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Bulgaria Once Again Takes Property Price Growth Lead
The prices of real estate in Bulgaria have gone up significantly in the second quarter of 2008 compared to the same period in 2007. This is what the global index data of the consultancy company Knight Frank show. The company follows the trends in property prices in 43 countries around the world and it says Bulgaria witnessed a 32.2% increase during this period compared to the previous year.
Bulgaria tops the ranking yet again as it occupied the first place throughout 2007. It has been estimated that the prices of real estate have increased by a total of 68 percent in the last 2 years.
This increase on an annual basis is a fact despite the trend which Bulgarian analysts and brokers have been reporting in the last year – slowing down of the real estate market, retention of prices and even decrease in some areas. It is possible that the ranking does not reflect the most recent situation and that this slowdown will be noted in the next reports.
In the ranking Bulgaria is followed by Slovakia and Russia. The Czech Republic and Hong Kong are the other two markets with a growth exceeding 25 percent.
As a whole real estate prices in Western Europe are keeping their levels as in some areas there is a trend towards a decrease while Asia and Europe are witnessing a constant increase in property prices. Property prices are decreasing in 12 countries the greatest drop being in Latvia, the USA and Estonia.
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