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For the last six months the price of a square metre has risen to nearly 600 euro. Among the most expensive suburbs are Ivan Vazov, Yavorov and the central parts of the city, Banker newspaper reported.

Brokers say offers lower than 400 euro a square metre have simply disappeared. Cheaper properties include those in Obelya, Tolstoi, Svoboda and Lyulin.

Interest in properties situated less than an hour away from Sofia city also rises, brokers say. These estates are cheaper, less than 370 euro a sq m.

Among the most expensive towns in Sofia region is Samokov, due to its proximity to Borovetz ski resort. Koprivshtitza offers newly built houses in the traditional architectural style. Dolna Banya is another place attracting investors' interest. As a spa resort near Borovetz, it offers good opportunities for tourism.

Property prices in the regions mentioned vary from 300 to 700 euro a sq m, but brokers say that these cheap offers will not hold on for long and prices will inevitably rise. This makes buying an estate near Sofia in 2006 a really good investment, Banker newspaper reported.

After a decade of rising prices on the property market, residential prices in the Black Sea city of Varna are just notches below the levels in the capital Sofia, shows data of the national property association.

Sale prices in the low-quality residential areas of Varna are in the range of EUR 350/m2, ferro-concrete constructions come next. The residential pricing list in the coastal city is topped by luxurious homes in prime residential areas with a price tag of EUR 800-1000/m2.

In Sofia, the southern district of Ivan Vazov is the most expensive region for housing, with an average price of EUR 950/m2, statistics show.

Bulgaria's property market will bloom, Orchid Developments, a property and hotel operator specializing in Bulgaria predicts.

Orchid operates in commercial, residential and retail markets, and since the float has paid EUR 21 M for three new development plots in Varna totalling around 38,000 square metres. It is continuing to develop its land bank and says land values are increasing rapidly.

Five of Orchid's projects are co-financed by the European Bank of Reconstruction and Development, which has agreed a EUR 30 million debt facility.

An official from the company stated that the real estate market in Bulgaria remains buoyant and but is "expected to experience further growth".

According to 25 per cent of the property investors in Bulgaria, the purchase of a terrain close to some major city is the most profitable real estate market participation option.

Investors purchase such terrains most often for the construction of an office building or trade centre, Novinar newspaper reported. Such types of investment lead in a ranking of the most preferred real estate purchases, according to an Investor.bg survey.

Twenty-four per cent of the investors believe agriculture terrains offer good opportunities. At the moment land prices remain relatively high. Prices are expected to go up in the near future.

Most of the surveyed investors prefer real estate close to the Black Sea coast line. According to 20 per cent, the purchase of property in Sofia is most profitable.

According to data of the National Statistical Institute the prices of property in Sofia rose by more than 20 per cent in 2005, compared to the previous year.

Eleven per cent of the surveyed investors find ski resort property to be most attractive.

Over the next weeks Bulgarians can visit the "Architecture, Building, and Decoration" international fair and load up with some fresh ideas for spring renovations.

Held for the 26th time the exhibition gathers over 500 local and foreign companies under the roof of Sofia's Festivalna Hall. Those who enjoy redecorating or tearing down a wall or two every now and then will definitely feel at ease among the latest trends in lighting, heating, air-conditioning and insulation.

Lots of companies have shown their best in kitchen, living room, bedroom, and bathroom equipment, hoping to draw future clients with comfy chairs or furniture that resembles a piece of Giger-inspired art. The doors of the fair will be open daily through April 16, from 10 in the morning to 7 in the evening.

Bulgaria ended up at No 4 spot among the most popular destinations to British overseas property buyers in a ranking, topped by France and Spain.

Foreign currency specialist HIFX reported that France and Spain accounted for almost half (43 per cent) of all its currency transactions for buying property abroad in March.

Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten per cent), USA (four per cent), Canada (two per cent) and South Africa (one per cent).

The survey shows that the majority of Brits are looking for an overseas property that can be used for regular holidays, is easily rentable, with cheap flights, and offers a quick escape to the sun.

London real estate consultancy Assetz commented that people are still flocking to Bulgaria to invest in the emerging property development sector there, due to the fact that it is on the verge of entry to the European Union (EU).

"When that occurs in 2007, property prices in the country are expected to rocket even more quickly than at present."

"However, the country has a long way to go before it manages to catch up with the property investment currently being poured into the more traditional destinations of France and Germany," Assetz added.

France and Spain have shown themselves to be reliable over many years and this kind of security explains why they both remain such popular destinations for buy-to-let investors from the UK.

