Balham Hill, United Kingdom (PressExposure) August 20, 2008 -- Knight Frank's latest quarterly Global Property Index, made available exclusively to The Sunday Times, shows that prices in many parts of the world are still rising at a considerable rate -- and, in some cases, have even been accelerating. The list is headed by Bulgaria, where prices rose 34% last year, compared with 17.4% in 2006 -- although the sharpest growth has been in Sofia, the capital, where property inflation reached 50%.
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According to Ireland's Sunday Tribune, Bulgarian Property has been one of the hottest markets in Europe for the last number of years. The UN World Tourism Organization believes Bulgaria to be one of the most appealing 'new faces' in the tourism industry today and by 2010 expects 20 million tourists will be visiting the country per annum. As a result, inward investment has grown. According to Global Property Guide data Bulgaria had the fastest growing house prices in 2007 with a growth of 30.6%.
HOUSING PRICES IN BULGARIA GROW AT A HEAD-SPINNING RATE
New high-jump world champions emerged in Bulgaria - residential property in Bulgaria. "Bulgaria is now the second in the world in property prices increase," real estate agents report. The leader is Latvia, according to Knight Frank UK survey for the second trimester of 2007 compared with the same period of 2006. From April to June housing prices in Bulgaria went up by 27.1%. For the same period last year the increase amounted to a 12.2%. The speedy price hike sends Bulgaria up by eight positions in the world chart.