Hi Jain

I may be sitting back with the G & T's (as a tax exile in Gib). Remember it's still 25C in the day here. Funny enough they have only just started selling overseas property here about 6 months ago. Gibraltar is always 5 years behind the UK

Mt gripe is as follows: If I buy an investment as defined by the FSA then the intermediary has to give risk warnings ( and in some countries they are very detailed with statistics and probability etc) so I am in full possesion of the facts. If he misses any out which could have been predicted then he can be sued. All I want the agents to do is provide data on these risks and statistics on ocuppancy rates, yield, sale transaction value in the secondary market etc. The trouble is you may then lose a deal so who is going to do it unless it is compulsory.

I can see this whole thing could blow up just like the mortgage misselling scandal. I note that many UK agents ( on UK property in particular) no longer use superlatives such as "superb", "generous proportionns" etc and now just are clinical in their statements fearing action under the Property Misdescriptions Act( "PMA"). This is a good thing. Looking at the PMA it does not cover the invesment rubbish that is touted ( made up yield numbers, "growth is expected to be 25% next year") which is far more concerning and and is perhaps a failing of the PMA rather than the FSA.

Regards

Neil

Hi Neil

I've probably turned a desperate shade of emerald green at the thought of 25 degrees and a GnT in hand

I agree with what you have said, legislation is needed. I think though we have to remember that Bulgaria has only been in the European Union for 10 months and it was less than 5 years ago many still had to queue to buy bread!

We've been working really hard to push for legislation changes, both regarding advertising of property and regulation of agents. It will take time, we just can't expect things to happen overnight - if only they would. However, since we've been running our campaign for ethics in the real estate industry, we have noticed agents cutting back their commission to more realistic levels (one reduced it by 66% after a reader mentioned our campaign to them) and statistics are showing that the majority of deeds signed now have the full price being paid (not the "tax assessment value"). This is good news and, whilst I know it is just the tip of the iceberg, it does show that pressure can be brought to bear and things are moving in the right direction, albeit slowly.

We learned this last week that AIPP (Association of International Property Professionals) have given their support our campaign and it is to be hoped that they too can assist in enabling further change in real estate in Bulgaria.

Meanwhile, we are soldiering on and I'm sure we'll get there in the end.

All the best

__________________
Jain Goodall, Director, Quest Bulgaria Magazine

Independent advice and information for owning and buying property in Bulgaria
http://www.questbulgaria.com

Firstly, I am an investor but not in Bulgaria but hopefully my comments are applicable. Poor service, bad advice and shoddy support are never going to get 10/10 marks. The only way for a business, region or country to earn top marks from investors is to tell the truth, no matter how painful, so that people can make informed decisions. Short term gain can never outweigh long term relationships - stitch someone up and they will tell everyone they know - and then start looking at ways of telling everyone they don't know via forums etc. Spain, Bulgaria, Turkey - it doesn't matter where you are - the problems are just the same.

Of course it would be wrong of me to tar every property business with the same brush - there are always good and bad businesses in every sector. I am sure that there are many excellent properties, businesses and regions in Bulgaria to invest in. It is unfortunately sometimes difficult to find them!

With regard to the ability of individuals to express opinions, this is actually supported in european law. The Human Rights Act expressly allows indivuals to hold and share honestly held opinions and beliefs even if these are wrong! Providing it is reasonable for such beliefs to be held, individuals are generally safe from prosecution. To overcome this, threats are usually aimed at the forum owner as these are considered "the weak link". Such threats are often on the edge of "censorship", again illegal under european law but website owners generally do not have the time or money to test this in court and hence pull threads under duress.

In summary - until individual governments legislate against shoddy business practices in the building and development industry bad press will continue.

A voice of true reason - your points are all valid and thoughtfully presented. Good post - thanks

Hi
I have lived and worked on the coastal region. (Rat race) Now I live and work, in and around Veliko Turnovo, where the clients are better, the market is growing and thus challenging and more enjoyable. Scotland with good weather, many people are calling this region, in itself, more than funny. From my point of view its got to be the place to live. What more could one want?
A dream house with pool has to be every bit as good as a small apartment in a crowded seaside town.
We are not estate agentsm but we do work with agencies around Veliko Turnovo, who have clients that prefer to work with an English Architectural company. At least communication is better :-) I also really like Bulgaria and have made my home there, close to Veliko Turnovo, of course. Best FJW