, sale, leasing and rental of high-end and mid-range properties. It also provides property management and project management for clients including diplomats, embassies, and international corporations. Unique Estates has two offices in Sofia, with plans to add a third office in 2025.

The firm has built a reputation for unparalleled local market expertise, discretion and white glove service resulting in strong connections throughout Bulgaria. Unique Estates also prides itself on the lengthy tenure of its associates – 70% of its agents have been with the company for more than eight years, and many have worked there since its inception.

A shareholder and partner of Unique Estates is Realto Group, a holding company consisting of commercial and residential real estate businesses that comprise the country’s largest network of brokers, generating the largest volume of transactions. Ilieva is a deputy chairman of Realto Group’s board of directors.

As an affiliate of Christie’s International Real Estate, Unique Estates’ agents and clients will benefit from national and international exposure through the brand’s global, invitation-only network, which has luxury brokerage firms in nearly 50 countries and territories. With the addition of Unique Estates, the network includes 47 affiliates throughout Europe, with seven in Eastern Europe, including Albania, Croatia, the Czech Republic, Estonia, Serbia and Slovakia.

The Christie’s International Real Estate brand offers an unrivaled collection of properties around the world, and its affiliates consistently achieve record-setting sales. Notable sales in 2024 include a home on Lake Tahoe in Nevada, USA, originally built by American casino magnate Steve Wynn, which sold for a record price of US$62 million; a US$150 million home in Palm Beach, Florida; and a £30 million country estate in England’s South Coast. Christie’s International Real Estate is currently listing a duplex penthouse at Central Park Tower in New York City for US$150 million.

Unique Estates will also enjoy a strategic relationship with Christie’s, enabling exclusive marketing partnerships and referrals for the sale of fine art and luxury goods. The world-leading art and luxury business is responsible for the largest sale in auction history, Visionary: The Paul Allen Collection, which sold for US$1.7 billion. Additionally, Christie’s was responsible for the most expensive piece of jewelry ever sold at auction, The Bleu Royal, a 17.61 carat flawless fancy vivid blue diamond that sold for US$44 million.

Bulgaria is an emerging real estate market with steadily rising prices that are still affordable relative to other eastern and central European countries. Low taxes, some of the lowest mortgage rates in Europe, no inheritance tax and no wealth tax, favorable banking policies that have eased access to credit, and limited housing supply have driven demand and prices higher. From 4Q23 to 1Q24, Bulgaria home prices rose 7.1%, the biggest increase in the EU and the largest jump in the country since 2007. It is expected that prices will grow by another 15% in 2025. Despite this, prices in Bulgaria are one of the lowest for the sector in Europe but are expected to rise with the recent adoption of the Euro.

In the luxury sector, Unique Estates reported a 50% year-over-year increase in transactions for homes priced at €600.000 and up (US$643,410) in 2023. This year, nearly a third of the company’s listings have sold with no discount to asking price, and approximately 15% have sold for above asking price, Ilieva noted.

“The partnership with Christie’s International Real Estate offers numerous advantages for our business and our clients in Bulgaria,” said Ilieva. “As demand for luxury real estate grows, we see tremendous value in marketing our listings to affiliates and potential buyers around the world, as well as introducing our clients to investment opportunities in key global markets including London, Paris, New York and Dubai.”

“Bulgaria has been in our sights for some time due to the country’s growing luxury market, as well as a location that creates a strategic link between Europe and Asia,” said Helena Moyas de Forton, managing director, EMEA and APAC, Christie’s International Real Estate. “We are thrilled to enter the market alongside Unique Estates, a successful and respected luxury brokerage that shares Christie’s International Real Estate’s commitment to integrity, expertise, and discreet client service.”