An increasing number of Bulgarian banks are registering company-owned real estate agencies to cater directly to mortgage borrowers.

These bank-owned real estate agencies are proving stiff competition for the pure-plays as they can offer mortgage home buyers incentives unavailable to other property shoppers. They also provide legal advice, insurance and leasing options.
A Dnevnik poll found that Raiffeisenbank (Bulgaria) EAD, Postbank, UniCredit Bulbank, Bulgarian American Credit Bank (BACB) and Piraeus Bank all have registered real estate divisions.
The real estate brokerage complements the real estate investment trust business that some local banks like the Central Co-operative Bank, BACB and Corporate Bank already have.

The bank-owned real estate agency trend gained wider exposure due to the extensive advertising campaign for Raiffeisenbank's Raiffeisenbank Home Center which opened its first office in March 2007. The agency, which transacts and leases all types of properties, now operates branches in Plovdiv, Varna and Burgas.
UniCredit Bulbank, the nation's biggest lender, and Pirelli Real Estate, Italy's largest property manager, Wednesday announced a local joint venture. The new company, 25%-owned by UniCredit, will focus on larger residential and business developments.

EFG Property Services, the property agency of Postbank and DZI Bank owner EFG Eurobank of Greece, has been in operation for two years.

The company said it has transacted properties for over 10 mln euro so far. It will next branch out into advisory and management services.(Dnevnik)