(Opinion piece, James Flint, Director www.sofiacasa.com )
Sailing in uncharted waters like the mariners of yore, maps of the known world encircled by fearsome monsters and dragons, i.e. most of the Bulgarian developers who provided off-plan units like so many commoditised plastic ducks of a production line!
They saw your masts on the horizon in 2004, then fleets started to berth in the ensuing 5 years, followed by the current crash on the rocks of inadequate legal and independent advice when purchasing abroad. As the tide of investment suddenly subsided many were swept away in a Tsunami that started with Fannie Mae & Freddie Mac.
How many of you are now left paying 7-12 Euros per m2 (on the gross area, including garages & common parts), for services that are poorly delivered, if at all, by sister companies, set up overnight, by thee Developers, to milk the tail end of the boom?!
I want to call this the 'Balkan Valve' as it is a system that allows Developers to control the in-flow & out-flow of cash, with a cartel of racketeers in varying degrees of association, all aiming to 1) shut out competition, 2) monopolise revenue streams and 3) lock owners into onerous rental guarantee, furnishing & block maintenance agreements ...for the foreseeable!
There are now clear regulations for owner voting, meetings & collective decision making through creation of an owners committee. (e.g. the 2009 'Condominium Act' see attachment). Owners need to use sites like this to work together towards fair representation to rectify the mess using the laws at their disposal!
It outrages me to watch this situation unfold as I love Bulgaria (warts and all!) and want to see a stable long term future for this place I have called home for the last 6 years! The Trade Unionists rallying cry was: 'Workers unite',
for readers of this article & overseas investors in Bulgaria it should now be: 'Overseas Property Owners Unite'.
I wish you all luck as a property owner in Sofia & as a professional dedicated to Lettings & Property Management here in Bulgaria!
James Flint
