Why do you do business in Bulgaria?

- As most countries of Central and Eastern Europe. Bulgaria is also marching forward. We think that Bulgaria is a very good place to invest in for a number of reasons: prices are low in comparison even with the neighboring countries (in Romania and Serbia it is much more expensive), and also there is good potential for the prices to grow. We focus on the residential projects. Bulgaria is a very good business client.

Do you work with foreigners, or with Bulgarians?

- 75% ot our clients are Bulgarians and we are happy to work here, and we would like to sell our apartments to people from your country, and not to foreigners. We have eight projects in Sofia. Two are them are to be sold to foreigners, and the rest of them are for Bulgarians. With the raising of the Irving standard more and more Bulgaria families will leave their old panel buildings or some other old houses and will move into good new buildings. This will be equally good for Bulgaria, for the population, and for the business here.

Are the foreigners any different in their demands from Bulgarians?

- Yes. a lot. 95% of the Bulgarians prefer to buy an apartment at a pre-finishing stage, the so-called "ground coat and putty" stage of the walls and floor, with no furnishing. Foreigners want it at the "key-ready" stage. Foreigners need fully accomplished apartments and they are right to do so. because this is how it is done in most countries. We remember the clients' desire to receive apartments at the "ground coat and putty" stage from our work in Poland. Such clients think that they will save money if they do the finishing works and the furnishing on their own. Our company prefers to fully accomplish a future dwelling place, as it is our project But we don't try to educate our clients, as we accept that this is the market, and we work according 10 the market needs; all we can do is to try to improve it step by step. And it is impossible to educate a market in one year. All the foreigners want Bulgarian property management but Bulgarians don't, because they don't want to pay for this service. Bulgarians are much interested in the overall construction ot a house and in their home's location, but it matters less to them what the inside furnishing is going to be and how the project is going to look at the final stage Foreigners pay equal attention to the interior and exterior of their homes.

What do you offer to win the competition?

- First ot all we think that competition is a good thing because it is what makes us better in what we do. If there was no competition we would be members ot a company style: this is what we have - take it or leave it! Competition gives you freedom of choice. And when the client has a choice, this is good for the company too. because it makes the people in the company work faster and offer better solutions. I mean the financial solutions too, the choice of materials, what changes to make inside the apartment - everything.

Where do the foreigners invest and what into?

- The market research we've made before coming to Bulgaria showed that foreigners prefer to invest into your Black Sea resorts But in the last 4 months they have interests toward Sofia, because the Black Sea is overbuilt, so the resorts are becoming too noisy, and the vacation period is short - no more than one or two months (this is true for the winter resorts too). While in the capital you can count on giving for rent, regardless of the location of your place. The business in Bulgaria doesn't depend on seasons.

Is the residential market profitable?

- Yes, because the prices leaped in the last years. Now they continue to grow, but more steadily Sofia market is especially profitable because the capital is a major business and a social centre of Bulgaria.

Your comment and predictions on the prices?

- The smooth, step-by-step rise of the prices is good for the economy. We all are looking forward to Bulgaria's entering the EU. I know that it is difficult for many people to buy an apartment now but this gradually will change. Soon they will be able to afford it. 1 think that Bulgaria is on the right track.