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Kevin Hines of Grant Thornton Property Advisory Services said: “The appetite for property has been whetted by buy-to-let, but commercial property is the new growth area.”

Last week Euro Property Prospects, an investment firm, launched the first UK property fund to focus on Croatia and Slovenia. It is hoping to make total returns of 15% a year by buying and letting out residential properties. The minimum investment is 27,500 and you have to tie up your money for at least five years.

Wakeful investors prick up their ears
Andrew Piper predicts: “Croatia, in particular, offers the same kind of property opportunities that Spain did 10 years ago. Investors are in the early stages of waking up to this and, coupled with ever increasing numbers of tourists heading to the breathtaking coastal areas, property prices are likely to continue upward for several years to come.” The firm is also planning to launch funds that will invest in Polish and Bulgarian property in the next few months.

The Black Sea Property Fund, managed by Development Capital Management, said last week that it had raised more than £50m from investors to buy holiday homes in Bulgaria. It has closed to new investors, but its shares will be floated on the Alternative Investment Market on March 14.

The Bulgarian Treasury report for 2004 states "over 4 million visitors in 2003, up 21%". Lending Bulgaria the title of fastest growing tourist destination market in Europe.

A word of caution to first timers
Paul Ilott at Bates Investment Services, an adviser, said: “There is a lot of potential in eastern Europe but there are also risks. Unless you are an experienced property investor we would recommend that you stick to the UK, which is a much safer play.”

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