Bulgaria is currently the European property investment hotspot. Prices are rising steadily at 30% per annum and are expected to leap forward when the country becomes a full member of the EU in 2007.

Bulgaria is a truly remarkable country with a varied terrain. Not only can it offer city, coastal, mountain and rural properties but the vast amount of real estate that is available to buy, also comes with prices that will fit into everybody's budget.

Coastal properties.

The waters of the Black Sea are actually warmer than those of the along the Spanish mainland throughout the summer months. Popular investment locations are Sunny Beach, Golden Sands and Varna. Up and coming destinations include Nessebar St. Vlas and Balchik.

The developments that are on offer are predominantly designed as seaside holiday apartments. However there is also now a fast-growing golfing market that is being catered for with new developments either in construction or planned. Prices can be from as low as 20,000 for a studio apartment to 100,000 for detached villas on the golf resorts. Instant equity and guaranteed rental are also available in certain complexes.

City apartments.

Sofia as the capital and Plovdiv as the second city, are the two main areas for growth. Real estate in Sofia is currently around 25% of the cost of other European capital cities. Plovdiv is even cheaper, with prices around 400 to 500 per square metre.

The cities offer an excellent investment choice, with good rental expected from companies relocating to Bulgaria. Corporate lettings can offer consistent guaranteed rental with minimum risk. Prices range from around 30,000 for an apartment on the outskirts of town to over 100,000 for a city centre apartment with excellent facilities. These prices are considerably cheaper than other properties for sale across Europe.

Rural investments.

The countryside really does offer the cheapest real estate. Bulgaria is a magnificently beautiful country. Roughly the same size as the UK, the country has a total population of less than 8,000,000. The infrastructure can pose a problem in more isolated areas, and price increases will probably take longer than the more popular destinations. Nonetheless, detached properties with acres of land are readily available for less than 10,000.

Mountain and skiing real estate.

Bulgaria has three main ski resorts. Borovetz, and Bansko and Pamporovo. The ski season is the longest in mainland Europe. From an investment point of view, the mountaini resorts probably offer the best opportunity for a huge capital gains. The mountains only offer a small, defined area for the development. Once all the available land is built upon, all the existing properties will attract the highest premiums.

Much more informal than other European ski destinations, the Bulgarian resorts offer real value for money. Skiers and snowboarders, appalled by the exorbitant prices charged, especially in France or Austria, will be pleasantly surprised by the ridiculously cheap prices, in all the Balkan resorts. A pint of beer is around 80p and a three- course dinner with a bottle of wine is under six pounds.

The properties available also echo the fantastic value for money, at 60-70% cheaper than other European equivalents. Studio apartments are readily available for less than 30,000 as are two-bedroom apartments in the 60-80,000 region. The ski season for 2006/2007 is already 75% booked and for those owning property, rental income is virtually assured.

In conclusion, Bulgaria offers a viable investment alternative for everybody. Even with the meanest budget of under 10,000, a fast appreciating property can be bought. For those looking to build an expansive portfolio, all the regions offer fantastic value for money and will return considerable capital gains over the coming years.