The Bulgarian property market is among the cheapest in Europe, along with bargain places one can find in Portugal, Italy, Lithuania, Greece, The Times wrote on Friday.

It points out that last year prices rose by about 35 per cent, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted.

Among Bulgaria's advantages the article singles out its rich culture, stunning unspoilt villages and scenery as well as rock-bottom living costs.

"Rural houses for renovation are still widely available for less than 20,000 pounds. The cost of living is low and the climate excellent, and there is a wealth of historic towns, unspoilt villages and some beautiful beaches. Tuscany-like hilltop towns such as medieval Veliko Turnovo are to be found inland, while the ski areas in the Rhodope Mountains in the south are increasingly popular. Rental yields tend to be better for ski properties than those on the coast because of the longer ski season. You could expect about 12 per cent gross yield for a good ski apartment and about half that on the coast.

The Times notes that most Brits are buying on the Black Sea Riviera, especially at Sunny Beach, Golden Sands and Burgas, and the resort city of Varna.

"An impressive, but affordable, development launched this year is The Garden of Eden, above, on a prime beachfront location. The development has a marina, five swimming pools and landscaped gardens, bars and restaurants. Properties range from studios to large duplexes. One-bedroom apartments are about 52,000 pounds, with two-beds at 63,000 pounds."

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