VEF UK is offering a number of leaseback apartments with views of the Mediterranean.

The apartments are offered with a guaranteed rental income up to 5.65% pa for 18 years. Furthermore, there are no maintenance fees or management charges to worry about and best of all the apartments are also VAT exempt, which will save you 16% of the purchase price.

Local attractions include the beach, which is within walking distance, world class golf courses, and yachting marinas. As well as landscaped sub-tropical gardens with a pool, there is also an on-site restaurant and bar. The fully furnished apartments with all mod cons and air conditioning start from 147,590 euro (£104,000) for a one-bedroom, rising to 341,810 euro (£240,000) for a three-bedroom apartment.

A record number of villas and apartments (both resale and new build) are coming on to the property market in Western Algarve, offering buyers far more choice.

Nick Sadler, Portugal Director for Hamptons International says: "This will have an impact on prices this year as the supply/demand balance tips in favour of purchasers,"

Hamptons predicts an overall increase in property prices of around 7% for the Western Algarve in 2005.

Two-thirds of young Brits contemplate emigrating.

Almost three-quarters (72.2%) of young Brits are considering moving abroad at some point, with over one in ten (12.3%) contemplating making the move within the next five years according to data released yesterday by the Fresh Start Show (13 to 15 May 2005 at London's ExCeL Centre).

The survey reveals that the most popular destination for young professionals considering emigration is Australia (32.1%), followed by France (15.5%), America (11.9%) and New Zealand (10.7%).

Nick Clark, Managing Director of Homebuyer Events comments: "These statistics show the extent to which other countries are becoming more accessible with increasing numbers of people seriously considering moving abroad. More and more people are realising that their dream of life on sunnier shores is not only achievable, but a viable option in terms of living costs, property prices and quality of life."

Bulgaria's EU Treaty moves a step closer.

Prime Minister Simeon Saxe-Coburg has invited President Georgi Parvanov to put his signature on Bulgaria's EU Accession treaty at the ceremony on April 25 in Luxembourg.

The European Parliament has approved the admission of Bulgaria to the European Union, paving the way for the signature of EU accession treaty later this month.

On March 30, MEPs in the European Parliament's foreign affairs committee gave their backing to Bucharest and Sofia's accession in 2007. Accession negotiations with Bulgaria and Romania were completed on 17 December 2004 and Treaty of Accession is now finalised.

Romania and Bulgaria's target date for EU entry is January 1 2007, however Brussels has stressed that this entry date may be under threat if both countries cannot prove that reforms promised during negotiations are up to scratch.

SA interest rate drops.

The South African Reserve Bank has lowered interest rates in South Africa to 10.5%.

Governor Tito Mboweni said: "The MPC [Monetary Policy Committee] has decided to reduce the repo rate by 50 basis points to 7.0% pa with immediate effect." This means that the interest rate drops to 10.5%

He added: "When inflation is under control, the central bank has room to manoeuvre to contribute towards the economy."