Comments on: Buyer Beware corruption in Bulgaria, Spain, UK…

By: CAROLE

CAROLE — Thu, 20 Jan 2011 14:10:01 +0000

Our experiences in Bulgaria were horrendous. We feel like we were totally ripped off. Items were stolen from our apartment. Towels that we left on the sunbeds were stolen.
The conductor on the buses pocked the fares. The bars tried to rip you off. People were trying to make you pay to use the toilets in bars we had drinking in all night.
We have finally sold our apartment – at less than half what we paid for it.
Absolute nightmare.
I hate the place with a passion.
This is really sad, because it is a nice place. Pity the same can’t be said about a lot of the people.
I don’t want to go on holiday and feel that all people want to do it rip me off.

By: jim peace

jim peace — Wed, 04 Aug 2010 12:20:25 +0000

I have lived in Bulgaria for 11 years .Estate agents do not have any qualifications ( you just need to register a business and start your firm )
If a customer wants to sell their house ,they usually add on 100 to 200% for foreigners and then take 10% profit from the seller and 10% from the buyer )
When property was at a premium everybody was selling houses anat highly inflated prices ,But now(after the Finacial crises ) These properties are back to their pre-boom prices and Foreign buyers are not able to sell unless they take a huge loss .This is the reality in Bulgaria .

By: sarah

sarah — Mon, 07 Sep 2009 07:22:26 +0000

Ali, which snagging company did you use?
Thanks

By: Benen Tierney

Benen Tierney — Thu, 14 Aug 2008 16:50:54 +0000

Ali,

Contact West Legal in Sofia who can help you with this type of situation. You will find them on http://www.westincorporated.ie

Best of luck – Benen

By: ali

ali — Tue, 12 Aug 2008 14:36:23 +0000

We are having problems with the purchase of our flat (in a block of 30) in Bansko.We bought it from a reputable company – everyone was informative and helpful.
The new build started off brilliantly – in fact its up and standing dispite being 2 years over due.
The real problem is when we sent in a snagging company they discovered many minor things that needed doing ranging from missing coat hooks, kitchen water waste pipe not connected to main pipe through to electric cable hanging from ceiling without a light attachment! Relatively minor things but altogether about 15 of them. The developer listed a bar, sauna,lanscaped gardens and a gated comunity. The snagging company say there is no evidence of any of these things – 10 weeks and still nothing has been actioned. we have been in contact with our Bulgarian solicitor (also working for the developer) who says that we have to sign Act 16 and pay the remainder of the balance or be in breach of the contract! what about the developer??? We seem to have reached a stale mate. From the e mails sent by the developer,we get the impression that he just wants his money, will sign off the property and abandon it. Should we accept our loss of 50 thou pounds (gulp!) and not pay the balance (approx 20k). Or what?? !! Any help suggestions advice would be greatly appreciated.

By: Benen Tierney

Benen Tierney — Mon, 15 Oct 2007 17:23:51 +0000

Lester hits the nail on the head. The “killer price” he paid is by no means the cheapest you will find in this area. But my advice is if it’s cheaper than 1k/m2 then run a mile. You get what you pay for in Bulgaria, same as anywhere else, and this was a good price when you consider the services offered from the developer. I work with an Irish developer who offer similar services and have a €2m office in Sofia which houses a law firm and accountancy practice, both of which we own. These are the type of companies you need to be talking to if you are serious about buying in Bulgaria.

By: Lester Golden

Lester Golden — Tue, 03 Jul 2007 09:42:16 +0000

I bought a 74 m2 1 BR ski apt in Rhodopi Pearl, Pamporovo last year from an American developer (Seven Hills Development) who’s been in Bulgaria for a decade and speaks fluent Bulgarian and is married to a Bulgarian. I saw more than 15 different projects on the Black Sea coast, Bansko and Pamporovo. I bought in Rhodopi Pearl after seeing:

1. Better construction quality due to a joint venture with an Italian construction company.
2. The credibility derived from an unusual developer’s personal story and background.
3. My apartment would be in a branded Best Western Hotel.
4. The boss’ relationship with his employees.
5. The developer and his family (father, sister, friends) bought apts in their own development.
6. Transparency and precision of the developer’s responses to my questions and due diligence. No evasiveness or bs.
7. In house rental management company and promotion of the property with tour operators.
8. A killer price: 1000 euros/m2 VAT and legal costs included.

If you buy property like investors bought up internet stocks in 1999, you will get burned. But if you ask the right questions and dig below the surface and invest for a 5 year hold, you will get a good return on your investment.

By: Resale Centre

Resale Centre — Mon, 25 Jun 2007 10:58:49 +0000

Thank god there is an article not picking on the Spanish property market for once!

You do have to feel extremely sorry for this couple and the many others that have seen a good property investment opportunity wasted along with everything that they have built and saved for.

And personally, I was waiting for something to happen in the eastern block as there have been so many great reviews for countries such as Bulgaria and for what?

Who would ever purchase a property off plan to be built when they don’t own the land until it’s built? Very strange.

By: Jain Goodall

Jain Goodall — Wed, 30 May 2007 16:50:07 +0000

I feel that this article brings together all the worst examples of buying overseas, especially highlighting Bulgaria.

From people on the ground who have experienced the buying process here ourselves and getting feedback on a daily basis from our subscribers I feel it would be fair to say that, yes, there are sometimes problems buying in Bulgaria (where aren’t there, including Britain, for one reason or another?).

Problems in Bulgaria are actually quite rare; the majority of agents act in a professional manner – but of course there is always room for improvement and a few bad apples do exist. This is exactly why we set up the Quest for Real Estate Ethics in Bulgaria – to launch a campaign to ensure the market was improved in line with EU protocol and to make it the best in eastern europe and to make Bulgaria stand above the rest. As Bulgarian Home Loans, one of the founding supporters of the campaign, said “make the cowboys saddle up and ride out of town”.

I think I would say to everyone this. Corruption in the real estate sector exists all over the world. Do as you would do in your own country: in your rush to buy your dream property abroad don’t leave your brain behind !

By: Alessandro

Alessandro — Sun, 13 May 2007 13:11:00 +0000

Mexico has the strongest growing economy of all Latin American countries and is the ideal plast to invest. Perfect weather, unbelievably inexpensive property, amazing european inspired colonial architecture and very friendly people make it the ideal place to invest in a second home.Merida, Cultural Capital of the Americans and under the protection of UNESCO is the only Spanish Colonial city in a tropical climate and well worth investigating. Flghts from the UK to Cancun are as low as 165sterling and only a short drive from this lovely city. Certainly something to keep in mine while looking at overseas investment.
Alessandro