Comments on Iva & Co.’s Transparency NL

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Dear Fellow Owners,

PLEASE SEE SRIOC’S COMMENTS BELOW IN CAPITAL LETTERS.

In the interest of transparency, THAT’S GREAT, SO ARE YOU AGREEING FOR OUR EXPERTS TO BE PART OF THE DIVISION OF THE UTILITY MONITORING POINTS?

During the summer season of 2025, only owners stayed in the complex. The costs, described below, come from personal consumption (NOT SO) in the apartments and from the common infrastructure that supplies electricity and water to every apartment and to the common areas of the complex. Commercials (restaurants, SPA, gym, bowling, etc.) were not operating and did not generate costs. YOU’RE CONVENIENTLY FORGETTING ABOUT SWIMMING POOLS WHICH ARE COMMERCIAL AND NOT PART OF THE COMMON AREA. HOW MANY TIMES HAS THIS ALREADY BEEN POINTED OUT? OWNERS DO NOT OWN THE RECREATIONAL COMPLEX. YOU ARE RENTING IT FROM BOYAN BONEV AND THE COST IN YOUR BUDGET IS FREE M&M FEES FOR ALL HIS COMMERCIAL PROPERTIES PLUS €360,000 IN CASH. OWNERS ARE BEING FORCED TO PAY €19psm TO MANAGE AND MAINTAIN THE RECREATIONAL COMPLEX/SWIMMING POOLS AND ONLY €2psm TO MANAGE AND MAINTAIN OUR BUILDINGS.

WHERE IS THE LOGIC IN THIS?

AS A RESULT, WE WILL NEVER AGREE TO YOUR CONTRACT AS YOU ARE FORCING COMMERCIAL CHARGES ON OWNERS. THE BULGARIAN COURTS HAVE ALREADY RULED THAT SWIMMING POOLS OWNED BY A 3rd PARTY HAVE TO BE OFFERED AS AN OPTIONAL EXTRA. AT THOSE EXTORTIONATE RATES, AND WITH THE BLACK SEA ON OUR DOORSTEP, WHY WOULD WE TIE OURSELVES INTO SUCH A CONTRACT? OWNERS WHO SIGN YOUR CONTRACT MAKE THEMSELVES LEGALLY LIABLE FOR THESE CHARGES. THE MORE OWNERS WHO DON’T SIGN, THEN THE HIGHER THOSE RATES PER SQ. METRE HAVE TO INCREASE IN ORDER TO PAY BOYAN BONEV’S RENT. SO, OWNERS WHO SIGN YOUR CONTRACT DO SO AT THEIR PERIL AND THIS WILL ONLY BE THE START OF IT.

Period: 27.06.2025 – 31.12.2025

Total costs (electricity + water): 233,290.52 BGN

Collected individual utility fees total 54,685.86 BGN. ON THE BASIS OF 4,966 OVERNIGHT STAYS (see Iva’s figures below), THIS FIGURE DOES NOT ADD UP. IT AVERAGES OUT AT 11 BGN PER NIGHT WHILE IVA’S PROPOSED DAILY COMMUNAL FEES RANGE FROM 10 BGN TO 14 BGN.

Costs covered by the maintenance fees: 178,604.66 BGN

(Please see the attached invoices, which have been issued to the ID numbers of the complex and have been paid directly to the suppliers.)

Water

  • Water supply for sanitary needs in individual apartments and the common areas.

WE AGREE BUT CAN YOU PLEASE TELL THE OWNERS WHAT YOU REFER TO AS COMMON AREAS?

  • Operation of 1 pool in front of Building Sigma. NOT COMMON AREA.

Why individual fees do not cover everything

According to reception data, the occupancy in all buildings (Alpha, Beta, Sigma, Delta, Eta, Family, G & H) by months was as follows:

  • June – 25 apartments
  • July – 134 apartments
  • August – 176 apartments
  • September – 102 apartments
  • October – 13 apartments

HOW MANY OF THESE ARE DUPLICATIONS, RUNNING FROM ONE MONTH INTO THE NEXT? THERE WERE NOT 450 APARTMENTS OCCUPIED IN 2025. THAT WOULD BE JUST UNDER 50% OF THE 914 APARTMENTS ACROSS PHASE 1 AND SUNSET FAMILY.

In total, for the whole period, owners have made 4,966 overnight stays, and the amount of daily communal fees paid was 54,685.86 BGN (as stated above) AND AS QUESTIONED ABOVE.

Conclusion: the daily communal fees reflecting personal consumption in the apartments (WITHOUT DIRECT CONNECTION IT IS NOT POSSIBLE TO DETERMINE PERSONAL CONSUMPTION IN THE APARTMENTS. WITH DIRECT CONNECTION IT WOULD NOT BE NECESSARY TO DETERMINE PERSONAL CONSUMPTION) are roughly one quarter of the total consumption, while three quarters of the utility bills come from base (unavoidable) common consumption, driven by the size of the resort and the requirements for technical readiness and safety, even with minimal footfall and non-operating commercials.

Goals for 2026

  • Increase the number of occupied apartments (incl. via rentals by owners who do not plan personal stays), so that the burden of common and unavoidable costs is spread across more units. It is a proven approach in resorts like Sunset Resort. IS THIS NOT PROOF, IF IT WERE NEEDED, THAT THE DAILY COMMUNAL FEES ARE FAR IN EXCESS OF THE ACTUAL PERSONAL CONSUMPTION IN THE APARTMENTS? DIRECT CONNECTION WOULD MEAN OWNERS WOULD PAY ONLY FOR WHAT THEY CONSUME. BOYAN BONEV STATED THAT 85% OF THE ELECTRICITY COSTS COMES FROM TOTALLY INEFFICIENT AIR-CONDITIONING UNITS. HE SAID NEWER UNITS ARE 4 TIMES MORE EFFICIENT. PLEASE GOOGLE THE COST OF ELECTRICITY FOR A 2-BED APARTMENT IN BULGARIA. IT SAYS 60 TO 100 BGN FOR NORMAL USAGE DURING SUMMER MONTHS. THIS IS PROOF THAT DIRECT CONNECTION IS WAY DOWN THE LIST OF IVA’S PLANS.

Next week, we will send you a newsletter with an analysis of costs for the personnel engaged in maintenance, security, and service improvements. WE LOOK FORWARD TO RECEIVING THAT ALONG WITH ACCOUNTS SHOWING THE M&M FEES RECEIVED FOR 2025.

IVA, IN YOUR EMAIL DATED 22nd AUGUST 2025, YOU STATED:

The challenge today

Despite all this progress, fewer owners than expected have paid their MM fees for 2025.

The shortfall needed to keep the complex running until the next season is €213,000 – an achievable goal if we share the responsibility together.

CAN YOU PLEASE GIVE AN UPDATE ON THE SHORTFALL TO DATE AS THIS WILL IMPACT THE FUNDS FOR 2026?