Bulgaria has been ranked the third most profitable country for buy-to-let investors, lagging behind Poland and the United Kingdom, according to a report of property investment firm Assetz.

Bulgaria is followed by France, Turkey, Greece, Spain, South Africa, Cyprus and Portugal as the top ten most profitable locations.

Poland offers a 165 % net capital gain on cash invested, the UK - 63%, Bulgaria - 54%, France - 51% and Turkey - 45%, according to the study.

At the end of last month The Observer ranked Bulgaria, Turkey and northern France as the current hotspots for British first-time buyers overseas.