Colliers International and First Service Real Estate Advisors announced that they will combine their operations and global real estate services platforms, a company media statement announced on February 23 2010.

The new merged entity will operate as Colliers International in 61 countries around the world, Bulgaria included.

In the aftermath of the deal, Colliers International are now ranked as the world's third largest real estate services firm.

First Service directly, or through associates, are represented in 41 countries around the world. In 39 countries, the company operated under the Colliers International brand.

"Colliers International has many distinct competitive advantages when compared to other global service providers," said Douglas P. Frye, Chairman and CEO of Colliers International. "Our successful partnership model enables key executives to retain significant equity in the businesses they operate day-to-day creating more alignment and accountability; ensuring clients receive the highest level of service and consistent delivery over the long-term."

With the merger, Colliers International employs more than 15 000 people in 480 offices in 61 countries and generates in excess of $1.9 billion in revenues annually, the media statement said.

In Bulgaria, Colliers predict that the value of real estate is expected to decline by an additional 10 per cent on average by July 2010.

The ongoing drop in value in the first half of the year was expected to be succeeded by "stabilisation in the market" in the second half.

In 2009, real estate prices dropped by about 20 per cent on average nationwide, compared to 2008 figures, Colliers data showed.