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let me out of my spanish property nightmare

A helping guide to help people with the disposal and sale of spanish properties

From Bulgaria to Spain and back home again, my property nightmare, resales and the hardship
11 June 2010 @ 15:48

 Hi there,

 

I was one of those fortunate/unfortunate people who during the celtic tiger in Ireland decided to have a property portfolio.  Unfortunately I decided to invest in the 2 most volatile markets, namely Bulgaria ski resorts and Spanish sun holiday homes.  My nest egg of 500,000 was punted on 4 properties that I was guaranteed would be appreciating assets (guaranteed without guarantees , lol).

Now I find myself in need of recapitalising and so the resale of my properties began in 2008.  I guess this is much like many other people in Ireland and the UK.  So commenced my trials and tribulations in shifting property in a flooded market.  I spent literally thousands of euros between advertising, and estate agents and promotional fees and after 18 months still had no offers even after taking a 40% hit on price.

That forced me into the underworld of sales where I found corruption and lies rampant, save one company who were very upfront about my prospects and never made me any false promises.  I paid them a fee upfront of 50 euros a month (this wouldnt have covered the advertising alone let alone any promotion or work effort they put in).  Finally after 5 months with them they sold my properties in Bulgaria and hoooray I have cashflow and a little capital returned to my nest egg.

Now they are expanding to the Spanish market I think I will do the same.  

The moral for me has been, be careful when you can afford to and only take risks that you are willing to take a hit on.

Who knew the property bubble would burst so dramatically.  At least I am halfway out of this mess and to be honest my losses so far havent been as high as they could have been (even made a profit on one of them....lol)

If anyone has had any similar experiences feel free to comment.

 



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