As recently as August 2006, Knight Frank published a list of the fastest rising global markets, writes Mark Beaumont.

With annual property inflation of no less than 45.3 per cent, Latvia easily topped the list - beating second-placed Bulgaria by more than 25 per cent.

A great place to invest?

Maybe...

Since Latvia joined the EU in 2004, the country has enjoyed double-digit GDP growth, rapidly increasing wages and rocketing property prices.