Bulgaria Buy to Let, the local property investment company, said will invest an undisclosed amount in two villa communities near Sofia. The company said the single-family homes will be marketed to high-income earners looking for a cozy and quiet residential environment in suburban areas at a short commute from the city center.

The gated Princess of Vladaya complex will comprise 23 two-storey detached houses and should be ready by the end of 2008. The second development is located in the village of Petarch. It will place on the market 200 houses and will feature shops, swimming pool, basketball and tennis courts. A communal bus line will offer rides to the city every 30 minutes.

The cheapest home will sell at 132,000 euro for a built-up area of 110 sq m. The most expensive home will sell for 290,000 euro for a built-up area of 240 sq m.

The company plans to acquire more land plots for residential development.