Hi The link below is an interesting glimpse, perhaps, into the real vital signs of the property market in Bulgaria. I have long suspected, as have many others, that the real figures on areas like salaries and unemployment are way off the mark because of the prevalence of the grey market. Of course, because of it's very nature, it's hard to gather real evidence of the scale. But anecdotal evidence suggests that real unemployment is far lower and real salaries are far higher than the official data suggests. Here's an interesting take on the property market... http: / /www .sofiaecho .com /article /half -of -bulgarias -real -estate -deals -remain -in -grey -economy /id _26253 /catid _67 cheers

Hi Robin

Good point.

The thing that has really struck me was your recent blog http: / /www .propertysecrets .net /blogs /max _growth /post -70 .html

is that we have the first element of proof that there really is more money under the matress.

I've seen the evidence of this - spending higher than 'notional' salaries... but I'm pretty sure that the years of communism meant that people saved up their money - had nothing to invest it in - ie no pensions, no funds, no shares to buy - and no property (except in Croatia where people bought land on the coast).

therefore, this cash is now moving from the matress to the real economy.

And, low flat tax rates are speeding up this process - and explain why governments can afford the low taxes.

Cheers
Neil