TheCountOfNowhere

Bulgarian Dream

41 posts in this topic

Havent seen any updates from the property investment hell that is Bulgaria.

Found this today:

http://www.novinite.com/view_news.php?id=104202

"Back in 2006, Andrew and Pat Pryce decided to buy an investment property in Bulgaria. With retirement looming, they were hoping for rental income to supplement their pension, and a flat they could eventually sell on at a profit."

"When they read on the internet about the Mechi Chal mountain lodge in Pamporovo, advertised by overseas property agent Someplace Else as "the most exclusive in Bulgaria's booming ski resorts" and offering a guaranteed rental yield of 7% a year for the first three years, they put down a deposit of £19,485."

"It was a year later, in 2007, that they had the first inkling that something might be wrong."

read on to the botttom and you get this little gem about Dubai:

"He also has clients who regret buying in Dubai. "The problem is that all the major building companies belong to the royal family, and you won't find a lawyer who will sue.""

And lastly:

""I've got clients who are working-class people who invested the £20,000 equity they had in their home, and high-flying professionals who frankly ought to have known better," says Howell, adding that one client who got stung was a partner in a chartered accountancy firm."

If it's too good to be true...then it probably is !!!

Edited by TheCountOfNowhere

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The rest of the world laughed on as stoopid Brits took their belief in ever-increasing house prices on a global rampage...

The bulgarians certainly did.

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I'd like to make some intelligent, funny, satirical comment about that but in reality I only need 12 posts to make 3000 and im on a mission today... :lol::lol::lol:

I'll save my 3000th post for halifax data tomorrow....good or bad :ph34r:

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The rest of the world laughed on as stoopid Brits took their belief in ever-increasing house prices on a global rampage...

As a nation, we are to property what LA Galaxy is to soccer.

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The more people who get screwed doing this, the better.

I hope their genitalia fall off with the stress

The more people who generally dont make vast sums of money and/or get lots of hassles because of ownership the more the word will spread that property is a bad bet...

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The more people who generally dont make vast sums of money and/or get lots of hassles because of ownership the more the word will spread that property is a bad bet...

Property as an 'investment' is an attempt to push increased costs onto others. It's immoral and damaging

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Back in 2006, Andrew and Pat Pryce decided to buy an investment property in Bulgaria. With retirement looming, they were hoping for rental income to supplement their pension, and a flat they could eventually sell on at a profit.

So what's the problem? They are surely in it "for the long term" ? :rolleyes:

2006 - that means they should forget about the property until at least 2020....unless they were planning to retire as rich "rentiers" and live off the rental income. :D

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So what's the problem? They are surely in it "for the long term" ? :rolleyes:

2006 - that means they should forget about the property until at least 2020....unless they were planning to retire as rich "rentiers" and live off the rental income. :D

I think they just took their money and never built anything :o

That generally makes for a bad investment !!!!

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The more people who get screwed doing this, the better.

I hope their genitalia fall off with the stress

i like Bulgaria, i visited there for a month in 2008, lots of construction going on

i stayed in Sunny Beach for a while but spent most of my time travelling "up country", i thought the beach resorts are a bit shoddy, think Blackpool/weston super mare with better climate and cheaper prices.

The apartment blocks are a bit shoddy though, well the one i stayed in was poorly finished.

The resort may be ok in a few years if they provide some decent infrastructure, also the road transportation infrastructure need a lot of investment.

Beach resorts - sh@t

rural bulgaria - great

bit of a corrupt government by all accounts, and the fake rolex i got lasted a whole 2 weeks!

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Is that a french chocolate bar ?

No - its american

which means if its chocolate it tastes like sick

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No - its american

which means if its chocolate it tastes like sick

Ahh,that LA Galaxy...A bit like a 10 armed prositute...10 w*nkers and 1 c***

Terrible joke, I know...near at the magic 3000 posts tho, so bear with me.

I'm sure they're all very nice chaps really.

Edited by TheCountOfNowhere

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When you're only a gnats chuff off you're 3000'th post you post any old meaningless b****ks.

Precisely, that's why I was trying to help you in your quest.

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Precisely, that's why I was trying to help you in your quest.

:lol: Priceless :lol:

Many Thanks

Enought of that....I'll finish this pointless exercise tomorrow....Hopefully I wont die in my sleep orcrash when I hear the Halifax has gone up 4%.

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:lol: Priceless :lol:

Many Thanks

Enought of that....I'll finish this pointless exercise tomorrow....Hopefully I wont die in my sleep orcrash when I hear the Halifax has gone up 4%.

I must be on some sort of share of the profits now for helping you? Perhaps 5% commission?

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When you're only a gnats chuff off you're 3000'th post you post any old meaningless b****ks.

There are some on here who post any old meaningless b****ks no matter how many posts they're on. Don't restrict yourself...

Meanwhile, back to the topic, I do recall a BBC TV presenter grilling the Prime Minister of Bulgaria about the number of his countrymen who were trying to get to the UK now Bulgaria was in the EU. The PM replied, in perfect English, that the exchange was hardly one way, since British property 'investors' were now snapping up Bulgarian apartments and pricing locals out of the areas where they grew up... Touche!

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There are some on here who post any old meaningless b****ks no matter how many posts they're on. Don't restrict yourself...

Meanwhile, back to the topic, I do recall a BBC TV presenter grilling the Prime Minister of Bulgaria about the number of his countrymen who were trying to get to the UK now Bulgaria was in the EU. The PM replied, in perfect English, that the exchange was hardly one way, since British property 'investors' were now snapping up Bulgarian apartments and pricing locals out of the areas where they grew up... Touche!

He is trying to resist posting his 3000th.

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I owned an agency out here for a few years .. well i had web designing skills, the ability to arrange CPC on Yahoo/Google, had a telephone and i could string a sentence together and a corrupt lying c nut of a Bulgarian for a business partner .... so i was more equipped then most.

Anyway i was getting 8-12% commission, the developers were making 200-300% on building hence even with no crash this is where any future profit went ..... but nearly all who bought were after quick money off someone elses hard work, they mainly mewed and were often arrogant as **** about making money off their property back home .... id genuinely push them to buy smaller apartments in the best areas of Sofia which even to this day they wouldnt have lost money on and would have had a rental income .... but literally every single buyer went for the ski or beach resorts, as they were property investors and new better .... and theyll lose almost every penny and i sadly say i dont feel sorry for them, as they like i was driven by easy money.

Edited by BuyInOxford

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Having lost faith that the development would ever be built, the Pryces asked for their deposit to be returned.

They say Someplace Else agreed to this more than a year ago but, despite being promised the money on three occasions, they have received only £2,000. They have now consulted a lawyer.

The clue is in the name. "so where is my money or pwopety?". "Someplace Else".

Someone ought to hack 'counts' HPC account and post a message to tip it over 3000. That would be evil to wake to that in the morning.

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Someone ought to hack 'counts' HPC account and post a message to tip it over 3000. That would be evil to wake to that in the morning.

You cruel person.

What a good idea!

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