Property prices in Bulgaria have risen by almost five per cent in the first quarter this year, according to the Real Estate and Investment Forum (RINVOR).

The Eastern European country is fast becoming a property hotspot, with many overseas investors seeing potential for high returns on rental property.

Sights like the Black Sea and Balkan mountain range are tempting tourists to take advantage of the many low-cost airlines offering flights and many may also choose to buy Bulgarian property.

Overseas property investors can use their purchase as a second holiday home when desired and rent it out to the increasing number of travellers for the rest of the year.

The number of new homes being built and mortgage applications have also risen dramatically, while some analysts have forecast a drop in interest rates when Bulgaria eventually joins the European Union, possibly as early as the start of 2007.

Property expert, Dmita Savoy, told the Bulgarian News Network he expected to find property prices rising by as much as ten per cent over 2006 as a whole – and another ten per cent when Bulgaria enters the EU.

He added that affluent consumers are increasingly looking to make larger and more luxurious purchases when buying Bulgarian homes.

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    Carol McDonald