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2008-03-19 - Knight Frank: Bulgarian housing prices set global pace in '07

Bulgaria tops the Knight Frank Global House Price Index for 2007 as the country with the greatest annualised price growth at 33.7%, said the global property consultancy.

Prices for flats in Bulgaria over the year increased by nearly 34%.
Price growth in the last quarter of the year reached 8%, yet prices remain relatively low compared with much of Central and Eastern Europe, said the property consultancy.

Price growth has been greatest in the region around Vidin in the North West, and Ruse in the north east, close to the border with Romania. Prices in the capital Sofia also saw significant growth during 2007. In each case, prices increased by over 50%, said Knight Frank.

Bulgarian housing prices had a torrid run of annual increases in excess of 30% over the past couple of years, shows data of other real estate agencies, but growth is expected to slow down to 15% in 2008.

Bulgaria and Russia are the only European countries in the Knight Frank report to record an annual price gain of over 30% in 2007.



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