Bulgarian Property Buyers Beware
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Bulgarian Property Buyers Beware
Just read an interesting article over in the Sofia Echo about the illegal practice of developers in Bulgaria building on protected land.
This could land a lot of buyers of property in Bulgaria in deep water with the possibility of having their apartments or houses pulled down sometime in the future.
According to the Sofia Echo:
A holiday home on Bulgaria’s Black Sea coast with surf, sand and pristine nature, all for a fraction of the price you’d pay in Spain? A done deal you might think. But a growing number of commercial projects being developed in protected areas should make foreign investors and holidaymakers think twice before investing their money.
Bulgaria’s pristine nature and affordable real estate prices are attracting a growing number of foreign investors – many from Britain, Ireland and other countries – who look to invest or spend their holidays in a prime property along the Black Sea coast or up in the mountains at one of the up-and-coming ski resorts.
But often without knowing much about the destinations beyond an attractive price and the promises contained in promotional materials, many of these buyers are investing in properties that are sometimes constructed illegally, putting their investments and some of Europe’s most valuable natural areas at risk.
You can read the rest of the article here.
It is of utmost importance that when buying property in Bulgaria that a buyer takes extreme care and practises due diligence. Do not be taken in by the promise of quick riches.
You would NOT buy a house in your country of residence without hiring a solicitor and taking all the necessary precautions to make sure everything is above board. This caution should be even more adhered to when buying abroad.
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