22.08.2005 Overseas Property: Black Sea bonanza

Article by Peter Conradi, The Sunday Times, 21st August 2005

Bulgaria’s coastline is attracting foreign property investors like bees to honey. It begins on the plane from Britain: pick up a copy of the in-flight magazine of Bulgaria Air, and almost every other page carries an ad for the latest Black Sea apartment complex, each apparently more glittering, splendid and — above all — profitable than the last. “There must be 40 or 50 agents here now, but very few of them have any experience or know what they are doing,” says Mihail Chobanov, 30, co-founder of Bulgarian Properties, one of the country’s best established agents, whose little office in the resort is already surrounded by several clones.

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