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The secret is well and truly out for Bulgaria. With the cheapest property prices in Europe, and a ridiculously low cost of living, people are buying Bulgarian properties in their droves.

Traditionally, property investing has been for the well-heeled, and the well-connected. Exotic foreign climes, slick city centre apartments and bustling holiday hideaways have offered huge returns to the canny and knowledgeable investor. Bulgaria has certainly bucked the trend, with property prices are for all of the above that are well within the reach of the average investor.

Seduced by the fantastic climate, a laid-back lifestyle and fast appreciating prices, returning holidaymakers have fuelled the price of property, in more traditional European resorts, for years. Unfortunately, the growth in prices has been so dramatic, as to push prices in favourites such as Spain and Portugal, to record highs that are way out of the reach of the average purchaser.

Bulgaria is a refreshing change. Likened to Spain, some 15 years ago, this Balkan jewel offers a variety of properties that will fit in see even the smallest budget. It boasts fantastic coastlines, the longest ski season in Europe, dynamic and vibrant cities and truly breathtaking countryside. Even better, the prices are 60 to 80% cheaper than any of its more fashionable equivalents.

For those with a tiny budget, there are country cottages, with acres of land studded with fruit trees for less than '10,000. Slick city centre apartments can be acquired, with fantastic all year round rental potential, for less than '20,000. The Black Sea has temperatures higher than that of the Mediterranean on the Spanish coast during the summer months. There, studio apartments with fantastic sea views, can be bought for less than '30,000. The mountains offer miles and miles of unspoilt, tree-lined ski runs. Even with guaranteed rental of 15%, studio apartments can be found in the popular resort of Pamporovo for less than '25,000.

Prices have risen steadily by 20 to 30% over the last several years. They will be catapulted even higher early in 2007 with full entry into the EU. To maximise their return, and to obtain the very best prices, the smart investors are putting their money into Bulgaria now. This country is set to be the European investment hotspot for the next several years, offering fantastic returns from the small-time investor and corporate purchaser alike.