About us

Established in 2010

The Sunset Resort International Owners Committee (SRIOC) was formally established on January 16th 2010 when owners representing 36 apartments met in Dublin to share their growing concerns with the management of the resort. These owners were concerned that the resort management company and the developer were not acting in their best interest with regard to the management of the resort and the attitude displayed towards owners. The Sunset Resort International Owners Committee now represents residential apartment owners for all countries who purchased apartments in Sunset Resort. In the past two years the SRIOC has grown to represent over 400 owners. The SRIOC works like a residents association seeking clarity on management decisions and rental offers. The business of the SRIOC is carried out by a voluntary committee of members who are elected each year at its AGM.

The SRIOC have appointed a legal representative in Bulgaria which advices the SRIOC on the law in Bulgaria in relation to apartment ownership. Through its legal representative the SRIOC has been able to provide independent secure legal opinion on all actions which impact on the investment made by owners in Sunset Resort. This advice to date has included legal advice in relation to Management & Maintenance(M&M) contracts and Rental contracts.

The main goal of the SRIOC is to seek a fairer deal for its members on their investment in Sunset Resort. The SRIOC believes that Sunset Resort has the potential to be a first class holiday resort for apartment owners and tourists alike. The fact that it has failed to live up to its 5 star status is down to the way the resort is presently managed.

The SRIOC maintains that Sunset Resort is presently being run in order to maximise the return to the developer and to the determent of owners. Over the past two years the developer has drastically reduced the rent paid to owners and at the same time increased their M&M fees by 50%. There has been little maintenance carried out in Sunset Resort since it opened mainly due to the developer using the M&M fees to pay off debts owed to banks. If this situation is allowed to continue then tourists will stop coming to Sunset Resort leading to a further reduction in rental returns.

The SRIOC also provides owners a number of services to its members which include:

1. A facility to change the locks on their apartment to ensure their integrity,

2. Providing owners with independent legal advice covering all aspect of owning a property in Sunset Resort.

Owners in doing so will empower themselves in their own resort, as it will enable them a vote at any General Meeting on behalf of themselves and their investment on the resolutions held within the meetings. All such meetings have to follow a well-defined legal process as stipulated by the Condominium Law of Bulgaria.  This is the only way to ensure your decisions are being recognised.

Owners who do not provide their POA  allow the developer to have  a free reign to rule over the resort and your investment, as best suits himself. Further Information on why you should provide a POA to a solicitor and  ddvice  on how to go about  providing a POA to a solicitor can be be found by clicking on the download section of this website.

Annual membership of SRIOC is available to all apartment owners’ in Sunset Resort.

Goals

The goals of the SRIOC are

  • To Promote a more accountable and transparent management of the Resort.
  • To encourage a more open and transparent relationship with the rental company
  • To preserve and increase the value of owner’s apartments.
  • To ensure the regulations for managing the resort are fair on all owners.
  • To ensure all owners share equally in its financial upkeep and success of the resort.
  • To ensure all owners enjoy their full property ownership rights when staying in their apartment.

Mission Statement

Sunset Resort International Owners Committee’s vision is to make Sunset Resort a first class 5 star holiday resort for all stakeholders. The SRIOC’s mission is to make Sunset Resort the No. 1 holiday destination for holidaymakers visiting Bulgaria. This will be achieved through using the best practice resort management and marketing expertise.

The achievement of this vision will make Sunset Resort a prime location for attracting tourists thereby yielding better rental returns to owners on their investment.

Aims and Objectives

1. Management of the Apartments by the Owners

Since the Resort was completed, the role of determining the rules and managing the owners M&M has remained entirely in the control of the Developer which is a conflict of interest for all other owners.

The SRIOC believes that the M&M should be in the shared control of all of the apartment owners via independent management of the appointed company.

  • The SRIOC legal team have put in place a registered corporate entity to oversee the finances of the resort and this vehicle will allow the apartment owners the greatest flexibility and participation in, and control over, the financial management of the Apartment blocks.

