News
Bulgaria is worlds top performing market
The only countries to have bucked the global downward market trend are Bulgaria, Slovakia, Cyprus and the Czech Republic, where house price growth has accelerated. Last year's fastest-growing market, Russia, which was seeing house prices rising at an astonishing 53.7% in the second quarter of 2007, has dropped back to a growth rate of 26.5%.
Nick Barnes, head of international research at Knight Frank, said: "The index shows that global house price inflation is continuing to fall back, with much of continental Europe now seeing low or negative growth ... Housing markets in countries such as Spain, Denmark, the UK and Ireland are all being severely challenged by the global credit squeeze."
Globally, the rate of house-price growth fell to 4.8% in the second quarter of 2008, down from 6.1% in the first quarter of the year.
Several countries are entering their second year of house price declines. Among the worst hit is Germany, where prices were falling at a rate of 4.4% last year and 2.5% this year.
"There is less demand for owner-occupied property in Germany than in many other European countries and there is no shortage of supply," Knight Frank says.
In Spain, the Knight Frank index records a price rise of 2.4% annually, but it warns that falls are now almost inevitable. "The well-publicised problems in Spain have not yet fed into house-price statistics. So far, price falls have been concentrated in the coastal resorts and among new developments in the large cities. Spain looks likely to fall into recession later this year, and house sales fell steeply during June. The number of sales dropped by 34.2% in May and 29.6% in June, suggesting that wider price falls could be imminent."
Investors who bought second homes in Bulgaria have reason to feel bullish. Knight Frank said current annual price growth is 32.2%, only slightly lower than the 33.7% rate recorded in the first quarter.
Coral Estates.com (03 September 2008)
next article >>> <<< back to newsNews
RUSSIAN INTEREST IN BULGARIAN PROPERTY MARKET GROWS
There are times when the "Russian invasion" could be a pleasant surprise. When speaking of investments and buying property in Bulgaria, that is. Russian buyers seem to ...
read more...
Bulgaria is worlds top performing market
The only countries to have bucked the global downward market trend are Bulgaria, Slovakia, Cyprus and the Czech Republic, where house price growth has accelerated. Last y ...
read more...
EASYJET LAUNCHES NEW BULGARIAN ROUTE
The low-cost carrier EasyJet has confirmed that later in the year they will be opening up a route between Manchester and Sofia. The reason for this decision is primari ...
read more...
Bulgaria Tops Global Price Index
Price increases in the lodging property sector worldwide slowed down in the first quarter of 2008 to reach 6.1 per cent on an annual basis. But Bulgaria still heads the p ...
read more...
Bulgaria with Record Number of Real Estate Deals in 2007
A total of 325 385 real estate deals were made in Bulgaria in 2007, which is 4% more than their number in 2006, and a new record. The number of real estate deals is e ...
read more...
Bulgaria Named Cheapest Holiday Destination in Europe
Bulgaria is said to be the cheapest holiday destination in Europe, a new UK study shows. Bulgaria is the cheapest holiday destination in Europe, a new study shows, as ...
read more...
Bulgaria among Germany's Top Ten Tourist Destination
Bulgaria has been ranked ninth among Germany's most popular tourist destinations by the GIATA-Ranking Agency, the Bulgarian Union of Tourism Investors announced. Bulg ...
read more...