Real Estate

In his articles and appearances, Kliment Robev looks at Bulgaria’s property market from an investor’s perspective. In his view, rising house prices in the big cities stem from high inflation and from the Bulgarian mindset that property is the safest investment. He draws attention to the falling number of transactions as a leading indicator of a shift in sentiment and a possible correction. Over the longer term he points to opposing forces – substantial household deposits and the “dark windows” phenomenon of empty homes, which under certain conditions could sharply increase supply.

A recurring strand of his work is REITs – listed companies that own real estate (in Bulgaria, special investment purpose companies). In 2024, in “Can REITs outshine direct property investment?”, he compared them with owning a home directly: their advantages are diversification, liquidity and regular income, while the risks are sensitivity to interest rates and a lack of control over the asset. His lectures at a summer school on investing in 2024 and 2026 were also devoted to valuing REITs.

He also places property within the wider framework of an investment decision. The 2026 podcast “ETFs, stocks, property or crypto? You’re starting in the wrong place” stresses that the choice of instrument comes only after one’s beliefs about the market, personal circumstances and strategy – and, for Robev, the question “which strategy is best?” must always be followed by “best for whom?”.