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Bulgarian first for Appreciating Assets with new equity release product for overseas investors

23rd, October, 2008 Dublin, Ireland: Irish owned agency Appreciating Assets, has today announced the launch of a new equity release product that will, for the first time, allow Irish owners of Bulgaria property to release much-needed money from their investments.

Over the last few years thousands of Irish investors have bought properties in Bulgaria, which is one of the few countries where overseas property buyers can purchase properties in either sun, snow or city locations. This combination has fuelled unparalleled interest in the Balkan country which has seen consistent double-digit price growth annually for a number of years. These price increases looks set to continue with the Bulgarian economy protected from credit crunch due to the nature of the local banking system.

At home, however, the credit crunch has badly affected investors where they are being squeezed by a combination of high interest rates, lowering yields and falling property prices, which have dropped almost 10% in the past twelve months - a 15% drop in real terms, with no end in sight. Up until now it has been difficult to release equity against a foreign property; therefore, it is timely that Appreciating Assets can provide an answer to cash flow problems for owners of Bulgarian property.

For qualifying investors, releasing equity from a Bulgarian property is now very easy to do; the process is very similar to releasing equity in Ireland, so it should be familiar to many investors. Appreciating Assets are now offering the opportunity to release up to 75% of the value built up in Bulgarian properties with interest rates from 7%*. So, for example, if investors have property valued at €50,000 they can release up to €42,500 at a rate of only €248 per month.

Dylan Cullen, owner of Appreciating Assets, said:

“With the impressive growth in the value of Bulgarian property this is one part of investors’ portfolios that are doing well. As these assets are doing so well the last thing investors should be considering is selling them just because finances are tighter at home. Now for the first time by releasing equity through us they can get extra cash flow at home, safe in the knowledge that it is secured against an appreciating asset in Bulgaria.”

The equity release is in conjunction with Appreciating Assets Bulgarian partners, who have secured deals with a number of major banks in Bulgaria. Appreciating Assets will handle all pre-qualification, application and administration. To take advantage of this new opportunity property owners should call Appreciating Assets  on +353 (0)1 6392968 or email info@appreciatingassets.ie for further details.

*Interest rate correct as of October 2008, but rates can vary.


Notes to editors

Dublin-based Appreciating Assets has been set up by Dylan Cullen to focus on alternative investments that have a unique angle compared to main opportunities in the market. Dylan has almost ten years’ experience in the property sector initially gaining experience as an estate agent in Cork before setting up a successful letting company Cork City Lettings, which remains one of his current business interests.

Since 2003 Dylan helped fund and develop several successful projects in the South of France, since then he has invested and sold property in Portugal, the Czech Republic and Bulgaria, with a focus on syndicated investments funds and commercial developments, as well as high-end residential developments.

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