The RE/MAX International real estate franchise system has expanded its reach to Bulgaria, the company said today.

RE/MAX Bulgaria has been purchased by George Petrov and Ilyan Nikolov, and becomes the 58th country for franchising of the global real estate network. Both are natives of Bulgaria and will serve as co-regional directors of the new operation. The two were partners, operating a construction business when they discovered RE/MAX.

“In the last few years the real estate market in Bulgaria indicates phenomenal growth,” said Petrov. “Major international and local agencies are emerging on the Bulgarian market, therefore we decided it is time for us to apply our abilities in this field. We are looking forward to becoming part of the big RE/MAX family.”

Located in Southeastern Europe, bordering the Black Sea, between Romania and Turkey, The Republic of Bulgaria gained complete independence on Sept. 22, 1908. With a population of nearly 7.5 million, it is a parliamentary democracy whose strategic location near the Turkish Straits means it controls key land routes from Europe to the Middle East and Asia. The capital city is Sofia.

Bulgaria has averaged 4 percent growth since 2000 and has begun to attract significant amounts of foreign direct investment.

The RE/MAX franchise network is a global real estate system operating in 58 countries, with more than 5,800 independently owned offices and 113,000 member sales associates.

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