06.08.2008 Bulgaria among Property Price Growth Leaders

BULGARIAN PROPERTIES Head Office

The prices of houses in Bulgaria have increased by about 31.6% (without taking into consideration the inflation rate) which ranks the country in one of the first places globally, the latest report of Global Property Guide reads.

Globally the prices of real estate have increased most in China’s Shanghai – by 40.5%, followed by Slovakia, Bulgaria and Hong Kong. According to the Global Property report the growth in the prices of real estate is going to slow down. One of the reasons for that is the slowing markets in the US and Great Britain which lead off the other countries, experts say. According to them the increase of the interest rates under the mortgage loans has made the renting out of houses more lucrative than their purchasing.

The research of Global Property showed that in only 13 of the 29 countries that were included in the survey the increase of the property prices is positive. Latvia, Ireland, Estonia and Ukraine are to be found at the bottom of the ranking. Riga – Latvia’s capital, is the place where prices have plummeted the most – a square meter there is sold about 38% less compared to the previous year. According to Latvian experts the price will fall down to 2,000 USD per square meter the current prices being between 3-4,000 USD per square meter.

Global Property Guide experts also calculated the increase of real estate prices taking into consideration the inflation rate. This scrambles the ranking a little placing Slovakia first, followed by Shanghai as Bulgaria moves down the ranking to number six.

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