Bulgaria Once Again Takes Property Price Lead

24 Chassa Daily, 2008-03-19

     Bulgaria has once taken the lead in world real estate price increase in the last quarter of 2007, a ranking of the British company Knight Frank shows. The prices have gone up by 33.7% compared to the same period in 2006. Bulgaria was in the lead in the third quarter as well, when the annual increase was 30.6%.
     The increase was greatest in the regions of Vidin and Rousse while in Sofia it even exceeded 50%. Bulgaria is followed by Singapore (31.3%), Russia (30%) and Poland (22.4%). However, there was a decrease in the real estate prices in the USA (- 0,3%), Germany (- 4.3%), Latvia (- 7.1%), Ireland (- 7,3%) and Estonia (- 14.5%).
     Sofia also ranked 51st from a total of 58 locations in a 2007 office price ranking, a Cushman and Wakefield report reads. The average monthly office rents in Bulgaria amounted to 19 EUR/sq.m.
     The demand of first-class offices exceeds the supply and the unoccupied areas amount to less than 5%.

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