Financial and business news from Bulgaria

Unexpected figures: How house prices have changed in Bulgaria

Bulgaria ranks 28th among 56 countries in house price growth in the second quarter, according to data from consultancy Knight Frank.
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ado.slave ('adoceanblitzbgvppmqmhred', {myMaster: '32krqyjgbc4z5Sigp3zu1zeyf3dx9g_PSWM02Cjdcel.s7'}); This is a decrease of ten places compared to the first three months of the year when our country occupied 18th place in the index, write from

However, the company specifies that it uses Eurostat data for Bulgaria from the first quarter of this year, when an annual house price growth of 4.7% was reported.

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For six months from the end of last year until the end of the second quarter of 2020, Bulgaria rose by 2.7%, and on a quarterly basis there was a growth of 1.2%.

Turkey topped the Knight Frank index in the second quarter with house price growth of 25% year-on-year.

European countries occupy eight of the top ten places in the second quarter, with the Baltic countries and those from Central and Eastern Europe performing well.

Luxembourg came second with an annual jump in house prices of 13.9%, while Lithuania took third place with an increase of 12.4%. Housing rose by a double digit percentage in Estonia, Poland, Slovakia and Ukraine.

And in the ten are also the Czech Republic, Latvia and Croatia.

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New Zealand, Germany and South Korea, initially thought to have dealt with the pandemic most effectively, recorded mixed results.

Germany has not yet announced its second-quarter figures, but New Zealand is retreating from second to 11th in the rankings between March and June, though prices still report annual growth of 9%.

South Korea, where price growth was anemic of just 0.1% in the first quarter, is seeing an acceleration of the annual rise to 1.3% between April and June.

These trends show that the effects of the pandemic on the global housing market are likely to be inconsistent and unusual.

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They will depend heavily on the state of the housing market before the pandemic, the timeline and rigor of the blockade, and on countries' dependence on international demand, which has dried up in recent months because of travel restrictions, notes Knight Frank.

In the second quarter, Hong Kong, which is one of the most unaffordable housing markets in the world, found itself at the bottom of the company's index with an annual price drop of 2.8%.

Malta also fell in the top three weakest residential markets between April and June with a decrease of 2.6% and India by 1.9%.

Annual decline in house prices has also been reported in Finland and Morocco, while Ireland, Spain, Chile, Singapore and South Africa are also included in the dozens of the world's weakest housing markets.