2. Establishing Owners Rights

Owners are currently denied direct connection to the utility suppliers. The supply to owners’ apartments is always at the discretion of the Management Company and the individual who controls it. Currently owners are charged at double the rate allowed and additionally pay for the cost of the private commercial enterprises’ usage as well.

  • The SRIOC is committed to establishing each owner’s right to direct connection with the utility suppliers, with unit costs based on the owner’s actual consumption at the national rate per unit.
  • The SRIOC has engaged with the Bulgarian Regulator and the electricity supplier and envisages the direct connection of owner’s apartments to the national grid in the short term.

This will ensure that the well documented infringements on owners property rights will be part of the past and all owners will be able to visit and stay in Sunset Resort in the knowledge that their apartment will have power and water connected.

Owner’s rights of access are controlled by the Management Company, most notably by not having keys to the entrance of the apartment block.

  • The SRIOC is committed to empowering owners with direct and unrestricted access to their apartments throughout the full year and having access to all services and facilities.
  • By lowering M&M fees to a more realistic level  the SRIOC will enable all owners to choose how to use their property;
    • Either by  entering the rental pool
    • To rent out themselves
    • Lifestyle choice for family and friends.

 3. Financial Transparency

Since the Resort began functioning in 2005 the Management Company has refused to provide owners with any financial transparency on its operation and have acted without regard to the prudent long-term financial management of the majority of owners investments.

  • The SRIOC are committed to reducing the cost of M&M for residential owners back to €10/ Sq metre
  • The SRIOC are also committed charging the commercial area’s a more appropriate rate based on footfall, typically €50/ sq metre.

The SRIOC is committed to ensuring owners have guaranteed financial transparency in the management of their apartments. This includes:

  • The separation of the Resort Management and Hotel & Rental businesses and their individual costs.
  • Control of the financial management of the Resort Management Company.
  • The introduction of proper accounting procedures, externally audited accounts & annual budgets,
  • To introduce changes to the regulations on how the resort is run and managed to afford all owners the maximum use and return on their investment in Sunset Resort.

4. Long-Term Financial Planning

The Management Company has not provided for any ‘sinking’ fund to meet large items of maintenance expenditure that will occur every few years and this will be corrected: in March 2011 the Developer transferred all the resort facilities to a new privately owned company.

  • The SRIOC is committed to correct long-term financial management by establishing a sinking fund to ensure owners do not have to pay additional or supplementary fees when large expenditure items occur.
  • The SRIOC is committed to engaging with the currently rental partner to provide greater financial transparency, elongate the season to attract a greater volume of tourist and to market the resort to a higher value tourist thereby improving the income of the resort.
  • The SRIOC are anxious to ensure that all structural defects covered by the 5 year structural guarantee should be acted on before it lapses leaving owners with a substantial bill for work.
    • The SRIOC is committed to finding a replacement partner to drive apartment rental income up.  In the event the current rental partner is not amenable to working to improve the rental operation.

5. Insurance rights.

Owners currently have no enforceable insurance rights for their property. The clause in the original M&M contract obliging SR Management to insure everyone’s property has been removed in their new M&M contracts, the insurance policy presently provided by SR Management lists the developer as the sole beneficiary of any claim.

The SRIOC is committed to ensuring owners have guaranteed rights of property insurance. This includes:

  • A right in the regulations for owners, making it compulsory for the Management Company to insure their property to its full reinstatement value.
  • An insurance policy that has the owners identified as the sole beneficiaries.

6. Enjoyment of your investment.

  • The SRIOC are committed to ensuring that all owners are treated equally whether they choose to rent or use for their own enjoyment.
  • The SRIOC will ensure that all owners have a key to the building and their own front door and all year access.
  • The SRIOC will ensure that no owner group gets preference over any other owner group in respect of access to facilities or services.
  • The SRIOC will ensure that all staff employed at Sunset Resort are respectful of the owners whose investment paid to build the complex and provide up to 700 local jobs every year.