Irish investors hit hard

Scores 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.

Ghost towns

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."

Earlier this week, the company featured on BBC's Watchdog programme, which said it was aware of 80 customers whose apartments remained uncompleted.

Source: www.irishtimes.com