A new round of reports in the foreign press, including two UK newspapers, include warnings about the pitfalls of the property market in Bulgaria – and experts, while not predicting a market collapse, say that there could be “corrections”.
An article in the Irish Independent on July 19 2008 dealt with buyers who failed to meet tax obligations when buying abroad and who got into trouble after failing to get legal advice before signing contracts.
On the problems encountered by buyers getting into distress because of a developer failing to meet contractual commitments, the newspaper quoted Tom McGrath, a property lawyer specialising in overseas markets, as saying “the worst offenders are in Bulgaria”.
McGrath was quoted as saying that in Bulgaria, it happened that investors were asked for more money at the close of a sale or were asked to pay a certain sum under the counter.
“We ask clients not to participate in this activity – they’re not doing themselves any favours,” he said.
Simon Palmer, of Empire Consulting, warned that it was very short-sighted to try and dodge tax on foreign property investments.
According to the Irish Independent, Palmer advised people to avoid emerging markets, such as Bulgaria and Turkey, and tourist resorts, because they are too risky. Wiser investments are made in the UK, a French city, or Germany.
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Thursday, December 04 2008
Expat of the Week
RosieP
I really enjoy walking and can't wait to move into my little house in Bulgaria! read more
What`s on in Bulgaria
Cultural Institutes
Save the planet, and Bulgaria What: A film by American director Tom Jackson, this tells the story of how petrol corporations damage the environment without reinvesting any funds to offset it. When: December 10, 6pm Where: Czech Centre 100 G. S. Rakovski Str, Sofia
Art
Buy yourself a little painting What: Victoria auction house organises its 15th auction of the works of classic Bulgarian and European painters. When: December 10, 6pm Where: Sredets Hall in Sheraton Hotel, Sofia
ALLA GEORGIEVA, LOVE AND EVIL MINDS What: This is the first solo exhibition by Alla Georgieva since 2003. Born in Ukraine, the artist lives and works in Sofia. When: Until December 20 Where: ARC Projects, 90 Vitosha Blvd, fourth floor, Sofia
ARTCHITECTURA What: Known as a successful graphic artist, with this solo exhibition Robert Barumov reveals a new dimension to his talent, that of a painter. When: Until December 12 Where: Gallery Paris, 8 Parizh Str, Sofia
THE WORLD OF IVANKA SOKEROVA What: Ivanka Sokerova (1926-1993) is a little known artistic figure of admirable stoicism, working only with her left hand, the artist creates ceramic pieces, collages, drawings and writing. When: Until December 15 Where: Sariev Gallery, 40 Otets Paisii Str, Plovdiv
FROM YOUR DAUGHTER WITH LOVE What: Until December 20 When: Iva Yaranova has titled her exhibition Happy Birthday, Mom. Where: 16a Iskur Str (entrance from Budapeshta Str), Sofia
Museums
Archaeological treasures What: A private archaeological collection of special value will be on display for the enjoyment of guests and residents of Bulgaria's Black Sea capital. The treasures belong to the brothers Bobokovi, from Rousse, who had been collecting items for 20 years. When: Until April 2009 Where: Varna Archaeological Museum, 41 Maria Louisa Blvd, Varna
SIEMENS TECHNOLOGY AND ART What: The theme of this exhibition is 130 years of Siemens in Bulgaria, intertwining historical periods with development of the local art scene. Works by Bulgarian contemporary artists such as Ivan Moudov, Boryana Pandova and Krassimir Terziev are displayed. When: Until December 14 Where: Sofia City Art Gallery, 1 Gurko Str, Sofia
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Realtors: construction companies facing decline in profit margins.. 
Cultural Institutes
Art
Museums