Bansko Development Problems Continue

Bansko continues to experience problems with planning issues and ownership issues. Back at the beginning of March, a group of investors who have collectively spent millions on a development in Bansko, decided to hold a peaceful protest outside the Four Seasons developments, where they have bought apartments but are being refused access due to ownership issues.

The group of investors feel they have been conned out of their property. They initially purchased the Bulgarian property through Rockarch Estates in London, but the agency claim that it was then defrauded by their Bulgarian business partner who transferred the remaining 29 apartments, as well as the restaurant, swimming pool and conference hall facilities to the Bulgarian firm, Zekom, for a small fraction of the true value. The other 78 apartments in the 107 apartment block were sold to British but Zekom were given the keys and took over, refusing anyone else access.

The dispute has been going on for over two years and none of the British investors have received title documents to their apartments. Zekom deny any wrong doing and have placed guards around the development and stated that British investors cannot enter the apartments.

Following the protest and the coverage in the media, the Bulgarian authorities have promised a proper investigation into the problems faced by many British investors in Bansko. The Bulgarian Interior Minister, Tsvetan Tsvetanov (also the deputy Prime Minister) said that the records would be examined to determine why British investors, who had legitimately purchased property in Bulgaria, had not been allowed access to their properties.

In Bansko a massive 2,300 apartments are owned by British investors and this protest highlights the ever increasing number of problems over ownership and incomplete apartments, the corruption still persistent in Bulgaria and the struggle by British investors to get their money back or get title deeds to their properties.