05.05.2008

Bulgaria Ranks Second for Residential real Estate Prices for the entire 2007


Bulgaria has ranked second in the world by the residential properties price increase for the year 2007. During the second quarter of last year, Bulgaria was the leader in this area, however, as a total increase, for the entire year the country was pushed back to the second place by the China city and province of Chinghai where the price increase is registered at 35.4%. The residential properties price increase in Bulgaria for 2007 is estimated at 34.6%. The data comes from Global Property Guide (GPG). The company bases its data on official statistics and data from various real estate agencies.

The experts from GPG predict that the residential property prices in Sofia will continue to steadily go up.

Slovakia ranks third in the list with 32.5% price increase while Singapore takes the fourth place with 31.1% and Hong Kong is fifth with 24.95%.

The residential property markets of the USA with a price decrease of 8.9%, Ireland (7.3% decrease) and Estonia (3.9% decrease) are at the bottom of the list.

Overall, 2007 has been a very strong year for the Pacific Asia region where along with China, Singapore and Hong Kong, the Philippines (15.2%) and Japan (8.4%) also register a significant residential property price increase. According to experts this is a result of the strong economical growth in the region.  

The opposite tendency is evident regarding the former Soviet Baltic Republics. Latvia, the leader in 2006 with 69% increase has been a huge disappointment for investors with a registered  price decrease of 1.7% while as mentioned above, Estonia has a 4% decrease.
Overall, Eastern Europe shows some slowing down in the residential property market, however, some strong markets such as Slovakia and Bulgaria still exists. In Bulgaria the land prices in 2007 have increased with an average of 50%.
 
South America shows strong tendency of price increase for residential properties. More and more Americans are planning to leave abroad after they retire and the demand for properties beyond the Caraibes is constantly increasing, especially near the beach areas and old colonial cities in Colombia, Nicaragua and Guatemala.



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