Rogue Bulgarian estate agents

According to a Bulgarian magazine, properties in Bulgaria have been victimized by several dishonest real estate agents preying on British investors. The Quest Magazine reports that several overseas property investors have been conned to buy real estate at a price that is three times more of its market value. To encourage Brits to invest on homes in Bulgaria, a new campaign has been initiated.

With the campaign, it is hoped that the sale of unregulated land and the practice of exorbitant pricing on deeds will be put to a stop. Dual pricing on Bulgarian versus UK internet real estate web sites will also be prevented by creating a code of conduct in line with European standards. The mission statement for the campaign is “Quest for real estate ethics in Bulgaria; honesty, integrity and transparency”.

“We receive hundreds of emails and letters from buyers, agents and lawyers regarding real estate transactions – the good, the bad and the ugly of what’s been happening,” claims Chris Goodall of Quest Bulgaria. “It is clear there is a desire for change.” Quest Bulgaria is leading the campaign. The group is also encouraging the public to join in the drive. The code also aims to generate support for a non-governmental group in the next six months to align the real estate agency industry.

According to Goodall, the campaign hopes to put a stop to non-accountability and establish a system whereby both real estate professionals and consumers have recourse in the case of any dispute. “A free-for-all attitude in the real estate market has been destroying buyers and investors confidence in Bulgaria,” explains Goodall. “Through a code of practice will come more confidence and more sales while at the same time protecting the investment of those who have already bought into the country. It will enable Bulgaria to stand out over other Eastern European countries as the top investment and property choice.”

Law firm GPNG, based in the capital Sofia, also supports the campaign Quest started. “This campaign is long overdue in response to some of the vicious practices in the estate agency business,” shares Asja Mandjukova, a lawyer who deals with overseas buyers. “This has a resulted in a rash of incompetent, so called professionals who can make quick money with poor quality of service,” Mandjukova declares.

Another supporter of the Quest is Address Real Estate Executive director Katya Tsenova. She claims that “while estate agencies in Bulgaria have improved significantly in the last few years they need to improve even more and the best practices in Europe and the rest of the world must continue.”

Chris Downham, managing director of Bulgarian Home Loans also supports the cause. “There are definitely a few bad apples out there who can flourish while the market has so few rules. By developing a code of conduct to clamp down on these cowboys, we believe we will stamp this out,” Downham states.

Stephan Dimitrov, chief executive officer of Allied Pickfords International is another backer of the campaign. “Quest Bulgaria has picked up the baton of EU entry and continued the momentum for aligning this country with other member states,” the CEO shares. According to Dimitrov, the campaign is long overdue, and his company is fully behind it.

Finally, Living Bulgaria, an estate agency in Varna, is also behind the move. Director Martin Hunt says such a code would leave the customer clearer as to what to expect. “The need for this campaign is clear but only those who make an effort deserve to be part of this bright future.”

Posted on: Bulgaria

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Rogue Bulgarian estate agents

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