Bulgaria is third in the world in terms of the fall in real estate prices

Bulgaria ranks third in the world in terms of the fall in property prices in 2010, according to the latest survey of the specialised real estate site Global Property Guide. According to its data, our country registered a 9.51% decline in real estate prices last year, while in 2009, the decrease was 26.36% and Bulgaria ranked fourth in terms of the drop in property prices. Only four years ago - in 2007 – our country was at the opposite end of the list - in terms of price rise. Then, Bulgaria was even ahead of Shanghai in term of price growth, with a 30.6% increase (according to Global Property Guide data from September 2007). In 2008, however, growth began to decline and went down to 2.25%. Experts in our country forecast a stabilisation of real estate prices in the first half of 2011 and a possible but not very probable increase of some 5-10% in the second half of the year.

According to Global Property Guide data, only Greece (Athens) and Ireland registered a higher decline in real estate prices than our country.

According to the website’s data, the recovery of the real estate market is still delayed globally. The price decrease in the U.S. was more substantial in 2010 (5.16%) than in 2009 (2.87%). The figures for Central Europe show a trend of stability. The boom in the Nordic region has also slowed down its pace. At the opposite end are the markets in Asia, reporting a strong growth. Prices in Singapore rose by 13.60%, those in Taiwan – by 9.70%, in Japan – by 5.71% and in Thailand – by 2.92%. Only China (Shanghai) reported a slight decline of 1.95% last year.

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