Bulgaria: due diligence ‘essential’

Bulgaria investors could face demolition derby if they’re not careful when buying property…

Last month, Bulgaria's Directorate for National Construction Supervision (DNCS) announced 193 demolition orders for illegally constructed property across its coastline. Many are food outlets which violate the Bulgarian Black Sea Coastline Act although some fear that residential properties could face the demolition ball particularly if they’re found to be in designated green areas formed to protect native wildlife.

This raises the importance of due diligence before buying off-plan property in Bulgaria, or indeed any property market across the globe.

Ian Fisher, Managing Director of Dream Homes WorldWide comments, “Mintel research in 2006 showed that 61% of respondents were put off buying abroad for fear of being ‘ripped off’ and much of that fear has come from a minority of estate agents and developers who have failed to deliver their promises.

“It is vital that all documentation, licenses, bank guarantees and escrow facilities are in place before developments are released to the buying public, and prospective buyers should ensure they check these things out before parting with any money. Buyers really should keep their eyes open and make sure they’re asking all the right questions”.