This was the news from Knight Frank today:
"Bulgarian home prices gained more than 30 per cent year-on-year in the second quarter of 2008, placing the country atop the global index of UK-based property consultancy Knight Frank, released on September 2.
Meanwhile, the number of countries with a price decrease is increasing. Price growth is slowing down in Western Europe, unlike Asia and Eastern Europe, which have been enjoying an upward trend.
Bulgaria topped the ranking in terms of housing price growth for a fourth quarter in a row.
This result clashed with Bulgarian real estate agencies’ data on a price slow-down since early 2008......"
Lower down on the Knight Frank list of price growth were Slovakia, with 31 per cent, and Russia, with 26 per cent. Second-quarter housing prices in the Czech Republic and Hong Kong rose by more than 25 per cent.
My take on this is that prices have stopped growing, on average, in Baulgaria. However not everywhere over the last year has grown. The market on tourist new builds can show divergent trends - some prices up and some down.
For example, prices in Bansko have gone down over the last 18 months and ironically over the next 24 months we may see the biggest rises here as the resale market quickly develops and the tourist numbers will be growing very fast. Owners here may like to get some renting tips, as well as renters to pick up a rental bargain here.
For those looking for long term invstment in any market now is a great time to start your quest. Sellers expectations have been suitably, modified and there;s a willingness to accept offers. Bulgaria is experiencing labour cost increases and build costs are now substantially higher. This means new builds will have to be priced higher to make a new project worthwile.
Alrenative Bulgarian strategy is to speak to e regarding some land deals, fairly priced and good for long term investment as by my reckoning land prices in Bulgaria are still substantially lower than many other places. Email me at info@jet2letproperty.com for more.
No comments:
Post a Comment