British woman describes investment in Bulgarian real estate as nightmare
In an April 24 2009 article, The New York Times tells the story of a British woman’s bitter experience on Bulgarian real estate market. Writer Kevin Brass describes UK national Rachel Gawith as having made "almost every mistake imaginable buying and selling real estate in Bulgaria".
In 2004 Gawith put down a deposit, sight unseen, on an unbuilt apartment in the top Bulgarian winter resort of Bansko in Pirin Mountain, which in the past five years has become a popular place for British real estate buyers.
She later had to turn to the court to fight for the return of her deposit after the developer did not honor their agreements, Brass said.
Gawith made the deal through Bulgarian Dreams, a "UK-based promoter that recently shut down operations in the wake of dozens of complaints over unfulfilled promises," the story says. After months of legal wrangling, she managed to get her deposit returned.
The fact that the developer is UK-based and not Bulgarian was mentioned only once in the story, which otherwise concentrates on the problems investors have in Bulgaria.
"Yes, strange as it sounds, I’m one of thousands of British who have done the same thing," Gawith told Brass.
However, despite her negative experience, Gawith continued her commitment with Bulgaria by starting a business buying, renovating and selling homes in a rural area near the central Bulgarian town of Stara Zagora, Brass says.
Her explanation to Brass was simple: "I fell in love with the country."
"Over the next few years she battled builders, the legal system and the complexities of Bulgaria’s market, which ultimately led her to write an e-book entitled "My Bulgarian Nightmare," the New York Times article said.
She still sells rural property, but she has shifted her focus to offering advice to anyone interested in buying property in Bulgaria.
In 2004 Gawith put down a deposit, sight unseen, on an unbuilt apartment in the top Bulgarian winter resort of Bansko in Pirin Mountain, which in the past five years has become a popular place for British real estate buyers.
She later had to turn to the court to fight for the return of her deposit after the developer did not honor their agreements, Brass said.
Gawith made the deal through Bulgarian Dreams, a "UK-based promoter that recently shut down operations in the wake of dozens of complaints over unfulfilled promises," the story says. After months of legal wrangling, she managed to get her deposit returned.
The fact that the developer is UK-based and not Bulgarian was mentioned only once in the story, which otherwise concentrates on the problems investors have in Bulgaria.
"Yes, strange as it sounds, I’m one of thousands of British who have done the same thing," Gawith told Brass.
However, despite her negative experience, Gawith continued her commitment with Bulgaria by starting a business buying, renovating and selling homes in a rural area near the central Bulgarian town of Stara Zagora, Brass says.
Her explanation to Brass was simple: "I fell in love with the country."
"Over the next few years she battled builders, the legal system and the complexities of Bulgaria’s market, which ultimately led her to write an e-book entitled "My Bulgarian Nightmare," the New York Times article said.
She still sells rural property, but she has shifted her focus to offering advice to anyone interested in buying property in Bulgaria.