According to Colliers, a rebound in property sales is likely in line with forecasts for an improvement of the country's macro-economic indicators, when the market should start to display signs of the new industry growth drivers.
The consultancy said that when the market turns there will be a risk that there is a shortage of high end properties as no large scale projects were started in 2010.
Overseas buyers have deserted the Bulgarian market since the economic downturn, especially those from the UK and Ireland who had been the main buyers. Lack of finance and also problems with deposits, unscrupulous developers and lack of transparency put them off.
Now, however, there is hope for buyers who are trying to get their money back as a company that has been helping buyers in Spain recover their money has launched a service for Bulgaria.
British buyers were seduced by low prices and a generous helping of media hype but, as in Spain, found themselves the victim of unscrupulous developers and various scams. There were even reports of taxi drivers masquerading as real estate agents.
ReclaimYourDeposit.com has now launched a new low fee Bulgarian Deposit Recovery Service. ‘Bulgaria has proven to be a bit of a minefield for exploitative estate agents and double dealing developers. Whether hit by the global economic meltdown, the vagaries of the Bulgarian legal system or just downright criminality, ReclaimYourDeposit.com receives its second highest level of enquiries after Spain relating to this tricky property market,’ said Daren Wallbank, director of ReclaimYourDeposit.
‘Our new low fee Bulgarian Deposit Recovery Service will help these desperate individuals recover their monies without denting the battered bank balance too much further,’ he added.
After months of searching ReclaimYourDeposit has found a respectable and fit-for-purpose lawyer who is willing to offer good terms to clients with fees biased towards a successful claim, he explained.
The initial professional assessment will be free of charge. Lawyers will ascertain chances of winning a payout before clients commit any money to the process giving them the option to decide whether to proceed or not. Should they choose to continue, reduced fees apply.
Wallbank explained that for £950 to cover disbursements, minimal fees and miscellaneous charges, an initial legal claim process is initiated and ReclaimYourDeposit’s appointed lawyers will try to achieve success without the need for costly court cases.
This £950 does not cover the lawyer’s time but they will not agree to move a claim forward unless confident of a win, thus protecting client monies. In the event of a victorious claim, ReclaimYourDeposit will take a success fee.
