Beware Bulgaria

By Julian Knight

The Independent

This is a property story which filled me with dread. According to themovechannel.com, Bulgaria is making a comeback for British people looking to buy abroad. For the first time in three years, Bulgaria features in the top 10 destinations for British buyers, the site said.

Perhaps it's because Bulgaria is outside the eurozone and is relatively cheap that it's on the way back into favour? But as far as Bulgarian property is concerned I'm reminded of the saying: Fool me once, shame on you; fool me twice, shame on me.

Even before the financial crisis of 2008, it was clear that there was something badly wrong with buying in Bulgaria – developers selling property on land they didn't own; running off with people's deposits; sub-standard construction; no services connected to properties – all occurred.

And for those who did actually get to move in, they often found that promises of double-digit guaranteed rental income from the developers were worthless. Basically, virtually any property horror story involving corruption you could ever associate with property development and purchase was writ large in Bulgaria.

Of course, some may say it is now a buying opportunity, and that if you know what you're doing you can pick up property in some stunning locations at a fraction of the cost the original owners paid. But just because something is cheap doesn't mean it is either a bargain or any good. With Bulgaria, don't be fooled.

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