Irish to Sue Property Journalists for Luring Them to Bulgaria
Properties | August 22, 2010, Sunday Novitine News

Property journalists have emerged as the latest hate figure in Ireland, most easily blamed by those who lost a fortune or who have been left with unsellable property in foreign countries, including Bulgaria, The Independent wrote.

Although a case has yet to be lodged, a number of aggrieved investors are said to be consulting Dublin lawyers about launching a case against certain journalists who, they believe, were responsible for misleading them into investing in developments that failed to deliver promised returns.

"
Journalists fear they may be made legally liable for misleading readers who followed their advice and bought properties abroad, suffering major losses,"
says Richard Compton Miller, a property journalist himself. "
There's a lot of anger among investors."


Articles recommending holiday homes abroad are particularly contentious, says Compton Miller.

"
Journalists would go on trips to places like Bulgaria and recommend it as a place to buy a holiday flat. Now, places like Bulgaria have fared very badly, and people are feeling angry with the journalists who promoted it."


Property journalists have already fallen victim to the crash as newspapers have cut budgets and downpaged – or axed – their property supplements, because of loss of advertising. But many lawyers are sceptical about how strong a case against journalists could be.

"
The idea that any investor could sue a property journalist is barking mad,"
says Simon McAleese, a Dublin lawyer.

"
Though it wouldn't surprise me: people have been getting desperate to find someone to blame."


Bulgaria became a particular favourite for many Irish investors because holiday homes were frequently available at half, or even one-third, of the price of similar properties on the Costa del Sol. Attracted by unrealistic promises of exceptional returns, Irish investors had no hesitation in borrowing heavily to buy cheap buy-to-let homes.

The Independent

Well, let's hope we all live long enough to see some recompense from wherever that may be forthcoming and appropriate, but some of us, in our sixties, say 61 or 62, will probably not actually live long enough to see it.

Gees!!!!!!! Don't people make up their own mind where/how they want to spend their money any more. Do we not make informed decisions or do we have to depend on Journalists to point us in the right direction.

Oddy

From my own personal experience with reporters / media, they hype a hell of a lot of stuff up to attract readers, it's a long story but I will sit down and write it one day


When it comes to investing in property though, for holiday rental etc, regardless of all the hype in the media it pays you to check things personally and even seek opinions of other investors if possible before diving in head first with your own cash

As most adverts regularly state: Prices may go up as well as down

Timerman wrote:

From my own personal experience with reporters / media, they hype a hell of a lot of stuff up to attract readers, it's a long story but I will sit down and write it one day


When it comes to investing in property though, for holiday rental etc, regardless of all the hype in the media it pays you to check things personally and even seek opinions of other investors if possible before diving in head first with your own cash

As most adverts regularly state: Prices may go up as well as down

Godd advice but unfortunately most seem to leave their brans at the airport