Russians buying out Irish in Bulgaria

RATM

Interesting story this, a company is operating out there flipping properties between Irish & Russians. I still can't believe they called themselves 'Appreciating Assets'. The irony :eek:

From here http://www.independent.ie/business/irish/selloff-lifeline-offered-to-irish-owners-of-bulgaria-properties-1975189.html

AN Irish company is offering to buy out financially distressed owners of properties in Bulgaria.

Thousands of Irish buyers are being forced to walk away from Bulgarian properties they bought during the boom because they cannot meet loan repayments.

Now Dublin-based Appreciating Assets is providing them with a lifeline by offering to match up sellers with Russian buyers from across the Bulgarian border.

This newspaper reported last month that stretched owners of Bulgarian properties are walking away from their investments because they cannot afford to meet repayments.

Many of these people re-mortgaged their homes in Ireland to put down deposits on properties abroad.

Now that the apartments are nearing completion and they are being asked to pay the full amount, they are unable to raise the funds.

Foreign property lawyer Tom McGrath said his firm was now inundated with queries from people in financial trouble.

Yesterday, Dylan Cullen of Appreciated Assets said Russian buyers were plentiful in the Bulgarian market and many of them were likely to visit the country over the Christmas period.

Mr Cullen said: "Russia has a very robust economy that has not slipped into recession, so Russians are still holidaying abroad and still very active in the Bulgarian property market."

He said his company needs Irish property owners to send it details of their properties now so it can target Russian buyers while they are in Bulgaria over the holiday period.

It is estimated that between 50,000 and 100,000 Irish people bought properties in Bulgaria between 2000 and 2008. Property experts said many of these people had typically paid €120,000 for apartments that were worth €40,000.

With offices in Dublin and Sofia, Irish-owned Appreciating Assets Ltd has sold 200 properties in Bulgaria since the beginning of the year.

A spokesman for the company said sale prices were down between 40pc and 50pc from the property price peak.

oceanclub

RATM wrote: »

Interesting story this, a company is operating out there flipping properties between Irish & Russians. I still can't believe they called themselves 'Appreciating Assets'. The irony :eek:

From here http://www.independent.ie/business/irish/selloff-lifeline-offered-to-irish-owners-of-bulgaria-properties-1975189.html

Reading that article suggests to me it's nothing more than an advertising feature. There's no indication that the journalist did any research other than talk to to the Appreciating Assets guy. And it's the Indo we're talking about here.

P.

Greenmachine

Fool me onece shame on you. Fool me twice shame on me.
Sound a bit like those email you get offering to buy your car for more tahn what you are asking. They send you a cheque and ask you to cash the difference and then send it back to them. A few weeks later, the cheque is bad and you have no car and owe the bank money.
In thic sase peopel could just be selling their deeds when they think they have only sold a lease. Or get caught up in some technicality like what happens in Spain. With illegally built houses. The buyer is really interseted in the house but the guy selling it has to pay the council a fine for breaking an archaic local law. The fine is payed and the buyer dissapears. Smells of a serious confidence trick to me.

jdivision

So are the Russian investors the the same ones who were knocking on doors looking for protection money?

Victor

"Now Dublin-based Appreciating Assets is providing them with a lifeline by offering to match up sellers with Russian buyers from across the Bulgarian border."

Russia doesn't have a border with Bulgaria.

Palmy

It's true Russia never realy went through a reasion like the rest of Europe.You would be suprised how much wealth there is in Russia.I think alot of people think that Russians are only poor people with no money,and believe in what they see on t.v about Russia.Believe me you would be surprised how expensive it is to live in a place like Moscow.It makes Dublin look afordable.Maybe they have buyers or maybe not.Just remember Bulgeria is one of the most curpt countries in Europe and the Russian mafia has a big influence there.

TheCandystripes

Russia has much greater wealth than Ireland but it's better to be working class in Ireland than in Russia.

Princess Consuela Bananahammock

It is estimated that between 50,000 and 100,000 Irish people bought properties in Bulgaria between 2000 and 2008. Property experts said many of these people had typically paid €120,000 for apartments that were worth €40,000.

Makes you wonder how fools and their money ever get together in the first place.

Greenmachine

Ikky Poo2 wrote: »

Makes you wonder how fools and their money ever get together in the first place.

