Pamella East isn’t the only investor who came to grief in Bulgaria. But after nearly losing €150,000 worth of deposit money on five off-plan properties she’d bought in Sunny Beach, the London-based businesswoman decided to fight back.
She started the Bulgaria Property Action Group, got informed, and eventually closed on three of the deals without losing her money. The group now has links with lawyers and other experts providing independent advice to people like herself. On a flying visit to Dublin this week, she and Bulgarian lawyer Galina Georgieva said that in 80 to 90 per cent of cases, there is a chance of getting at least some money back on a deal gone wrong.
The main thing, they say, is to take your head out of the sand, admit that you feel foolish and stop worrying about throwing good money after bad. The group’s holding a seminar here on May 29th – see bulgaria-property-action-group.com.
Talking of foreign property, Ryanair’s snit over Alicante Airport is bad news for the many Irish people who’ve got property in the area. (The airline has slashed the number of flights in a row over airbridges.) The Ryanair factor, once a plus, has made many investors hostages to the airline.
Update: This is quite an old post – the Bulgaria Property Action Group has since disbanded. For information on selling a property in Bulgaria visit this, more recent, post.