The Bulgarian Dreams nightmare

[Green_Bear]

The Bulgarian Dreams nightmare
bbc.co.uk/blogs/watchdog/200 … tmare.html

Buying property in England is difficult enough, but buying abroad can be a real nightmare as dozens of Watchdog viewers have found out. They’ve contacted us because they’ve all been taken in by the same company.
Bulgarian Dreams is a property business that promises new homes, in a country where the market has been booming. Each of the people we’ve spoken to has handed over tens of thousands of pounds and now they’re worried they’ve lost it all.

[OverseasCafe]

We’ve been following the activities (or lack thereof) of this crew for about a year now. You’ll find a number of postings on our blog about them. If you’ve bought a property through them I’m afraid you could be in trouble, it appears they’ve disappeared without trace.

[verbatim]

[*Irish investors hit by collapse of Bulgarian property agent * (https://www.irishtimes.com/newspaper/finance/2009/0212/1233867933297.html)

PAUL CULLEN, Consumer Affairs CorrespondentSCORES OF Irish investors have been hit by the collapse of a UK-based agent specialising in Bulgarian properties.

Bulgarian Dreams, which once claimed nearly 30 per cent of its customers came from Ireland, has ceased trading, shortly after it featured in a critical BBC documentary.

The company has blamed “extraordinarily difficult economic conditions” for its demise.

In January 2008, the Association of International Property Professionals said it expelled the company for breaching the association’s code of conduct. At the time, Bulgarian Dreams claimed it had not been expelled but had resigned some time earlier.

Exactly how many Irish customers of Bulgarian Dreams are affected is not clear, but Sofia-based lawyer Milen Hristov, who is filing claims on behalf of aggrieved customers, said he had received inquiries from a number of Irish purchasers.

Bulgarian Dreams marketed a number of its developments in Bansko, Pomporovo and other Bulgarian locations at property exhibitions in Ireland in recent years. Bulgarian apartments were popular with investors seeking low-price entry into the overseas property market and fast growth rates.

However, an oversupply of apartments on the market, together with the downturn in property markets, saw demand plummet and many investors are now left holding apartments that are impossible to sell.

Overseas property consultant Diarmuid Condon likened the collapse of the Bulgarian property market to events nearer home: “Bulgarian cities are doing okay, but the resorts where Irish investors have bought are like ghost towns. Building has stopped, apartments aren’t selling and developers can’t raise finance. There’s an awful lot of people sitting on properties that were supposed to have been completed but aren’t.”

[geckko]

Sofia-based lawyer Milen Hristov, who is filing claims on behalf of aggrieved customers, said he had received inquiries from a number of Irish purchasers.

Get ready for the first annual “international lawyer expo” at the RDS. Same week as the now defunct “international property expo”

[thetravelbug]

I have been trying to warn people about Bulgarian Dreams since 2004 when I got duped into buying with them. Luckily I pulled out and fought hard and got my deposit back. I even wrote a whole ebook about the experience called ‘My Bulgarian Nightmare’. Available on my website at thetravelbug.org

I have been instrumental in passing many people on to Milen Hristov as because of my experiences and website I get many people contacting me in very unfortuante circumstances due to Bulgarian Dreams. Many have put all their savings into apartments that will never be built.