Well am sure that they will all have one big christmas party in Bulgaria of course with a small two hour presentation first. And as a gift 1l of Russian standard and 800 of your favourite fags. They may ven pay for your ticket over so they can introduce you too that Russian buyer who is very interested in your property.

ei.sdraob

Victor wrote: »

"Now Dublin-based Appreciating Assets is providing them with a lifeline by offering to match up sellers with Russian buyers from across the Bulgarian border."

Russia doesn't have a border with Bulgaria.

They view Ukraine like the Brits used (?) to view Ireland, their own backyard

Meeja Ireland

That's a pretty vague article. Who are these "property experts"? What does it mean to say that a property is "worth" 40,000 when someone is willing to pay 120,000 for it?

But is it really true that over 50,000 Irish people bought Bulgarian property? Shocking if so.

ei.sdraob

Meeja Ireland wrote: »

That's a pretty vague article. Who are these "property experts"? What does it mean to say that a property is "worth" 40,000 when someone is willing to pay 120,000 for it?

But is it really true that over 50,000 Irish people bought Bulgarian property? Shocking if so.

i would not be surprised at all

not only Bulgaria

been talking to people in Serbia, the Irish were buying up places all over ex-yogoslavia, and the locals used to laugh at their craziness

dan_d

Em - Russia didn't suffer from a recession?
I'm pretty sure that's coz Russia can't get more - recessed. I'm guessing a lot of the buyers are Russian millionaires (read crime bosses in that). I doubt your average Russian is buying holiday homes and 2 or 3 properties. Course I 've nothing to back that up - well I did read a story on Sky News this morning about the number of heroin users in Russia - It's alarming.....
No comment on the Irish. Who on earth told us it was a good idea to start buying in places like Bulgaria and Serbia? Honestly, some days I think we deserve what we got in the last year.

jmayo

Palmy wrote: »

It's true Russia never realy went through a reasion like the rest of Europe.You would be suprised how much wealth there is in Russia.I think alot of people think that Russians are only poor people with no money,and believe in what they see on t.v about Russia.Believe me you would be surprised how expensive it is to live in a place like Moscow.It makes Dublin look afordable.Maybe they have buyers or maybe not.Just remember Bulgeria is one of the most curpt countries in Europe and the Russian mafia has a big influence there.

Somehow I can't see the mega rich Russians buying irish holdiay apartments in Sunny Beach :rolleyes:
Would middle class Russians with a few quid be rushing to buy in sunny Beach ?

ei.sdraob wrote: »

i would not be surprised at all

not only Bulgaria

been talking to people in Serbia, the Irish were buying up places all over ex-yogoslavia, and the locals used to laugh at their craziness

There was saying in Croatia AFAIK.
There is local price, foreigners price and Irish price.

Didn't know about Serbia, but Croatia was the first, even knew of one guy who was buying place in Sarajevo for sking and then Montenegro became popular when Croatia got too expensive.

PullOutMethod

dan_d wrote: »

Who on earth told us it was a good idea to start buying in places like Bulgaria and Serbia? Honestly, some days I think we deserve what we got in the last year.

I went looking to invest in foreign property in 2003.
I did my research and was on the verge of investing in Budapest before I heard the hype about Bulgaria / Romania (they're even cheaper - more capital appreciation etc).
A mate who had experience on the ground convinced me to avoid Bulgaria / Romania.
Essentially while Hungary was merely slightly less developed than the west, Bulgaria / Romania were still using ploughs in the fields.
Am thanking my lucky starts I heeded the guy's advice.
Bought an apartment in Budapest in late 2003 which has been rented out ever since.

There are good places in Eastern Europe (Poland another good example) who are not only doing well, but will fare alot better than Irish property will through this recession.

Princess Consuela Bananahammock

Greenmachine wrote: »

Well am sure that they will all have one big christmas party in Bulgaria of course with a small two hour presentation first. And as a gift 1l of Russian standard and 800 of your favourite fags. They may ven pay for your ticket over so they can introduce you too that Russian buyer who is very interested in your property.

It'd want to be 80k worth of Russian Standard and the favourite fags to ake the deal worthwhile!

ArmaniJeanss

jdivision wrote: »

So are the Russian investors the the same ones who were knocking on doors looking for protection money?

Any background info (even anecdotal) on this?

MG

PullOutMethod wrote: »

Bulgaria / Romania were still using ploughs in the fields.

Is "horse drawn" missing from this sentence?