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Bulgaria was among the countries offering greatest return of real estate investment, aboutproperty.co.uk said.

According to official statistics investment return rate increased to 137 per cent over the first four months of 2006. In comparison, the figure was 116 per cent at the beginning of the year.

Some of the main factors behind the increase were the low mortgage rates and deposit requirements. These registered a decrease from seven per cent to 5.95 per cent, the site said.

The year-round tourism industry and the inexpensive airline ticket prices also added to the investment-friendly environment. The stable real estate market would be further strengthened by the country's expected EU accession in 2007, aboutproperty.co.uk said.

Poland was also listed among the countries offering high investment return rate. After its EU accession in 2004, the country registered an increase in real estate prices from 20 to 30 per cent. As property prices were considerably low, the investment return potential was high, the site added.

Bulgaria's famous Bansko mountain resort, once a haven for winter sports but empty in summer, is now targeting year-round buyers and tourists, the Independent reported on Wednesday.

The author Graham Norwood says since 2003, some 3,000 Britons have bought homes in Bansko, the resort town that sits 150km south of Bulgaria's capital, Sofia.

"Many have done so because of its reputation as a top central European ski area - it has bid for the 2014 Winter Olympics and has 64 kilometres of slopes."

"As a ski centre, Bansko holds its own with French ones but until now, there hasn't been much to do outside of the season. That's going to change with the arrival of an equestrian centre, a golf course designed by British star Ian Woosnam, and bike and hiking trails," says Mike Wellings, a London financier-turned-developer, whose firm, Winslow Developments, has built hundreds of flats for British buyers in Bansko.

Wellings' latest scheme - Mountain Residences, 177 apartments ranging from GBP 39,000 to GBP 110,000 - sold out within a month this spring.

The author comments that Bansko and the other major resort Borovets are like Spain four decades ago.

"Construction and improvements are going on apace and the tourism industry is booming after decades of stagnation - there was a 62 per cent rise in British visitors to the ski areas last year, according to official Bulgarian figures."

Eighty per cent of foreign visitors to Bansko are from Britain and Ireland, and there are daily flights by budget Wizzair from Luton, and BA and Bulgaria Air from Heathrow.

"This comes on top of summer tourism and holiday-home sales in Black Sea resorts in the north of Bulgaria. These are already year-round hot spots but there are complaints from some buyers of few facilities apart from the hotels and beaches, and many new flats are built some distance from the best resorts."

The property market in Bulgaria has enjoyed significant growth in recent years but experts acknowledge that it is still partially inhibited by the lack of development in the tourist industry.

Few would doubt Bulgaria's potential as a tourist hotspot. Bansko boasts one of Europe's premier ski resorts and Sunny Beach has a summer resort that combines natural beauty with a vibrant atmosphere.

With Bulgaria in the midst of a bid to host the Winter Olympics in 2014, sports may in fact play a crucial role in adding impetus to Bulgaria's tourist industry, as the Black Sea resorts have also established a reputation for excellence in this field in recent years.

At Sunny Beach alone, holidaymakers are able to try windsurfing, waterskiing, parasailing and hang-gliding and there is certainly potential to pursue this route.

Property investment in Bulgaria will certainly receive a huge boost from a flourishing tourist industry, not least because of the added tenant demand around the most popular holiday areas. Already, buy-to-let investors around Bansko have seen rents rising and demand improving and this is set to continue as more and more money is thrown into the country's attempt to compete with resorts in France and elsewhere in Europe.

According to Georgi Iliev, writing for Focus News, things are certainly moving in the right direction and Bulgaria remains on track to transform itself into "a major tourist destination".

"Tourism is on a roll in Bulgaria. For the last several years, the country's tourist industry has seen double-digit growth and now accounts for 16 per cent of GDP. Bulgaria is trying to claim its share of the global stream of tourists ? but to do so, it will need to tackle the consequences of earlier development," he said.

