This article was firstly published on the webpage of PropTech Bulgaria.
- Which is the highest potential in PropTech in your country?
Sylvia Pavlova, PropTech Bulgaria:
75 % of Bulgarian PropTechs provide solutions for 2 out of the 5 PropTech lifecycle stages, namely, (1) Market & Transact and (2) Manage & Operate. However, there is a rising number of ConTech solutions and Smart Building solutions, e.g. Alterco that is a world leader in its segment.
Jakub Licak, Czech & Slovak PropTech Association:
Property developers: Slow and unclear permitting processes and increasing costs of construction works. Also, the legislation puts tenants in favour rendering BTR less safe to execute.
PropTechs: This depends on the segment. I’d say CEE startups still need to overcome the cultural gap and Eastern European prisma to succeed in Western Europe and the US.
Milan Bogar, PropTech Slovakia:
The most numerous group of PropTech players provide services in two real estate lifecycle stages: 1. Manage & Operate including large group of smart city players represented for example by Sensoneo, the winner of the first Europe PropTech Start-Up Award, and 2. Live & Work. This group counts over 60 out of more than 100 solutions present in our country. But we have a couple of interesting players providing their innovative services in other real estate lifecycle stages too.
- Which are the greatest challenges before PropTechs and Property Developers in your country?
Sylvia Pavlova, PropTech Bulgaria:
Before Covid-19 times I would have said ‘lack of external funding for PropTechs’. However, the pandemics proved bootstrapped PropTechs as more resilient since they have larger cash reserves than VC-backed startups. A widely recognized hurdle is the cooperation between industry corporates and startups. While there are some examples of real estate players collaborating with tech solutions, there are only single cases in the construction industry in Bulgaria.
Jakub Licak, Czech & Slovak PropTech Association:
There’s a high demand for solutions of all types. I disagree with the conventional wisdom that Western European companies are more progressive and tech-savvy. In many cases, we see Czech and Slovak companies operating on a higher level of digitization than their western counterparts. From market intelligence, workflow management towards customer experience.
Milan Bogar, PropTech Slovakia:
In general, the biggest PropTech challenge is lack of new Investment & Financing platforms that are focused on development of real estate and lack of specialised accelerators or incubators focused on PropTech. PropTech is still relatively unknown term in Slovakia and it is our mission to change it.
- What’s your message to PropTechs as a co-organizer of the 1st international PropTech Conference in the SEE?
Sylvia Pavlova, PropTech Bulgaria:
This Conference is one-of-its-kind. It provides direct information on near country markets and the right connections if a PropTech wants to approach for an initial market research.
Furthermore, it is a great chance for PropTechs to meet personally with Property Developers in SEE countries and create leads.
They can also take advantage and get to know what PropTech solutions are out there in the country they plan to expand to.
Jakub Licak, Czech & Slovak PropTech Association:
I can see two clear benefits for them:
1. Smart exposure to real estate developers – their potential clients.
2. Opportunity to meet other European PropTechs and create new business partnerships.
Milan Bogar, PropTech Slovakia:
I would warmly invite all PropTech companies to the 1-st international PropTech Conference in the SEE that can contribute to improvement of construction and real estate sector in SEE and want to scale up with their solutions to other countries. International co-operation, exchange of knowledge and building relationships is basic condition for improving either our built environment or coping with global climate challenges that are ahead of us in the best possible way.
We are looking forward to line-up of great speakers that will be present on this amazing event. Big thank to PropTech Bulgaria for organising the whole event and giving us chance to contribute with our co-organisation.
Although rea estate is very local phenomenon, thanks to international business co-operation, new technologies can bring in many improving features that are not limited by country borders.
- What Property Developers to expect from the Conference?
Sylvia Pavlova, PropTech Bulgaria:
Definitely, getting access to the right international network; meeting all type of PropTech solutions; getting to know the key players outside their home country, and of course, so valuable information that they cannot get access to outside this Conference.
Jakub Licak, Czech & Slovak PropTech Association:
I believe property developers can only benefit from meeting PropTech companies:
They can learn what new technologies and solutions are available for their business.
They can network with other property developers and get valuable insights from other markets.
Milan Bogar, PropTech Slovakia:
Property developers can expect amazing event broadening their knowledge, relationships with suppliers of new technologies that can immensely improve their buildings, innovation workshops with some of the best experts in the world with many experiences from other countries. There is very impressive line-up of other well-known speakers that all developers should be looking forward to watching them.
Read the full interview with Milan Bogar here.
Read Bulgaria-as-a-PropTech-Service here.