After a decade of rising prices on the property market, residential prices in the Bulgarian capital continue to be lower than that in Bucharest, Bratislava or Prague, shows data, as cited by the International Herald Tribune.

"Residential prices in Sofia still average only EUR 600, or USD717, per square meter, or USD 66 per square foot. That is much less than the EUR 750 average per square meter in Bratislava, Slovakia; EUR 850 in Bucharest and EUR 1,500 in Prague," reads the article, entitled "The rise and rise of Bulgarian property".

IHT forecasts that property prices will continue to rise. "The only uncertainty is by how much. And how long."

Foreigners were involved in 23 percent of the 220,000 property deals registered in Bulgaria in 2005, transactions that totaled more than EUR 4 billion, according to the property association. The year before they generated 18 percent of all sales, or EUR 3.36 billion.

The reputation of Bulgaria as a premier country for ski holidays is continuing to grow and investors are starting to take advantage of this by snapping up properties.

According to the Sofia News Agency, there is currently a large selection of plots for sale in Bansko and Pamporovo ? two of the country's finest ski resorts.

Citing the Investor.bg website, the Sofia News Agency states that offers are now pouring in as the new building season gets underway, with investors keen to find themselves a bargain that will presumably gain a tremendous amount in terms of value during the coming years.

It is an option that is increasingly appealing to investors who have become frustrated by high prices in alternatives including Austria and France, with property in Bulgaria still remarkably cheap despite the quality of the ski slopes.

Nonetheless, it is claimed that the ever-popular Bansko is seeing much higher prices than some of the other resorts, starting at around ?50 per square metre and rising to around ?150.

The report suggests that there are approximately 450 plots for sale in Bansko, with existing ski properties and off-plan projects attracting interest in equal measure. As prices begin to rise considerably in the country, off-plan investment has been tipped as a particularly sensible option, in that house price inflation can mean that investors have made huge returns on properties before they are even completed.

The ski resorts have also seen hotels and rented accommodation springing up in recent years to cater for the growing number of tourists hitting the areas each season.

With Bulgaria still seen as relatively undiscovered, many are combining the traditional ski holiday with an opportunity to explore the spectacular scenery, with the Black Sea resorts and the capital city of Sofia similarly popular.

Tourism inevitably has a significant impact on property investment and it is a factor that is expected to affect Bulgaria more than most.

The World Travel and Tourism Council (WTTC) predicts that the travel and tourism sector will grow by 6.3 per cent this year in Bulgaria and by 4.3 per cent per annum, in real terms, between 2007 and 2016.

In terms of its direct and indirect impact, travel and tourism is likely to contribute 16 per cent of GDP and 13.6 per cent of total employment this year, both of which should be instrumental in enhancing the property market.

While Bulgaria is still only 68th out of 174 countries represented in the WTTC survey, the speed with which Bulgaria has emerged as a tourist hotspot has been striking and it is a trend that can only improve the country's reputation for investment.

Bulgaria is not without problems, however, and the Sofia News Agency has reported that Delia Meth-Cohn, senior consultant for CEEMEA at the Economist Intelligence Unit (EIU), remains concerned over infrastructure and state administration.

EU accession is a step that will be crucial in determining just how substantial the economic growth in the country will be, but speculative investors are already banking on impressive capital gains by purchasing cheap properties in ski resorts and beach resorts alike.

About 200 hotels located at Bulgaria's Southern Seaside are currently for sale, media reported.

Data from real estate sales companies shows that many owners are now looking to get rid of their hotels. The lack of return of investment, and the need to pay up construction credits has driven many to place their hotels on the market.

Most of the hotels are small ones, up to four-stories high, spreading on about 2,500 square meters. They sell at about EUR 2 - 2.5 M, but if their total floorage exceeds 3,000 square meters, the price goes up too - to about EUR 4 M.

The hotels for sale have all been recently built, and there are currently no old buildings on the market. The reason for that may be that the owners of older buildings have already returned their investments and are not willing to part with a lucrative estate, reports say.

There is a large selection of land plots for sale in Bansko and Pamporovo, two of Bulgaria's top winter resorts.

Offers are popping up as the new building season kicks in, the Investor.bg website reports.

But selling prices are notably higher in Bansko, starting at some EUR 50 per square meter and reaching as much as EUR 150.

Presently there are about 450 plots for sale.

Their number in Pamporovo is about 130. The minimum cost per square meter is EUR 20, and can reach EUR 110.

Meanwhile, landowners in Borovets are at a wait-and-see point, the article says.

They hope that the future launch of Super Borovets, an impressive investment project, will boost land prices and make sales much more profitable.

Now a square meters cost an average EUR 45.