07.05.2008 Bulgaria Ranks Second in Global Property Price Growth List

Pari, Vol.84, 30.04.08

Bulgaria takes second place in a classification ranking the 2007 global property price increase, the latest ranking of Global Property Guide shows. According to the global house price growth list the annual increase of the prices of real estate in Bulgaria reached 34.6%. The lead is taken by the Chinese city of Shanghai where property prices have gone up by 35.4%.

Boom

According to Global Property Guide analysts the holiday property boom in Bulgaria is already over while the stable growth of residential property prices continues. Last autumn Bulgaria even topped the global house price growth list. According to the final data Bulgaria is followed by Slovakia with 32.5%, Singapore with 31.1% and Hong Kong with 24.95%.
Observers say 2007 was a strong year for Asian markets where the increase in real estate prices follows the countries’ economic growth. Some of the strongest markets include China, Singapore, Hong Kong and the Philippines with over 15% price growth, as well as Japan with 8.4%.

Crisis

However, the trends in the US are just the opposite where prices have went down by 8.9%, as well as in some Western Europe countries. In Ireland, for example, the decrease is 7.3%. The Baltic countries have also been affected by the financial crisis and the prices of properties in Estonia dropped by 3.9% in 2007. Latvia – which topped the global house price growth list a year earlier, also registered a decrease of 1.7%. However, in 2007 prices of Latvian real estate went up by as much as 69%. The comments of the Eastern Europe property markets, where real estate prices are slowing, are mainly related to the decrease of speculative buys with the aim of renting out.


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