Property prices in Bulgaria were the fastest growing in the world, according to the Knight Frank ranking.
The companys index, Knight Frank Global Price Index, showed that residential property prices in Bulgaria rose by 30.6 per cent on the year in Q3 2007. In Q3 2006 Bulgaria was eighth in the ranking with a price increase of 14 per cent.
Despite worries about oversupply in some regions of the country, especially in vacation destinations such as the Bansko mountain resort, Bulgaria managed to oust Latvia, which had become the traditional leader in the ranking.
Singapore ranked second with 27.6 per cent price growth. South Africa was third with 14.4 per cent.
According to the ranking, price growth was slowing down globally. Prices worldwide had grown by 8.2 per cent year-on-year in Q3 of 2007, compared to the 9.6 per cent growth in Q3 of 2006.
Increasing interests and tougher conditions receiving mortgages, caused the slow down.
