Sun, Jul 05 2009

BRITONS WARNED ABOUT PROPERTY INVESTMENT IN BULGARIA'S RESORTS

Mon, Mar 12 2007 09:27 CET 258 Views

Britons were warned to be careful when buying property in Bulgaria, because it could turn out that they are buying in resorts established illegally.

Low prices and nice climate made Bulgaria one of the most popular destinations for British property investors, but the homes bought in the coastal resort of Golden Pearl may end up demolished, Daily Mail said.

The resort was built in Strandzha preserve, which provoked the discontent of environmentalists. The World Wide Fund (WWF) asked officials to revoke planning permission because such violated European Union environmental rules.

WWF had informed the European Commission on the case, Daily Mail said.

The fund said that other similar establishments could `face the bulldozers.' New complexes in Black Sea resorts and Bansko winter resort may turn out to be illegal, the report said.

Property in Bulgaria costs about 40 000 to 50 000 British pounds. In the UK a house costs as much as 200 000 pounds.

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