BULGARIA WORLD CHAMP IN PROPERTY PRICES HIGH JUMP

2007-09-21   |  Sofia News Agency, www.novinite.com

Bulgaria's residential property market has recorded the world's second-highest increase in prices in the second quarter of 2007, overleaped solely by Latvia, according to a new global research.

Residential property prices in Bulgaria jumped by 27.1% in the second quarter of this year, up by nearly 15% in comparison with the same period last year (12.2%).

The strong growth pushed the country up by eight spots in the ranking of Knight Frank, a leading British residential and commercial property consultancy.

While still topping the Knight Frank Global House Price Index, the price rise in Riga is 37.7% for the second quarter of 2007, down from 45.3% for the same period last year.

Global property prices are increasing by 7.8% annually to the second quarter of 2007, according to the research. The figure has shown a 1.8 % fall - from 9.6 % - since the same period in 2006.

House prices across much of Western Europe have stalled or begun to fall. Other previously strong performers in the Knight Frank ranking - notably Spain - have also seen growth rates moderate. Nationally prices in Q2 2007 were more than 5% higher than in Q2 2006.

The slowdown has continued to bite in Denmark, France, the Netherlands, and Switzerland. The German residential market also remains in the doldrums, with year-on-year price growth having declined for four consecutive quarters. Likewise, Sweden has also seen negative price growth over the last 12 months.
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