You have been critical of the Bulgarian market in the past - too much supply, overpricing, poor workmanship, people unable to sell on their new-build apartments. Now Bulgaria is in the EU do you think property prices will rise, or is the only result going to be Bulgarians coming over here for work?

Bulgaria has everything to gain from EU membership and its economy is likely to continue to outpace growth in Western Europe for some years. In time, the investments British and Irish buyers have made in new-build homes will come good.

I imagine many Bulgarians will come to Britain looking for work, but many Britons are intent on living in Bulgaria. According to MRI Overseas Property, one in seven Britons thinking of buying a property abroad would consider the country.

This month the expat magazine Quest Bulgaria features couples making new lives in Bulgaria. 'Brits have set up B&Bs, antiques shops, holistic healing centres, an architectural salvage firm and even a sausage-making business,' says Chris Goodall, the magazine's managing director.

'Bulgaria is not a mature market like France and Spain but there are endless opportunities. You can buy a house and land for about GBP50,000 and run the business from home.' Mike and Jerry Blake, a couple in their 40s from Brighton, have set up a guest house for birdwatchers at Srebarna in north-east Bulgaria.

Mike works for Unesco monitoring the birds and Jerry runs the B&B.

Jo and David Waite, both 41, sold their three-bedroom home in Eltham, South-East London, for GBP180,000 and now have a B&B at Kamenar on the southern Black Sea coast, where they live with three of their four children.

They spent 23,000 (GBP15,500) on their home and another 30,000 (GBP20,000) to add a pool and a cafe bar called Grapevine.

They do not miss their old jobs with the local council and social services.

'It's a much nicer way of life here with good weather and it's safer for our children. We miss our families but we can't say we miss much else in the UK.'

Jo & David Waite, a couple living in Bulgaria.

Another couple who took the plunge were Martin and Sam Billington from Leeds, who relocated with their youngest child Nicholas, aged seven.

Martin, 43, a car mechanic, said: 'We bought a large farmhouse with five bedrooms for GBP25,000 and spent the same again on doing it up and installing a pool.

'I set up in the barn as a garage for car repairs. It was difficult at first but once word got round, I had as much work as I needed,' he said.

'I earn about a third of what I made in the UK but with 9,000 a month to live on, we're happier than we've been for years.'

Italian alternative to crowded Costa

We were thinking of buying a holiday home in southern Spain but have been discouraged by the amount of building work on the Costa del Sol.

Now we are interested in Calabria in southern Italy. Information available on websites is sketchy, but is this area an attractive alternative to Spain?

Calabria is one of the newest holiday home destinations, thanks to flights into Lamezia Terme airport. But this does not mean that it is unknown - Calabria has been a cheap and remote holiday spot for years.

It cannot be compared to southern Spain, however. It is far poorer, there are few foreigners and there is no golf. For centuries the toe of Italy was overrun by brigands. This doesn't mean the locals aren't kind and hospitable, but it does mean you should be cautious investing here.

A sprawl of ugly development extends down the flat and parched Ionian coast and the green and mountainous Tirrenean coast is not without its blots. Much of this building is illegal, meaning it is cheap - but unsaleable. Despite this, a number of British estate agents sell new-build Calabrian property, including www.brooksfeller.com and www.overseaspropertyshop.com.

However, this is a location for those who have fallen in love with the area, not those looking to make a significant investment return.

Have we missed the New Zealand boat?

My wife and I are thinking of relocating to New Zealand but feel we might have missed the boat. Also, prices have begun to fall in Australia and America, but have they remained strong in New Zealand?

Unfortunately, we cannot always chose our timing when it comes to moving home, but don't worry, New Zealand is not experiencing falling prices. In fact, the economy is growing in terms of tourism - the current 2.5million international visitors will be 3million by 2010.

As for property, prices are rising at about 8.7 per cent and the average home in Auckland costs GBP175,000.

Also, there is no capital gains tax on residential property in New Zealand.

According to www.TheMove Channel.com, interest in New Zealand among British buyers is soaring, along with Hungary and the Bahamas. Interest in France is static, while Slovakia and Romania have all experienced a falloff in enquiries.

Can Spain still reign, despite Costa backlash?

I keep reading doom and gloom about the Spanish market - surely this is confined to the Costa del Sol?

In spite of many predictions to the contrary - notably by the Economist magazine - Spanish property has not gone into freefall. On the Costa del Sol, more expensive homes - in Marbella and Sotogrande - are still selling strongly.The construction boom has resulted in a surplus of low-cost apartments and it is these that are plummeting in value.

Spanish government figures show general strong price growth in Aragon, Andalusia and Galicia. Average capital growth was 12.8 per cent in Majorca.

Chesterton International sells 80 per cent of its Spanish properties on Majorca, where prices start at GBP120,000.

If you want to buy in Majorca, the Cala Magrana II complex, above, is a development of two-bedroom apartments and three-bedroom townhouses with fitted kitchens, air conditioning, parking and a communal pool. On the east coast near Porto Cristo, Cala Magrana II is just a short walk from the sea.

Prices start at GBP130,000.

Origianlly published in The Mail on Sunday by Sebastian O'Kelly.

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