Anyone Purchasing Property From Ambasun Bulgaria?

seek legal advice tbh, GL

Hyacinth wrote: »

I am currently in the process of purchasing a studio apartment in Bulgaria from Ambasun (we entered into this before the credit crunch!).

I have received letters from Delagio who are the builders of the development to say that they have terminated their contract with Ambasun because they were not passing on clients money to them but any future payments should go directly to them.

I contacted Delagio and they have said there accountants are currently working through reports to see what payments from clients have been received by them from Ambasun - hopefully they have received our previous payments!

What has happened to Ambasun - i have searched the web and can find nothing!

Anyone else in the same situation - worried sick!!!!!

No - why would I want to buy a flat in a 2nd world country, with a huge over supply of new build flats, and a tourist sector extremely vunerable to recent budget airline route cuts, very low average incomes and rental yields, with a complex legal system and a language and culture I couldn't start to understand

barnaby-bear wrote: »

No - why would I want to buy a flat in a 2nd world country, with a huge over supply of new build flats, and a tourist sector extremely vunerable to recent budget airline route cuts, very low average incomes and rental yields, with a complex legal system and a language and culture I couldn't start to understand

These are exactly the problems one of my friends is having. He bought a new studio apartment in Sunny Beach for about £20k. After 3 years its looking less likely than ever that the budget airlines are gonna be flying to Bulgaria. As his wife works in a school he is unable to take holidays during term time, and finds the cheapest way to go is to book a package holiday and stay in his apartment rather than the hotel the travel agent provides.

He would sell, but even on his £20k apartment he would still be making a loss. This is due to the ammount of new builds available.

Hi are you a member of an owners forum? We put a deposit on a property in Spain a couple of years ago, made a huge mistake by not discovering forums before we went and found out when we got back that we had been well and truly done!!! The best advice I can give is try to find an owners forum and glean as much information as you can from people who may be in a similar situation to yourselves. It's amazing how much you can pick up from the posts and learn from the experience of others. It also helps to make you feel less isolated. I felt really stupid for being 'had' but on reflection had done quite a bit of research about the area, the market and projections etc. However, being a trusting and honest soul, I did not take into account that I could be blatantly lied to face- to- face over and over again by agents and representatives. Google the company in question and read some of the opinions on the forums that come up - very telling!