Bulgaria, Romania and Morocco are all emerging as potential property hotspots, according to experts.

Spain is still the number one destination for investors looking to buy property abroad, but could suffer from its present state of saturation.

Along with the current strength of the Euro, this has led one estate agent to suggest it can take as long as two years to sell Spanish homes, Reuters reports.

By contrast, a 40 per cent increase in hotel occupancy over the skiing season has persuaded investors that Bulgaria could now be the best place to invest in property abroad.

"Bulgaria is definitely on the radar with buyers at the moment," said Rupert Lee-Browne, spokesman for currency exchange specialist Caxton FX. "Fifty per cent more of our clients are moving money there compared to last year."

He added that Morocco was another country worth watching, with a number of high-end developments under construction and an increase in airline routes to the tourist destination of Marrakesh.

However, Ian Smith, head of European operations at Halifax, said that different destinations appealed to second homebuyers depending on whether they were holidaymakers or speculators.

Speculators are attracted to the potential for capital appreciation in Bulgaria and Romania, he explained, but investors in Spanish homes usually see a second home in the sun for long weekends.

He explained that previous Spanish property price increases of as much as 15 per cent are "just not achievable", with eight per cent more realistic for 2006.

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    Carol McDonald