Some people have been reporting that the Bulgarian property market is overheating - that due to stellar growth in 2003-2005, the current market is now slowing.

In fact, although this true to some degree, this is not the full truth. What you have to remember is that growth goes through many separate cycles, and most of these, like most of things in life, are non-linear.

The early stage in Bulgaria is over. Sorry to say that, but it's true. If you're hoping to be in there before everyone else, the first person into that undiscovered investment opportunity, then i'm afraid it's too late.

And it's no good to do what everyone else is doing, if you've read anything about Sunny Beach recently, you'll know that buying off-plan miles back from the beach is not a good idea either.

You have to distance yourself from the hype to some degree. A few years ago when no-one knew where Bulgaria was, well, that was a good time to buy almost anything in Bulgaria. Of course there were risks, but they were different risks to those today.

Now the market has moved on. Bulgaria has been approved to join the EU next January. With all the major investment on the coast now re-balancing, the investment opportunities are moving inwards. The ripple effect is now hitting the smaller inland towns; those towns that didn't get a huge growth in property prices, because the focus was all on the coast. Now that the coast is maxed-out for a while - investors are looking inland for the smaller properties that can be done up quickly, benefiting from the improvements and evolution in the building trade that has taken place over the last few years. Additionally small villages are being remodeled - those with natural features such as a lake or beautiful views are seen as an opportunity to create peaceful rural oases. New build of course, but integrated in with the original village.

But there are other changes too. Commercial opportunities are being seen as more acceptable. As Bulgaria moves into the EU, institutional investment is seen as less risky and there is a growing demand for office space.

The value of land too, continues to rise. Agricultural land with or without planning potential. Land in cities, that can be redeveloped for business use.

The potential of Bulgaria as an integrated member of the EU is only really just beginning; likewise for the investment opportunities that go with that.