A large number of Bulgaria property investors from Ireland have been hit by the news that the UK-based agent specialising in Bulgarian properties, Bulgarian Dreams, has gone bankrupt, apparently due to the affects of the global financial crisis, the Irish Times reported Thursday.

Bulgarian Dreams, which once claimed nearly 30 per cent of its customers came from Ireland, has ceased trading, shortly after it featured in a critical BBC documentary.

The company has blamed "extraordinarily difficult economic conditions" for its demise.

In January 2008, the Association of International Property Professionals said it expelled the company for breaching the association's code of conduct. At the time, Bulgarian Dreams claimed it had not been expelled but had resigned some time earlier.

Exactly how many Irish customers of Bulgarian Dreams are affected is not clear, but Sofia-based lawyer Milen Hristov, who is filing claims on behalf of aggrieved customers, said he had received inquiries from a number of Irish purchasers.

Bulgarian Dreams marketed a number of its developments in Bansko, Pomporovo and other Bulgarian locations at property exhibitions in Ireland in recent years. Bulgarian apartments were popular with investors seeking low-price entry into the overseas property market and fast growth rates.

Earlier this week, the company featured on BBC's Watchdog programme, which said it was aware of 80 customers whose apartments remained uncompleted.

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