I lost £21,000 in a Bulgarian property fund | Money | The Guardian

I lost £21,000 in a Bulgarian property fund | Money | The Guardian

It felt satisfying to certify myself as a "sophisticated investor" to take advantage of what appeared an opportunity of a lifetime back in October 2005. After writing up a talk about Bulgarian property for a newsletter, my 20 years' experience in the financial services industry assured me it was a suitable home for some of the proceeds of my recent flat sale.

Jonty Crossick, director of property managers Ready2invest, had proved a highly persuasive speaker. Although he paid due attention to the risks, the returns he had made previous investors were mind-boggling and many seemed to come back for more. Bulgarian property prices had increased by 22% during the last year and by 49% in hotspots, and EU membership was beckoning.