Despite the lower property prices, Bulgaria ranks after France and Spain based on the popularity of the country as property destination for British investors.

Nearly 43 per cent of the foreign property purchases occurred in the two countries, 999 Today reported. Australia ranks third with 11 per cent. Bulgaria remains fourth with 10 per cent, followed by the US with four per cent.

Most British investors look for holiday property abroad, the online publication reported. Additional factors, increasing the appeal of property, include the availability of cheap flights and easy access to resorts.

Bulgaria's expected EU membership attracts increasing number of property investors, representatives of Assetz real estate consultancy said.

Once Bulgaria joins the union, property prices there will rise significantly, 999 Today reported. Still, Bulgaria will need some time to achieve the investment level of already established property destinations, Assetz representatives said.