EVENING HERALD

by Fiona Dillon

Buy-back hope for property investors who lost in slump

HOPE: Lifeline for boom-time buyers in Bulgaria

An innovative scheme could be the answer for people who bought an investment property on the Bulgaria Black Sea Coast during the boom times but now want to sell it.

An Irish agency, Appreciating Assets, has released a new buy-back scheme to purchase completed properties owned by overseas investors on the Bulgaria Black Sea Coast.

The initiative is being backed by funds raised from a syndicate of their existing international client base.

“This is the first syndicate of its type, which buys back completed properties from overseas investors; it aims to capitalise on the unparalled levels of ownership achieved by Irish and British property investors on the Black Sea in recent years,” according to spokesperson.

It also addresses the major flaw in the overseas property market in markets which is the difficulty investors have in selling their properties due to the lack of a second hand resale market.

EXIT

This issue is now solved with the launching of this new buy-back scheme, which provides an exit strategy for investors, the spokesperson said. Dylan Cullen, owner of Appreciating Assets, said: “There has been a huge amount of interest in the Black Sea by overseas property investors due to the low prices.”

He added: “As a result of over development along the coast, and the current economic climate, it is proving difficult for many investors to sell their properties. Our company is confident in the long-term success of the region and we are buying property there to hold for five-to-10 years.”

The offer is only open to those owners who have completed properties located on the sea front. The syndicate is aimed at investors, rather than developers with large portfolios of unsold properties.

DETAILS

For further details of the scheme, property owners can get further details on: www.appreciatingassets.ie.

Dublin-based Appreciating Assets was set up in 2006 to focus on alternative investments that have a unique angle compared to main opportunities in the market.

The directors have funded and developed several successful projects in the south of France, Portugal, the Czech Republic and Bulgaria.