Stagnation in property sales has been observed for the last three months. The Real Estate Market Index (REMI) was 139.89 in July 2004 and preserves the same value in September, Orlin Vladikov, chairman of the National Real Estate Association (NREA), said. For the same period, rents in Bulgaria have increased. The index has risen from 97.5 in July to 112 in September. According to Vladikov, however, this is due to seasonal reasons. Rents for the past one year have declined 8%. The development of the real estate market in Bulgaria will stabilise and will not reach the European price levels soon, NREA forecasts. The projection is based on Bulgaria's actual economic condition and the people's purchasing power and incomes, Vladikov said. Meanwhile it emerged that NREA and First Investment Bank (FIBank) have signed a cooperation agreement. The bank will help the association in introducing clear regulations on the real estate market and will not be just a credit provider. FIBank will offer special products to NREA member companies. At a later stage, special products will be provided to borrowers who are clients to the NREA's members.