Bulgaria Beach Hotels Face Foreclosure
Sofia | 08 January 2010 |
Dozens of luxury hotels and apartments on Bulgaria's southern Black Sea coast are listed for foreclosure by private law enforcement officers, with over 100 properties closed in the past few months.
The TV channel bTV, as quoted by Novinite, showed how in just one building in the town of Nesebar, three apartments are listed for sale as their owner is unable to re-pay the mortgage. There are dozens of similar cases in the same complex, which was built despite the fact that the site has not yet been included iin Nesebar's urban plan.
The TV also cites foreclosures in St. Vlas, Ravda, Sunny Beach, and Sozopol.
Most of the debtors are construction contractors, unable to sell the properties. There are also private buyers who are now unable to re-pay their mortgages, including foreign owners, mainly British and Irish.
The TV said only between 15 per cent and 20 per cent of the foreclosed properties are sold. It said real estate agents have a problem in assessing their true market value in the current market. Authorities are now exploring ways the enable the original buyers to repay their mortgage.















