Experts Discuss Real Estate Brokerage Regulation at Industry Forum

At a forum on Wednesday, experts gathered to discuss the regulation of real estate brokerage, marking the first event in this year’s Real Estate Business Forums series, organized by imoti.net.

The National Real Estate Association (NREA) has proposed a bill to regulate real estate brokerage, with NREA head Alexander Bochev emphasizing that the industry is mature enough for such oversight. Iliana Rashkova, Deputy Chair of the National Association of Real Estate Brokers (NAREB), stressed the need for clear rules to enhance the profession’s credibility and bring Bulgaria closer to European standards. She highlighted that 18 European countries already have regulated real estate brokerage, CE Report quotes BTA

Vesselina Stoeva, Chair of the Association for the Development of Real Estate Brokers, pointed out the need to define unfair practices and establish minimum skill requirements for brokers. Meanwhile, Georgi Pavlov, Chairman of AG Capital’s Advisory Board, noted that while the industry supports regulation, the current bill raises concerns and requires revisions to unify stakeholders.

Dr. Gergana Tsankova of LUXIMMO Group emphasized the importance of differentiating between small rental deals and large commercial transactions to ensure fair regulations. She cautioned against excessive bureaucracy that could hinder the industry rather than support it.

Bochev argued that the industry should self-regulate through an industry chamber rather than rely on state administration. However, Pavlov criticized this approach as undemocratic.

The forum reiterated that industry regulation has been a topic of discussion since 1995, with the first bill introduced in 2013. Official data shows that Bulgaria has 26,845 companies operating in the real estate sector, including property management firms.