Overseas property company Direct Auctions are "calling on all godparents wracking their brains trying to find the perfect First Communion present" to think about investing in property for their young relatives.

Forget the gold earrings or tickets to see Man United they urge, and instead why not buy your child a country house in Bulgaria, which they say can be secured for as little as 2000!

The company goes on to say that this is what the "really sassy godparent" is doing these days.

And according to Barry McEntee, director of Direct Auctions, there's nothing strange about this.

"Obviously, in a country where the weekly pay packet is well below the average industrial wage, house prices are similarly low. We've found a variety of houses beside the lakes in Bulgaria that are going for literally a song. And the profile of people buying them are parents for their children, " says McEntee, adding that most of the buyers don't even bother to go and visit the properties.

"For a very modest investment, their children can have a country house when they grow up, " says McEntee.

Anyone interested in purchasing these houses can go to Direct Auctions' overseas auction on May 23 in Jury's Hotel in Ballsbridge, Dublin.

This is the first time that Direct Auctions have held one of their overseas property auctions in this country.

The auction starts at 6.30pm and will be preceded by a property exhibition of residential housing from across the world. There are plans to auction at least 24 properties on the night.

McEntee says all properties will have either a bank valuation or paperwork to show the market value for mortgage purposes.

"Buyers can see our prices will be way below this value.

Any of the properties may be viewed before auction at any time, but recognising some buyers may not have a chance to go and view, for this auction only, we are requesting deposit cheques of 3,000 to be postdated for 14 days to allow the buyers to go over and view the property, check out the paperwork and decide if they like the purchase.

"If they do not want to proceed, the cheque is torn up - no penalty. If they do want to buy, then the price is locked in and they proceed. This gives buyers toal peace of mind."

Direct Auctions will offer properties as far afield as Turkey, Panama, Florida as well as Bulgaria, and hold their first overseas auction in Ireland on 23 May in Jury's Hotel, Ballsbridge.

www. direct-auctions. com or 055-29455.