Very interesting article Richard and I totally agree with your conclusions. How long do you think it will take to get the data you're looking for and come to conclusions? Huw

Hi Richard, I like your cautious approach. Is this a policy that is followed by all investment brokers at property secrets? I worry that some of the more recent investment brokers are perhaps a little less cautious than yourself. When it comes to selecting deals, how much is left to individual brokers, and how much is dictated by central PS policy?

Sofia market-developer's comissions?[/bold] Congratulations for the very interesting article. I agree with Mr. Davies that the commission is continually squeezed because developers need agents less and less. As my agency (based in N.Kent) specialising in Sofia market and providing a services for UK buyers in Sofia, it will be very interesting for me to learn where are these developers offers more than 10% commission for the developments in South Sofia. I will be very happy to find similar projects with these range of comission, as I get paid between 1 and 2% for most of the projects I am marketing. And the main reason is (as you said in your article) you start seeing queues around the block to buy into a new developments in the right location. For example in 2006 most of the projects in Losenetz and Istok districts are sold out 80% even before the building work commence.That is why the commissions are minimal. Probably Mr Davies mentioned these big commissions are for the less atractive developments in North Sofia or close to the industrial areas.

Hi Richard Interesting article on Bulgaria and thank God I decided to pull out of a deal on the coast two years ago. I have been to Bulgaria several times since and feel that (just recently) Veliko Tarnovo (the old medieval capital) and surrounding area in the central area has much potential. It's a stunning city architecturally and a strong tourist pull, and surrounded by beautiful unspoilt countryside and mountains just to the south. Just recently a multinational Chinese TV manufacturer has opened a large manufacturing base there to get round EU quotas from China and there is evidence of substantial commercial activity, new super stores etc round the city edge. There is also talk of an old Soviet airbase 10 miles from the city being upgraded and opened to budget airlines quite soon. Any thoughts on potential of this area?

Hi Huw Sorry for late reply but i have been away. We are still gathering information on the amount of Overseas investmnet into Sofia and other keys cities in Bulgaria. We know that there has been around 2000 units under construction each year for the last few years and that this is not excessive compaired to other markets but we dont know yet how many of these went to locals / investors. Initial estimates are around 10% to investors - which is fine - anything less than 20% will be OK. As soon as we have reliable data then we will publish a follow up report - expect something in the next 2/3 weeks. Richard