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gruffydd

Hundreds Of British Property Investors Lose Millions In Bulgaria

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http://www.novinite.com/view_news.php?id=104811

A group of about 300 British and Irish owners are going to lose about a total of GBP 6 M (BGN 13,2 M) invested in real estate property in the Bulgarian mountain resort of Bansko.

The news has been reported by the London-based Bulgarian-language news website kafene.net which cites a letter that the UK and Irish owners sent to its editors.

The owners from the UK and Ireland, who have bought property in the Pirin Park Resort in Bansko, state they are likely to lose their real estate investments because the future of the project is unclear.

The letter states that the unfavorable situation is the result of a bad course of events, mismanagement, and corruption, especially on part of the British real estate company Bulgarian Development UK.

The main issue is that the company has mortgaged the Bansko properties of the UK and Irish owners in question as a bank guarantee without even notifying them about that even though some of the apartments had already been fully paid.

Edited by gruffydd

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Some of the agents (robbers) were advertising this as 'the new Spain'

They were not lying.

Bansko was ramped like you wouldnt believe it: Even boasting an 'Alberto Tomba designed' piste and promisses of beautiful holiday homes, health spars and golf courses. However, in reality it has been swamped by Brits doing what they are good at (think Magaluf), terrible facilities (2 hours wait for the ONLY gondola up the mountain), wild dogs everywhere, terrible piste grooming (or simply not openning the piste as they cant be bothered) and endless construction sites (now abandoned).

I feel really sorry for all those people that have lost tens of thousands of pounds.

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I cant believe the prices here. People talking about £60k or £70k a BARGAIN for a crappy little flat. FFS it wasnt long ago that much would get you a NICE house in a GOOD area in the UK. These people need a wake up call. Theres a reason auction houses were selling detached homes all the way from Thuringia to Bulgaria for £4 or 5k

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I cant believe the prices here. People talking about £60k or £70k a BARGAIN for a crappy little flat. FFS it wasnt long ago that much would get you a NICE house in a GOOD area in the UK. These people need a wake up call. Theres a reason auction houses were selling detached homes all the way from Thuringia to Bulgaria for £4 or 5k

Sadman - I think you have highlighted the mentality behind the current property bubble.

One word: 'Pop'

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Any Brit who dropped a big wad of cash into the heart of gipo country, thinking it was was a sound investment, deserves to be horsewhipped

Idiots.

Thats a bit unfair. Bulgarians are very nice people they arent 'gipos' (gypos I think is the correct spelling - it comes from Gypsie / Romani - Romania)

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What's wrong with gypos anyway. I'm sure most Brits have Romany antecedents anyway. Somewhere.

I'm sure they don't. The closest we get is celtic links with irish pikies/travellers.

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What's wrong with gypos anyway. I'm sure most Brits have Romany antecedents anyway. Somewhere.

Exactly - Im afraid though Gruff that the word 'Gypo' has been transformed in the English language to be a perjorative for 'traveller' / 'thief' whereas actual Gypsie (Romani) are very nice people.

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All three actually.

The Roma have been settling in England since the 11th century. Experts from Norfolk Archaeology Unit based at Norwich Castle have discovered a rare form of mitochondrial DNA identified as Romani in a skeleton discovered during excavations in a large area of Norwich for the expansion of the castle mall.

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I'm sure they don't. The closest we get is celtic links with irish pikies/travellers.

Irish Travellers are not Gypsies. The word Gypsie comes from Romania - and before that Egypt

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So who ran off with £6M?

Someone is feeling very rich right now. Another shocking wealth transfer.

This white collar crime is catching on fast isn't it? And there's nothing the raped "investors" can do about it.

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