Posted on: 11/23/2020
Your company is one of the long-standing and successful players in the real estate market in the Bulgaria where there is quite a competition. What sets you apart from other companies? What are your advantages, what makes you a preferred partner?
Yes, that's true. Our company, Galardo, has been on the Bulgarian market for more than 13 years now. For all these years, Gallardo has become synonymous with trust, discretion and professionalism. This makes us a preferred partner for our customers. Our consultants know the market in the capital city very well, for us the property valuation is an important step in the sales process. The team of Gallardo has all the expertise to accurately and precisely assess the relevant properties. Galardo Real Estate has undergone major development over the years. Considerable attention is paid to our agents who go through an extensive training in French methods. What sets Galardo apart from other market competitors is the free appraisal of each property and our active involvement in negotiations. Observing the rapid development of technology, our agency is investing more and more in marketing and advertising for a better market positioning and quality advertising of exclusive properties.
You started as a franchise of a foreign real estate chain and your portfolio also now envisages partnerships with foreign funds. What international experience in the industry have you brought to the Bulgarian market?
- The main thing is the expertise I brought in the property valuation technique training. This specific training makes our traders proactive and persistent.
The portfolio you offer to your local clients is very wide and diverse - either sale, purchase and rent of real estate or overall property management, as well as real estate investments. What is specific and new in your agency's offers in these areas? Which of them do you develop most actively, where do you see greater prospects?
- We offer a complete cycle: purchase, repair works, furnishing, management, rental and/or resale. Closing the cycle allows our foreign clients to invest remotely with us. Our greatest activity is in the purchase and sale of real estate. I find a prospect for our agency in the investment projects. Our experience shows that very often there is a mismatch between supply and demand on the market - for example budget houses in the southern districts or small apartments and studio apartments.
What kind of housing do Bulgarian prefer and look for today? Your agency has luxury apartments in gated communities and residential buildings located in the most popular areas near Sofia as well as the central part of our capital city - what do your clients choose from this catalogue and why?
- We have a wide range of clients with very different budgets and different criteria. It is difficult to categorize them but in the last year we have seen an increase in demand for three- or more bedroom apartments. The crisis over the coronavirus and social isolation has led people to appreciate the importance of the home they live in. Many families came to us in search of larger houses or apartments, sales of houses and plots at the foot of Vitosha mountain increased.
How does your company guarantee its customers the quality of the property they buy? Does the quality of the new construction in the country meet the international standards?
- We provide such guarantee through a team of well-prepared brokers and legal advisers who accompany our clients in every step of the property buy/sell process. I dare to say that the quality of construction already meets the international standards. The mistake that many buyers make is to be guided specifically and only by the price per square meter without taking into account the materials used in the construction of buildings. We can distinguish several levels of quality of construction in our market.
Which factors contribute the most to the market success of your company - the variety of properties offered, their location, their price or related services?
- The success of Gallardo is due to all these factors summed up, with the greatest contribution by our well-trained team.
How does your company go through the current crisis of coronavirus pandemic? The real estate market in Bulgaria, as well as in other European countries, was strongly affected by the lockdown, the restrictions on transactions of investors and buyers. How did the radically different new situation affect your work?
- Galardo Real Estate is part of the middle and high segment which, fortunately, was hardly affected by the coronavirus crisis. Contrary to all expectations, we see increased interest and even more sales. One of the reasons for this phenomenon is that investing in real estate during a crisis is a security for many people. Additional motivation for investing are the memories of the time of the economic crisis when a famous Bulgarian bank has declared bankruptcy. Another possible reason for the increased sales is the accelerated entry into the euro area.
Some European countries already have experienced an increase in demand for larger homes or properties that could be converted relatively quickly to provide additional space for work or study, and also the share of rent of traditional office space has decreased. Do you notice any such processes in our country too?
- At the moment, the demand for offices is really on pause. Many international companies wait to see how the economy will develop in 2021, but I believe that the home office is a temporary trend. Businesses will always need a social environment and office space. This also applies to education.
How are prices of residential properties moving during the coronavirus crisis? What do you think can those who want to become new home owners expect in the short and long term?
- At the moment there is no decline in property prices, however, in the coming months there might be some decline in prices in some of the neighborhoods where there is a large supply. I am optimistic and I believe that we will overcome the active phase of the coronavirus crisis within a year and the market will remain stable.