Quest to bring ethics to Bulgarian Real Estate

Quest Bulgaria magazine is campaigning to establish a professional code of conduct for property agents selling Bulgarian real estate to overseas property buyers.

The lure of quick returns from the fast paced growth of the Bulgarian property market has created an outbreak of unscrupulous estate agents also making a quick buck by taking advantage of less savvy investors.

Targeting Bulgaria’s rogue agents, English language magazine Quest Bulgaria, aims to
● curb is property being sold to overseas investors for up to three times its true value,
● the sale of unregulated land,
● false pricing on deeds.
● halt dual property pricing on UK and Bulgarian websites

Quest Bulgaria’s Chris Goodall is calling for a non-governmental body to align the estate agency business along the lines of existing European protocols whereby both real estate professionals and consumers have recourse in the case of any dispute.”We want to put a stop to non-accountability.”

Whilst the majority of Bulgarian agents provide a straightforward, decent service there are those who choose to behave unprofessionally, bringing disrepute to the industry as a whole. Back in 2005, the problem of overseas property mis-selling brought about the launch of the Association of International Property Professionals to establish a self-regulating international property industry standard which offered overseas property consumers confidence when choosing their agent. Our AIPP podcast with Paul Owen Chief Executive of the AIPP offers a short insight into this growing real estate assocation which ensures AIPP-approved companies adhere to strict code of conduct and are subject to disciplinary action following a complaint from a buyer regarding unprofessional practise.

Interest in Bulgarian property is reaching an all time high, especially since the country joined the European Union, which highlights an even greater need for clear guidelines as to what Bulgarian property buyers should expect from their agent.

To learn more visit www.campaign.questbg.com