Property was a key reason for British to move around Europe but expectations of 'massive returns' from property investment in former Eastern bloc countries such as Bulgaria turned out to be only dreams, BBC said.

Nearly quarter of the overseas mortgage deals by 2020 will be focused in Bulgaria. Low-cost air carriers, infrastructure development, increase of local standard of living and the expected acceptance of the euro make property purchase boom probable.

The expected returns make a number of investors purchase property in Bulgaria hoping to offer it for rent it and to cover mortgage and renovation costs. Many UK investors, however, were tricked in purchasing when they had only seen plans.

Reality was often 'a lot less generous' as property value could be affected by local factors, BBC said.

The expected investment returns from Bulgarian property had fallen from 116 per cent in 2005 to about 35 per cent in the first nine months of 2006, BBC quoted Assetz as saying.

Increase in the supply, media reports of mis-selling and doubtful desirability of some holiday locations are among the reasons for the slowed development of property market in Bulgaria.