Bulgaria Performs in World Property Prices
The latest Knight Frank report on world property prices was published last week, showing most markets to be still in a general downturn. Some countries bucked the trend with increases in year on year property prices, including Bulgaria. Others fared less well, particularly Dubai and Singapore, down 32% and 23% respectively. Knight Frank said that there was some evidence of buyers now snapping up bargains but that others were holding back hoping prices may fall lower.
With overseas property becoming more and more affordable, despite the British pound's poor performance, there are clear indications of activity amongst buyers. Property rices are encouraging property purchasers and enquiries are hugely up for European locations, amongst them Bulgaria. With the low prices, low interest rates and a slight upward move in the pound against the euro buyer interest is coming back.
The global property index showed Israel as the top performer with growth of 10.9% over the 12 month period to the end of March 2009. The biggest fall during the first quarter of the year was Dubai, which showed a huge decrease in property values of -40%.
In the UK, the property market reports continue to be mixed. Experts are predicting the bottom to be this quarter. CML reported that mortgage lending showed signs of recovery last month (April), although lending is still lower than a year ago.
Bulgaria property prices rose by 3.3% year on year, putting the country in 9th position. This was well ahead of the UK which showed a downturn of -16.5% and Spain -6.8%, giving them 42nd and 35th position respectively.