The growth in property prices in Bulgaria is ahead of the average increase for the 55 countries covered by the report of Knight Frank.
The housing market in Bulgaria is among the fastest growing in the world as ranked by the consulting company Knight Frank, which examined 55 markets.
Based on Eurostat data on house prices the company puts our country in 12th place in the growth of housing prices with an increase of 8.8% in the last quarter of 2016 compared to the last quarter of 2015 and 1.6 % compared to the previous quarter.
For comparison, the average increase in prices for all included in the analysis of 55 markets accelerated to 6 percent annually in the last three months of 2016 compared to 4.1% for the same quarter of the previous year.
This places us among the countries with strong growth in property prices, in the European Union (EU) in fifth position on the increase after Malta, Lithuania, Estonia and Germany.
Leading the ranking for October-December 2016 is Iceland with 14.7% annual increase in prices and 4.1% for the quarter. The country tops the list for the first time. In second place was New Zealand with an increase of respectively 12.7% and 3.2%.
Malta is third with a growth of 12.4% yoy and 4.9% for the quarter.
Top 10 fastest-growing housing markets in the world is complemented by Canada, Turkey, Lithuania, China, Estonia, Germany and Norway.
Ukraine remains the weakest market in the world with an annual price decrease of 10.2% in the fourth quarter and a decrease of 3.1% from the previous quarter. The second drop is Taiwan with a decrease of respectively 6.5% and 1.7%, while the third is Singapore with 2.6% and 0.8%.
Top 10 worst markets is complemented by Cyprus, Morocco, Italy, Greece, Japan, Brazil and South Korea.
Most EU countries are among the countries with moderate and weak growth in housing markets from 1 to 5%.
Generally in most markets account either stability or growth rates despite the political and economic uncertainty. This year is also expected rate of inflation and tightening monetary policy, which will probably reduce the gap between the strongest and weakest performing markets, experts predict.