The problems that Bulgaria needs to overcome, according to Mr Iliev, are based around the demise of communism in 1989, when tourism also collapsed spectacularly. He argues that the Bulgarian government was na?ve in its efforts to market the country and this meant that it was left behind as other countries flourished.

He says that things are changing, however, and the authorities now have a greater understanding of the need to compete with rival destinations. In March, for instance, Bulgaria was promoted as a tourist destination at ITB Berlin, while tour operators were also present at the Beijing International Travel and Tourism Market.

The efforts have not been wasted and Mr Iliev observes that Bulgaria now features as an option for major tour operators around the world.

Mr Iliev also refers to figures from the Nation Statistics Institute which show that four million foreign tourists visited Bulgaria last year. With the World Travel and Tourism Council predicting further growth of 6.3 per cent this year and 4.3 per cent annually until 2016, there is certainly reason to be optimistic and property investors will be looking to capitalise on this by purchasing properties in or around the country's most appealing resorts.

While he concedes that there are a number of key obstacles that need to be avoided if Bulgaria is to truly rival some of its European counterparts in the tourism stakes, Mr Iliev suggests that EU accession next year could prove to be the catalyst that is needed.

An article named The Bulgarian Property Renaissance, published on 999 Today website presents Bulgaria as an increasingly appealing destination for Western European property seekers.

Previously known as communist country, Bulgaria is now making moves westward with its NATO membership and expected EU entry in the beginning of 2007, 999 Today reported.

This ?opening? to the Western world enabled property investors discover the potential of the country. 999 Today reported Bulgaria has rich cultural heritage, good climate and beautiful nature. The relatively low costs of living further the appeal of the country, the website said.

These developments influence the decision of many Western property seekers. Increasing number of British decide to purchase a first home abroad in Bulgaria, the website reported.

Bulgarian coastal resorts have always attracted investor interest but increasing number of West European property seekers are now turning to the country?s winter resorts.

The capital of Sofia also offers good opportunities with modern new suburbs located close to Vitosha Mountain, 999 Today reported.

Bulgaria registered a 5.6 per cent economic growth over the first three months of 2006, according to the National Statistical Institute.

Associated Press reported that the growth was due mainly to the 8.8 per cent industry expansion for the same period. Another positive factor might be the services sector, which also registered a six per cent increase.

Bulgaria's agriculture registered a 2.7 per cent decrease since March 2005.

The GDP per capita generated over the first three months totals 1.268 leva, Associated Press said.

In 2005 Bulgarian economy grew by 5.5 per cent and the Cabinet's Agency for Economic Analysis and Forecasting expects that the country will maintain the same growth rate during this year.

The Labour and Social Policy Ministry said that the country had achieved its lowest unemployment rate since 1991. The unemployment rate decreased to 9.6 per cent, which is 0.64 per cent lower than the figure for April.

In comparison, unemployment in Bulgaria for 2005 reached 11.46 per cent, Associated Press said.

The Plovdiv International Autumn Fair has run out of exhibition area because of the high company interest.

As over 200 companies are on the waiting list, the fair will search for additional 2 770 sq m of exhibition area, Darik Radio Reported. International Fair ? Plovdiv executive director Yordan Radev said that as a partial solution he would enlarge temporarily the 10th pavilion, dedicated to energetics and ecology.

Plovdiv's International Fair is held two times a year. International interest is high as the forum provides opportunities for business development and finding new clients and partners.

The fair exhibits may have to be scattered throughout the town, Darik said. Organisers are also considering using Plovdiv's Congress Centre and removing some the restaurants and cafeterias in the main exhibition area.

The number of companies applying for the International Fair increases rapidly and the organisers might resort to asking companies, which have hired permanently some of the fair premises, to free them temporarily for the autumn event, Radev said.

The building of the first skyscraper in Bulgaria will start by the end of the year.

