Britons Lured Into Second Bulgarian Property Trap

LONDON, January 23, 2014 /PRNewswire/ --

Hard-pressed Britons are finding themselves the victims of a scam where dealers promise to sell their Bulgarian properties at above market rates.

Even with signs of market recovery, British and Irish owners continue to offload their Bulgarian property assets. Many are compelled by circumstance to do so at considerable loss to meet their financial needs. Under pressure, many are falling victim to agencies that charge upfront fees, but never actually sell any properties.

Christophe Gater, Director of British-based property agency 'New Estate', believes this is an increasing problem. With a message to hopeful vendors, he said, "Every vendor should know that whilst they want to sell their properties, bogus agencies just want to sell them false advertising."

"Don't pay anyone who is trying to sell you something rather than sell for you. Avoid anyone who asks for money before they've actually done their job."

According to New Estate's research, at least one third of all active vendors have fallen in the trap of disbelieving currently low market values. Having lost thousands of Euros in value from their properties, they opt to pay up to 1,500 Euros to advertise them at unrealistic prices. In reality they are only buying false hope; these agencies have no infrastructure in Bulgaria, no offices or staff on the ground, no marketing to find Russian speaking buyers and no actual capability to deliver real sales.

In Bulgaria, more than 9 out of 10 foreign-owner sales are made to Russian-speakers from the former Soviet bloc. Gater insists that vendors must do their research to avoid falling victim to this ploy:

"Ask yourself the question: does my agency really have the capacity to market my property to Russian speakers at the only price they are willing to pay - the market price?"

New Estate has released a straight-talking interview with Gater, which offers an unbiased review of today's market conditions as well tips on what vendors of Bulgarian property must currently consider and avoid. See here

Notes to Editors:

1. For more information, please contact Mr Gorian Varbanov on +44(0)20-7993-4197 or email us on office@newestatebg.com
   
2. New Estate is one of Bulgaria's leading property agencies. For more information please see our website http://www.newestatebg.com