Bulgaria continues to be a magnet for UK property buyers, as a new report by the Association of International Property Professionals (AIPP) has revealed.

Describing the position of Bulgaria as "phenomenal" the AIPP table that ranks the popularity of foreign property markets had the Eastern European country at third with 7.7 per cent of the market.

This placed it just behind perennial favourites like Spain and France, which remained as the two top markets.

And Quest Bulgaria's latest issue shows that four in five of overseas property investors are from the UK, as reported by Real Estate TV, which revealed that the market is particularly popular with Britons but not elsewhere in Europe.

The surge in demand has led to warnings that investors expecting profits from buying and selling property should cool their expectations, as the Bulgarian real estate market faces oversupply, dampening future price rises.

Spain, where properties have become more affordable due to a recent crash in the market, and America, where a weak dollar is still making real estate a relatively cheap investment, are set to become more popular in the short term.

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