Property prices in Sofia have risen by 11% on an annual basis in the second quarter of this year. This put our capital on the 51st position in the global ranking for the growth of house prices of Knight Frank among 150 cities. For comparison, in the first quarter of 2021 our capital was ranked 40th, writes money.bg.
Despite the forecasts for the “death of cities”, in 140 of all markets, prices are rising. On average for all cities in the study, the growth of residential property prices was about 10% in the second quarter on an annual basis.
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The capitals of Bulgaria’s neighboring countries are much lower in the ranking than Sofia. The capital of Greece, Athens, ranks 87th with a growth of 6.3%, and Bucharest is only 117th with a growth of only 3% for the period.
It is interesting, however, that in Sofia property prices are growing faster than those in Vienna (10.7%), Munich (9.1%), Singapore (7.1%), Amsterdam (7.5%), Frankfurt (7.6%), Paris (4.6%), Prague (4.5%).
In first place is the Canadian city of Halifax with an annual price increase of just over 30%. A total of 57 cities registered double-digit growth on an annual basis in the second quarter.
The top ten fastest growing housing markets also include Izmir (30%) and Seoul (30%), Phoenix (29.3%), Moscow (28.8%), Hamilton (28%), San Diego (27). , 1%), St. Petersburg (26.7%), Istanbul (26.4%) and Ottawa (25.8%).
The top 20 includes many American cities, which once again shows how hot the US housing market is. For months, brokers have been complaining that supply is scarce and demand is not declining. Apart from Phoenix, prices are rising sharply in Seattle (25%), San Francisco (22%), Dallas (21%), Miami (20%) and others.
At the other pole is Venice, placed last with an annual decline in property prices of 6.3%. Among the last in the ranking are Colcota (5.2%), Dubai (4.4%), Genoa (3.3%), Palermo, Chennai, Mumbai, Florence. A total of 11 cities reported a decline in residential property prices during the period.
According to Knight Frank analysts, demand will begin to slow with declining savings and tightening monetary policy, which will cool hot prices in many housing markets around the world.
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