The office building will be constructed near Kempinski Hotel Zografski, 24 Chassa newspaper reported. In this way the 35-floor skyscraper will appear in one of the capital's highest areas.

The estimated investment needed for the execution of the project totals 45 million euro. Roumen Markov from Joint Building Investment, the company in charge of the construction, said that he was already negotiating with future partners and potential investors.

The construction work would start by the end of the year, at first financed through bank loans, Markov said.

According to the project, the building area will cover over 32 000 sq m. Architects have planned the construction of a helicopter landing place and an underground parking lot for over 870 vehicles. The facility will be class A, the highest one for office buildings, 24 Chassa said

To improve accessibility to the new skyscraper, architects have also planned renovation of the surrounding areas. Nearly one kilometre of Cherni Vruh Boulevard will run underground below a new park. A pedestrian alley will connect the two main parks in Sofia ? Borossov Garden and South Park, 24 Chassa said.

The renovation of the boulevard will cost over 13 million euro. The project would be the first one executed without municipality participation, Sofia's chief architect Petar Dikov said.

Property prices in Bulgaria were so low it was impossible to make losing investment in the country's real estate sector, International Herald Tribune reported.

At the same time property prices are constantly on the rise.

In one year residential property prices went up 36.6 per cent, data of the National Statistical Institute shows. Prices are still much lower than the value of similar property in other Central and East European countries, like Slovakia, Romania and the Czech Republic.

West European property seekers are mainly lured by the opportunity to purchase a cheap vacation house in Bulgaria. A smaller number of foreigners look for property investment opportunities in the country, IHT reported.

Foreigners are involved in 23 per cent of the real estate deals concluded in the country in 2005.

Real estate turns out to be Bulgaria's fastest-growing economic sector, data of the national property association shows. International analysts, however, said that foreign investment was not the driving force behind the development. Domestic growth played the major role, IHT said.

Interest is also on the rise because of Bulgaria's expected EU entry. Construction costs, prices and property revenue are all expected to increase once Bulgaria becomes member of the union, IHT reported.

The building of the first skyscraper in Bulgaria will start by the end of the year.

The office building will be constructed near Kempinski Hotel Zografski, 24 Chassa newspaper reported. In this way the 35-floor skyscraper will appear in one of the capital's highest areas.

The estimated investment needed for the execution of the project totals 45 million euro. Roumen Markov from Joint Building Investment, the company in charge of the construction, said that he was already negotiating with future partners and potential investors.

The construction work would start by the end of the year, at first financed through bank loans, Markov said.

According to the project, the building area will cover over 32 000 sq m. Architects have planned the construction of a helicopter landing place and an underground parking lot for over 870 vehicles. The facility will be class A, the highest one for office buildings, 24 Chassa said

To improve accessibility to the new skyscraper, architects have also planned renovation of the surrounding areas. Nearly one kilometre of Cherni Vruh Boulevard will run underground below a new park. A pedestrian alley will connect the two main parks in Sofia ? Borossov Garden and South Park, 24 Chassa said.

The renovation of the boulevard will cost over 13 million euro. The project would be the first one executed without municipality participation, Sofia's chief architect Petar Dikov said.

Volunteers for Economic Growth Alliance (VEGA) introduced a new Authentic Bulgaria brand for quality tourism products.

The brand would be assigned only to small hotels and restaurants fulfilling requirements for authentic and innovative tourism products, Darik Radio reported. The quality brand would help the functioning state certification system, already imposing basic international tourism standards.

When choosing which venues to be given the brand, VEGA will take into consideration several factors including hospitality, special atmosphere and traditional cuisine.

Bulgaria's main objective was to attract wealthy tourists demanding high-quality services, Darik Radio reported. The introduction of the quality brand would increase the tourism sector revenue, Darik said.

VEGA is financed by the US Agency for International Development (USAID). VEGA provides technical expertise to private and public companies and NGOs. With the help of volunteer experts it aims at boosting economic growth in developing countries.