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Bulgaria Named Fastest Riser on World's Property Market

Business
Property prices in Bulgaria rose faster than anywhere else in the world in 2007, according to a survey by a leading British estate agency.

The European Union's newest member topped the latest Knight Frank Global Price Index with an annualised property price growth of 30.6 %. Bulgaria ranked three percentage points above the south-east Asian economic powerhouse of Singapore.

"Despite numerous concerns over the level of oversupply in a number of locations within Bulgaria - notably the winter ski resort of Bansko and selected coastal resort locations - Bulgaria has supplanted the previously top performing Baltic hotspot at the top of the Knight Frank league," the report declared.

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BULGARIA'S CAPITAL OFFERS BETTER INVESTMENT PROSPECTS THAN SEASIDE

Sofia could offer much more opportunities for investing in property than the seaside according to an expert.
Those hoping to generate money from investing in Bulgaria should ignore the coast as it was less lucrative, and focus on Bulgaria's capital, Simon Tweddle, chief analyst at Property Secrets said, as quoted by propertyshowrooms.com.
Seaside resorts depended on seasonal factors including tourist visits and the weather, Tweddle said. Many coastal regions had an excess of property currently available on the market.
''If you invest in the city you've got more than two million people who can potentially rent your property from you", Tweddle said.
Bulgaria is attractive to business investors largely due to its stable political, economic and social climate. It has some of the lowest operational costs and tax rates in Europe, propertysecrets.net said.
''Demand for property in the cities was driven by three factors: the emerging middle classes who provide the demand for modern apartments, plus increasing affluence coupled with the supply of capital in the form of mortgage lending. All three trends were visible in Sofia'', the site said.

Sofia Echo

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400 MILLION EURO INVESTMENT IN MIXED COMPLEX NEAR BULGARIA'S CAPITAL

Gardens Group company plans to invest in a large-scale project of mixed type near Sofia's village of Lozen.
The investment would total 400 million EUR, investor. bg reported. The name of the complex would be Garden City and it would cover 600 000 sq m.
The complex would include nearly 200 apartments, 240 houses, trade centres, office buildings, a sports centre, a school and a kindergarden.
The project is expected to be completed by 2012.
More than 100 000 sq m of the terrain would be covered with green areas. The sales price of Garden City is expected to reach 500 to 600 million euro.
Gardens Group started construction of its Bistritsa Gardens residential complex on September 20. The new complex at walking distance from the centre of the village of Bistritsa. It would include 52 one-family houses with total build-up area of 16 000 sq m.

Sofia Echo

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Overheating sees house price downturn in Europe.

House prices on the overheated fringes of Europe have begun to turn down sharply, replicating the early phase of the sub-prime property slide in the United States.
Irish property has fallen for the past four months in a row as higher eurozone interest rates start to bite harder, while the speculative bubble in the Baltic states has burst.
House prices in the greater Riga region of Latvia fell 3.5pc in June, following a 1pc fall in May. Flats in the old city became more expensive than Berlin by early this year in a speculative frenzy, much of it with euro, Swiss franc, and yen mortgages that could prove disastrous if Latvia's currency is suddenly devalued - as may well happen, given the country's current account deficit has exploded to 26pc of GDP.
Similar booms in Romania, Bulgaria, Croatia, and even Russia are all looking stretched to extremes. Danske Bank has warned that much of Eastern Europe has been inflated by a "monster bubble" that recalls conditions in east Asia shortly before the crisis broke in 1997.
In Ireland, house prices dropped 2.6pc in first six months of the year to June, with falls of 3.3pc in Dublin. The slowdown is rapidly spilling across into building. House registrations are down 34pc over the first half. Roughly 15pc of housing stock lies empty, according to the Irish census.
Jean-Michel Six, chief Europe economist for Standard & Poor's, said extreme levels of household debt across large parts of Europe left the region vulnerable to tightening credit conditions. Debt levels are above 100pc of GDP in Ireland, Britain, Spain, the Netherlands, and Denmark.
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"Spain is heading south. Local real estate companies have reported price falls on a quarter-to-quarter basis in Madrid and several other provinces," he said.
French property prices fell 1.5pc in July - though they were still up 5pc over the year. "House price inflation could turn negative in the second half of this year," he said, adding that proposals by President Nicolas Sarkozy to allow new buyers to offset part of their interest costs against tax would help support the market.
"The spate of interest rate rises by central banks is exacting its toll on disposable incomes already weighed by rising household indebtedness," he said. The European Central Bank has doubled rates from 2pc in December 2005 to 4pc.
The recent turmoil has pushed up the effective rate of borrowing even further in some countries.

Telegraph News

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