The company claims that Baltic property is booming, in part due to a high level of education and 'business-mindedness' among the local people. The economies of the Baltic states are also rapidly burgeoning as a result of investment by big name international companies like Samsung and Dell.

"Bulgaria is well-known because it's had a lot of press," says Simon James, sourcing manager for Property Frontiers. "Compare that to Lithuania, Latvia and Estonia. They're the strongest growing, they have the highest GDP growth every year (in Eastern Europe). Yields are low, but growth is very, very high."

Those who want to take advantage of the Baltic property boom will find the three states hard to choose between. Estonia is arguably the most stable country in the Baltic, and property prices are predicted to continue increasing steadily for the next few years.

"The Estonian property market has stabilised from the massive growth over the last few years," says Darren Goodson, author of How to Benefit from one of the Biggest Property Booms in Eastern Europe. "Since 2004 when they joined the EU prices have doubled or more. I foresee property prices increasing by a modest 10 per cent per year for the next five years, which is still reasonable."

The Baltic country of Estonia combines beauty with accessibility – the capital of Tallinn, especially, is reachable through cheap flights with Easyjet and Estonian Airlines.

Tallinn Property is currently offering an apartment in Tallinn's Four Kings off-plan development close to both the Estonian parliament and the British embassy. Completion is scheduled for June 2008 and a deposit of 20 per cent of the £90,500 purchase price is required.

Latvia also offers potentially high yielding Baltic property. "For the past five years, Latvia's GDP growth rate has been one of the highest in Europe, averaging 8.13 per cent from 2000-2005 and in 2006 it reached 10.2 per cent real GDP growth," explains Emma Holifield of Property Frontiers.

She recommends the capital, Riga, as the best place to invest – and as a fantastic buy-to-let opportunity. "Gross rental yields in Riga are good at around 4.77 to 5.43 per cent, and due to insufficient supply of rental apartments in residential areas rents are rising," says Holifield. "What is more, prices in Riga old town have allegedly climbed 20 per cent and in February alone, the price of an average apartment climbed by 4 per cent."

Someplace Else is currently marketing the Prushu Nami development in Riga, 15 minutes drive from the city centre. The property development comprises three five-storey buildings with 95 apartments in each. The apartments will have access to good local infrastructure, as well as having underground parking and good transportation links. Prices start at £68,639 for a one-bedroom apartment.

Last but certainly not least, there's some hot Baltic property to be found in the state of Latvia. This Baltic country topped Knight Franks' recent residential growth tables as well as being in the top new EU countries for foreign investment per capita.

According to Charlotte Williams of Someplace Else, the Lithuanian capital of Vilnius is the best place to put your cash if you are buying a property. "Vilnius has the lowest real estate prices in the EU, averaging £1,000 per square metre," she says. "But  a constant rise in demand for new flats and houses means demand is now outstripping availability. Tourism in Vilnius has risen steadily over the past 10 years, and this is set to increase significantly in the lead up to 2009 when Vilnius because the European Capital of Culture. Lithuania will be the first accession country to have this honour bestowed upon its capital.

"Factors contributing to property price growth across the country include the prospective euro entry in 2010, growth in average salaries and an undersupply of housing," she says.

One potential investment prospect is the Pavasar development (pictured), just a short drive from Vilnius city centre. It is being marketed by Someplace Else, and comprises 144 apartments with price starting at £37,250. Features include underground parking and a children's play area.

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Related Baltic property articles:
Rich pickings in North and East Europe
Estonia property: one to watch

Article first published 21st June 2007