Irish property dealer seeks firesale of Bulgarian properties

Irish property dealer seeks a firesale of poor investments in Bulgaria
Dylan Cullen has lined up Russian money to buy properties on which Irish investors burnt their fingers by the Black Sea

guardian.co.uk/money/2012/ju … sfeed=true

Run a mile…

One year on and the song sounds very similar
republicpr.ie/2011/06/23/media-northern-ireland/
And looking back a bit further, a thread from 2009:
bulgarianproperty.fortnoks.net/forum/viewtopic.php?p=5065

No, the business logic is sound. Many Irish want shot of their Bulgarian investment properties and Russians are still interested in buying there for a number of reasons.

  • Close to home with good air connections.
  • Language similarity.
  • Potential shortcut to Schengen residency in the future.
  • Store of wealth in the EU when you don’t trust your home banking system.
  • Cultural similarity means less susceptible to being taken for a ride by unscrupulous locals.
  • Lots of cash still sloshing around in Russia as long as the price of oil is high.

The only question, if you do want to offload a Bulgarian property, is whether it is worthwhile paying this Cullen chap a premium to handle the transaction for you.

From 2008

appreciatingassets.ie/advice/4/b_a_bulgarian_first_for_appreciating_assets_with_new_equity_release_or_b