Knock down prices and knock down property in Bulgaria
Orders have been given for the demolition of real estate in Bulgaria on projects recently found to have been built illegally. The Black Sea coastal region is in the spotlight with property in Sunny Beach, Sozopol and Nessebar being some of the locations that will feel the wrath of the government's order.
The region has been a notable favourite of Russian investors over the past few months, busily snapping up investment property in Bulgaria. The properties in question have had their validity tested in court and those found wanting have been passed to the Ministry of Regional Development & Public Works who will carry out their removal.
In addition to this, a large number of sites have been bought with no intention to build on them. Once building approval has been given, the land has then been sold on at over inflated prices. The illegal conduct has also caught the attention of the European Commission who are also seeking to bring legal action. Whilst this may seem bad news for Bulgaria, it is another positive step taken towards eradicating corruption within its market.