Now those Irish are real risk takers!
What good is passing laws that are not enforced?
wait and see what happens if the EU cuts of the money supply for lack of law and order!
it is sad... but not surprised at all.
Ever notice how close cars get to each other-tailgating in all speeds?
They must be in a big hurry to get to the mehana...
I agree with many things u say CJ except that Im only referring to losing money in Investments since the change, not 50+ years ago. Bulgarians have no concept or experience in analyzing the true risk in an investment.
We both know that most (not everyone) got crushed in the bank crash and this is where they did suffer-greatly...I agree with u
The free for all building is much worse then the other countries that u mentioned/ Just check out todays article about "not being able to stop construction at the Sea.
And your right and wrong about the source of the money for the boom. Yes it is black money with connections, but your wrong that even if they sit empty for 5 years they will be able to sell it-and this is because the whole premise of hotels on the beach is flawed...too short of season and no foreign fund will buy and bail them out, in an over built environment-with stagnant demand.
Believe me, the word is out in the financial community that investing at the beach is a loser except for your own personal use-but still possible in the Bansko area. Bansko reminds me of Aspen Colorado in the early 1960's. In the long run, this whole area has a chance because it has the possibility of 2 seasons. One day their will be building laws to follow in this region-even thou now they have temporally ruined it!
Their will NEVER be a strong enough demand to make money in these beach hotels- all due to the weather-Spain and the warmer countries u mentioned all have a chance to recover in the long run!
I would not call a banking/currency crisis a down market or market cycle.
The fact is Bulgarians have NEVER seen a real bear market in ANYTHING! And now that they are a member of the western world, their going to learn the very painful feeling of what it feels like to lose money in BAD INVESTMENTS!!
The have been getting away with these profits these last 7 years no different then what happened in the Nasdaq tech. boom in the late 1990's.
Just add massive corruption with no legal system and this turned every Bulgarian Developer a "Genius"!
This guy is dreaming... the weak Bg developers will be going bankrupt soon.
The market is going down-just like the BG stock market has come off by 25%.
Bulgarians have never experienced a down market or even market cycles.
They ALL need to back to school and take basic economics.
Supply and demand ALWAYS dictate prices in ANY market.
AND we all the know their is a huge oversupply of apartments for sale in Sofia-Sunny Beach-Bansko and demand is falling dramatically!
Bulgarians have a great talent for ruining their beautiful environment with GREED as the underlying reason...
As a professional trader over the last 25 years in stock index futures, foreign currencies, gold, crude oil, and commodities- I have seen it all!. Markets go up and down all over this world.
As I have lived here in Sofia for 4 years, I have met many Bulgarians that think their stock market AND Real estate market will keep going up and all I did was LAUGH-because now Bulgarians are going to get their first taste of what it feels like to lose money in ANY investment and their not going to take losing very well either!
I even met the owner of one of the largest stock brokers in Bulgaria and he laughed at me for telling him about risk/reward and saying that he thinks it is вЂњeasyвЂќ to make 30% per year in their market.
The next down move will be in Real Estate prices for apartments- as it has followed the Sofix perfectly over the last 5-6 years. So these BG Developers are going to feel the PAIN and Bankruptcies will begin.
With that BG market stock down over 20% in the first month -Look whoвЂ™s laughing now!!
Only a stupid fool goes against the trend-which is clearly DOWN worldwide.
50% more Chinese Tourists in Bulgaria
Potentially Defective Aluminum was used by All Car Manufacturers in Japan