Golf tourism is set to become the next ace up Bulgaria's sleeve.

Legends like Jack Nicklaus, Gary Player and Ian Woosnam are currently involved in designing several of the new golf courses. Savvy investors should keep their eye on this ball in the near future.

Dream Homes Worldwide is presently marketing several Black Sea coast projects, all of which are, or will be, close to the golf courses presently under construction. Kavarna Hills and Kavarna Gardens are two luxury apartment developments set a short distance from the pretty, traditional fishing town of Kavarna. Kavarna Hills will comprise 100 apartments and their elevated position means they will all enjoy sea, golf and port views while being just a five-minute walk from the beach. Kavarna Gardens offers 500 or so one and two bed apartments just two minutes from the beach. Final phase properties will enjoy a five per cent gross rental guarantee over two years. Prices start at £44,135 for a one-bedroom apartment in Kavarna Gardens and £53,640 at Kavarna Hills.

Harmony Hills, another Dream Homes Worldwide development, is located 38 kilometres from Varna and within minutes of three new, first-rate golf courses. The project will comprise apartments and a few semi-detached houses, most with superb sea views. All will be fully serviced and managed in order to secure maximum rental income. Prices start at €24,715 for a studio apartment.

Some investors are now looking away from the main centres of Golden Sands and Sunny Beach, where prices are considerably cheaper than the main resort areas. Bulgarian Properties earmarks Sozopol, Dyuni (Dunes), Primorsko, Kiten and Lozenets - already being developed into an eco-friendly resort area - as places to watch. They reckon you'll be paying around £27,160 for a new-build one-bedroom apartment in Lozenets against an average of £37,350 in Sunny Beach, £44,140 in Varna or £47,535 in Golden Sands.

Bulgaria is as famous for its mountains as it is for its beaches, and it's skiing that's the big draw for holidaymakers here. Bansko is its largest and longest-established ski resort and the fastest growing in Europe.

Platinum Developments' Summit Lodge in Bansko is a stunning four-star development located on the west side of the Glazne River and comprises one-, two-and three-bedroom apartments. Prices start at £29,310.

Dream Homes Worldwide is marketing Mountain Residences in Bansko comprising studios, one-, two- and three-bedroom luxury apartments surrounded by the Pirin mountains. Prices start at £46,175 for a studio with seven per cent guaranteed rental for the first two years following completion.

Bansko is also evolving into more of an 'all season' resort - nearby, at Razlog, Ryder Cup captain Ian Woosnan is putting his name to a new 18-hole golf course at the Pirin Golf and Country Club, a five-star resort with superb sports complex, restaurants, spa and beauty centre. Zain Lee, assistant investment manager at Key4Bulgaria says of Pirin's quality: "This project stands out from anything else which is being sold in Bulgaria at present." Studios start at £48,667 with three-bedroom houses at £172,672 all bundled with an attractive rental scheme.

Samuel and Karen Porter bought in Bansko with Key4Bulgaria. After moving from London to Hertfordshire and releasing equity the couple were keen to buy a holiday home abroad. "We made a bit of money when selling up and moving away from the perils of city life in London," says Samuel. "We wanted to invest in property but wanted something the family could enjoy as well as being a sound investment." Booking onto one of Key4Bulgaria's inspection visits, the couple visited the area that they were attracted to. Karen says of Bansko: "I had been hearing more and more about the skiing in Bulgaria from colleagues and clients at work and the opportunity to go on the slopes while there was fantastic. Our boys are at an age where they will really enjoy outdoor winter pursuits." Samuel and Karen settled on a one-bedroom apartment close to the main ski lift - it completes in September and the family are booked to spend time in their new holiday home in the Christmas school holidays.

The new darling of the mountains in Bulgaria is Pampovoro, the happy recipient of the €255 million (£174 million) Perelik Project, encompassing new pistes, ski lifts, artificial snow equipment, hotels, car parking, a possible golf course and 100 kilometres of new highway construction. Perelik is planned for completion in 2007 and is predicted to boost tourist arrivals by a huge 40 per cent for the next ski season. Aiming to place itself a little higher in the market place than its neighbour Bansko, Pampovoro is also keen to keep a close eye on sustainability and the environment.

Key4Bulgaria is offering Orpheus Valley in Pampovoro, a ski-in, ski-out, four-star complex comprising studios and one- and two-bedroom apartments. Prices start at just £30,034 for a studio and £60,806 for two bedrooms. A rental programme guarantees 22.5 per cent over the next five years and Key4Bulgaria projects a 20 per cent per year capital growth. Joey Giuliani at Key4Bulgaria cites Orpheus as "an investor's dream".

Also in Pampovoro, Dream Homes Worldwide is marketing Forest Nook 3, a complex targeted at an exclusive clientele. Just 600 metres from the pistes, Forest Nook offers studios, one- and two-bedroom apartments, all with stunning mountain views and impressive on-site facilities including an indoor pool, gym, steam bath, sauna, beauty salon, snowboard and ski schools, kids area and business centre. Prices start at £27,502 for a studio.

Bulgaria's capital Sofia is one of the fastest-emerging cities in Europe, hot on the heels of Prague and Budapest. New development is everywhere and factors such as greater multinational presence, a buoyant stock market and growing university population are fuelling the growth of the investment property market.

Key4Bulgaria is marketing Sofia Centrale, located close to the centre and offering one- and two-bedroom units. The developer has secured long-term rental contracts on all units meaning buyers can avail of a guaranteed six per cent net yield in exchange for a year's rental. Prices start at £51,707 for one bedroom, £81,304 for two.

Dream Homes Worldwide is also selling Sofia property; its Dahlia Residence comprises studios, one-, two- and three-bedroom apartments in the desirable Manastirski Livadi district. Set in gardens, the development will include on-site shopping facilities and a rental agent. Ten minutes from the airport and close to the Business Park Sofia, prices start at £48,895 for a studio.

Also with Dream Homes Worldwide - cashing in on the rise of student numbers thanks to the New Bulgarian University that opened in 1991 - is Capital Residences. Perfectly located for the university and the city centre, airport and Aleko ski resort, Capital offers studios, one-, two- and three-bedroom apartments with prices starting at £32,595 for a studio - the expected rental income for which is £136 per month.

Six months ago, Helen Burrell bought a one-bedroom apartment in Sofia. "I live in London and rent a flat as there's no way, as a single person, I can afford to get on the property ladder. I was more interested in buying something purely for investment rather than a holiday home and have kept an eye on the emerging markets for a while. Sofia seemed like a good bet - prices are lower than in nearly all other European capitals and predictions for growth are good." Helen's investment is already paying off - prices have risen by ten per cent in the six months since she bought and look to go up even more before completion of the development. "I'm really happy," Helen says. "Hopefully it will mean that one day I might be able to buy a place here in the UK, but in the meantime, I know my money is working for me".

It looks like money invested in Bulgaria will be working hard for some time to come.