Bulgaria remains among the top 10 fastest growing property markets in the world
The annual growth of property prices in Bulgaria reached 9% for the period
Bulgaria ranks ninth from 59 housing markets in the world by rising house prices in the last three months of 2017, according to data from the consulting firm Knight Frank.
However, the company used the data for Bulgaria of the Eurostat European Statistical Office for the third quarter of 2017. The Eurostat Household Price Index for October-December 2017 will be published on April 7th.
Data from the National Statistical Institute (NSI) also come from the third quarter, coinciding with Eurostat statistics. The Institute's index for the last quarter will be published on March 30th.
The annual growth of property prices in Bulgaria reached 9% for the period. Compared to the previous quarter, the increase was 2.2%, according to the statistics. This places us in the "red" zone of the company's ranking where the fastest growing markets are.
Leader is Iceland, which has been in the lead for several quarters in the Global Property Guide online ranking, with annual price increases of 15%, but a 0.5% decline for the quarter.
Hong Kong with 13.7% and 2.6% respectively, followed by the Czech Republic with 12.3% and 1.6% respectively.
The top 10 is complemented by Ireland, Turkey, Serbia, which is a new player in the rankings and is included by the consulting company for the first time, Hungary, Latvia and tenth place Canada.
According to Knight Frank, Ukraine maintains its position on the world's weakest property market, with annual price declines of 5.1% and 1.3% in the quarter. It is followed by Peru - a new market for the rating, with a drop of 4.2% and 1.6%, respectively.
Among the weakest property markets in the world are Russia, Saudi Arabia, Finland, Poland, Italy, Brazil, Greece and Norway.
The global house price index, calculated by Knight Frank, ends in 2017 at a level of 4.6%, less than in the previous 5.3% in the previous 2016, but more than the global economic growth of 3.7% on average last year.
85% of the markets observed by the company reported price increases to one degree or another. The scissors are softly closed between the strongest and weakest housing markets in the world, against the backdrop of some of the opposite winds they face.
First of all, the company's risks pose monetary policy. Rising interest rates in the United States, Britain and Canada, as well as the gradual withdrawal of monetary stimuli in Europe, put pressure on consumer confidence. This is also pressing for the markets whose national currencies are linked to the dollar, and the expected additional increases in key US interest will certainly spread their influence beyond the country, the report said.
Experts say Europe is the strongest regional property market, and Russia and the CIS countries - the weakest.