Cyprus-based property investment group Shelby International planed to invest 17 million euro in three residential property projects in Bulgaria, SeeNews agency reported as quoted by Dnevnik daily.

Shelby would launch property projects in Sofia and Bansko, the company’s director Dimitris Koukoutsis said. The two locations offered best investment opportunities, he said.

The first Shelby project would be launched in a month and would be finished by the summer of 2008, Dnevnik said. The project involved the construction of an apartment complex in Bansko on a total area of 19 000 sq m. Shelby will invest 12 million euro in the project.

Shelby will launch a second project in the spring of 2007 in Sofia’s residential district of Simeonovo. The project will cost four million euro.

The company’s third project in Bulgaria will also be in Sofia. Shelby will invest one million euro in an apartment building.

Bulgaria’s property market would become more interesting for the Greek after Bulgaria’s EU accession on January 1 2007, according to Koukoutsis.

Shelby planned to launch other projects in Sofia as well as in Bansko and the nearby Dobrinishte and Razlog, Dnevnik said.