Honest comparison
VIG vs. the four other ways to access Bulgarian real estate.
Every option below is a real route into Bulgarian property. None is objectively best — the right answer depends on ticket size, desired involvement, liquidity preference, and the degree of operator risk you are willing to carry. We publish this page because the investors who choose VIG are the ones who have already looked at the others.
| Dimension | VIGManaged SPV platform | Crowdfundinge.g. Exporo, Bergfürst, EstateGuru | Direct ownershipYou buy a Sofia flat | Listed REITEuropean-listed RE equity |
|---|---|---|---|---|
| Minimum ticket | €10,000 | €100–€1,000 | €150K+ for Sofia 2BR | One share (€5–€20) |
| Operator commits first-loss capital | Target 10% per project | Platform takes origination fee | You are the operator | Management has no first-loss skin |
| Bear / base / best scenarios published per project | On every active project page | Usually single best-case projection | You build your own model | Annual report guidance, not per-asset |
| Realized vs. projected split | Never blended | Typically a single IRR headline | Your own books | NAV and dividend separately |
| Vertical integration (land → construction → sale) | VISTATE / VIDESIGN / VIBRIX / VIGROW | Third-party developer risk | You coordinate contractors | Varies by REIT |
| Time cost to the investor | Passive, quarterly reporting | Passive | Permits, tenants, tax, repairs — all you | Passive |
| Liquidity before exit | VIG Circle Exchange (member secondary) + discretionary reserve | Lock-up until project exit | 6–12 month resale typical | Daily liquidity on exchange |
| Exposure is specifically Bulgarian RE | Sofia-focused residential / value-add | Usually pan-European mix | Direct to a single property | No pure-play listed BG REIT in scale |
| Currency risk | EUR — Bulgaria joined eurozone 1 Jan 2026 | Platform currency dependent | EUR-denominated post-eurozone | Depends on REIT listing currency |
| Fees visible and in one place | Full fee page published | Often origination + exit + servicing layered | Notary, broker, tax — you pay directly | Management fee in prospectus |
| Regulatory wrapper | Private fund + project SPVs; AIF in preparation | Platform-level ECSP or local license | Not an investment vehicle | Listed, regulated |
| Local on-ground operator | 9-domain Sofia team, founder-led | Remote platform | You hire local | Management may be remote |
| Direct founder access | Monthly briefing + founder Q&A | Platform support, no founder access | N/A | AGM only |
Crowdfunding commentary is based on publicly disclosed platform practice (Exporo AG, Bergfürst AG, EstateGuru OÜ). Direct ownership commentary assumes a typical Sofia residential purchase by a non-BG resident. REIT commentary assumes the closest European-listed residential REIT proxies; no pure-play Bulgarian residential REIT trades in size as of publication.
When each option wins
Where VIG is not the right answer.
Pick crowdfunding if…
You want €100–€1,000 ticket granularity, diversification across many platform deals, and are comfortable with single-line IRR headlines without scenario disclosure.
Pick direct ownership if…
You live in Bulgaria or travel frequently, want full operational control, and enjoy the work of managing permits, tenants, tax, and maintenance yourself.
Pick a listed REIT if…
Daily liquidity is a hard requirement, you accept pan-European exposure rather than a pure Bulgarian thesis, and you prefer a listed wrapper to a private structure.
Pick VIG if…
You want a concentrated Bulgarian residential thesis, care about who is actually swinging the hammer, prefer scenario-disclosed underwriting, and value first-loss alignment over platform anonymity.
Still comparing? Run the lowest-commitment test.
Shadow a VIG deal for twelve weeks before you decide. Same memorandum-level data as a committed investor. Zero capital required.