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 Irish, Bulgarian Housing Markets World's Most Struggling

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PostSubject: Irish, Bulgarian Housing Markets World's Most Struggling   Irish, Bulgarian Housing Markets World's Most Struggling Icon_minitimeTue Dec 06, 2011 11:31 am

[size=55:aht75un0]novinite

Irish, Bulgarian Housing Markets World's Most Struggling

Ireland and Bulgaria are the countries, whose housing markets saw the sharpest fall in prices during the third quarter this year on an annual basis, a survey by the Global Property Guide shows.

The Irish housing market remains the world's weakest performer. House prices were down 15.61% year-on-year, the steepest decline since 2008. Quarter-on-quarter, Ireland's house prices slid 4.25%.

Bulgaria registered the world's second-biggest fall in residential property prices from July to September, down by 9.65% year-on-year.

It is one of several European housing markets, which experienced accelerated downturns during the year ending in the third quarter of 2011 - Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%).

On a quarterly basis however Bulgaria recorded a slim 0.11% decrease in housing prices.

The world's second strongest quarter-on-quarter house price rise occurred in an unexpected city - Vienna, where house prices surged by 5.44% during the quarter (and +4.25% on the year), continuing 6 years of nearly unbroken price rises for Austria's capital.

The Baltics have also performed strongly.

India and Brazil' housing markets have continued their spectacular out performance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures.

Brazil's Sao Paolo had the second highest house price rise in the world during the third quarter, with house prices up 5.88% during the quarter.

The country is experiencing an unprecedented boom, not least because it is the host country for the World Cup in 2014 and the Olympics in Rio de Janeiro in 2016.

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The 5 Worst Property Markets In 2011



Property remains the number one investment choice for financial gain;
however, 2011 will not go down in history as one of the more successful years for some property investors! With this in mind, we have compiled a report outlining “The 5 Worst Property Markets To Invest In 2011.”

5. The Czech Republic

In fifth place was the Czech Republic where annual property price increases of between 20 to 30% are a distant memory and now a combination of high prices, oversupply and some of the lowest rental yields in Europe have made this a property investor’s bohemian nightmare.

4. Bulgaria

In fourth place was Bulgaria which was once regarded as the ‘the new Spain’ for overseas investors, not any more! Property prices are in free-fall and with the exit of British and Irish buyers, Russian investors now dominate the market and their strong bargaining skills result in continued falling prices.

3. Greece

In third place was Greece. With a debt to the tune of 340 billion Euros and property prices falling by 10% in the first half of 2011 alone, it is deserving of its podium placing.

2. Cyprus

In second place was Cyprus. A long time favourite with British investors, but now even its biggest advocates are losing interest. A stagnant economy and its vulnerability to the Greek crisis with two of its largest banks exposed to a total of 5 billion Euros doesn’t bode well.

1. Ireland

Finally in first place was Ireland. It seems that ‘the luck of the Irish’ has finally deserted them. Once the envy of the world when the property markets boomed between 2000 and 2006, the sheer scale of their downward spiral becomes apparent when you recognise that apartment prices fuelled by yet another painful 15% fall in 2011 are now down by a massive 60% from their peak.

Download Your FREE “The 5 Worst Property Markets In 2011” Report
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davshaz
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PostSubject: Re: Irish, Bulgarian Housing Markets World's Most Struggling   Irish, Bulgarian Housing Markets World's Most Struggling Icon_minitimeFri Dec 23, 2011 12:02 pm

I guess it could be worse? at least we aren't number 1 Irish, Bulgarian Housing Markets World's Most Struggling 794030042
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PostSubject: Re: Irish, Bulgarian Housing Markets World's Most Struggling   Irish, Bulgarian Housing Markets World's Most Struggling Icon_minitimeFri Dec 23, 2011 12:06 pm

I suppose those that Bought into the way of life in Bulgaria have won but those who only bought to make a fast buck or 2 then they will have lost without doubt but that's the way the property speculation market is.
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PostSubject: Re: Irish, Bulgarian Housing Markets World's Most Struggling   Irish, Bulgarian Housing Markets World's Most Struggling Icon_minitimeSat Dec 24, 2011 12:17 am

Blink wrote:
I suppose those that Bought into the way of life in Bulgaria have won but those who only bought to make a fast buck or 2 then they will have lost without doubt but that's the way the property speculation market is.

Hi Blink
We never bought with the intentions of making a fast buck, nor did we buy to loose money. I am 72 years old and it was always our intention to have a ten year plan, so we could let out our villa (click on the banner) in the summer and cover our running costs, but also have the facility of being able to enjoy holiday's with our children and grand-children as and when we pleased, but as most members on the forum will know it all went pear shape for us, due to organised crime and continued harrassment from certain aliases known to this and many other forums Irish, Bulgarian Housing Markets World's Most Struggling 2079180590
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PostSubject: Re: Irish, Bulgarian Housing Markets World's Most Struggling   Irish, Bulgarian Housing Markets World's Most Struggling Icon_minitimeSat Dec 24, 2011 12:22 am

[size=150:3n2nh4rq]Bulgaria - No Longer The New Spain for Overseas Investors

[size=85:3n2nh4rq]Novinite
December 23, 2011, Friday

Bansko in the Pirin Mountian is Bulgaria's most popular winter resort. Photo by BGNES Following is the section on Bulgaria in a report compiled by Colordarcy consultancy, which outlines "
The 5 Worst Property Markets To Invest In 2011"
.

Bulgaria was once regarded as 'the new Spain' for overseas investors – not anymore.

Unfortunately, for many investors lured into coastal and Bansko ski properties with no exit in sight, the dream came to a sorry end. They'd have been better off buying a beach hut in Bournemouth as many will no doubt be trapped in a plummeting property market with no resale market insight and a country experiencing severe economic difficulties – hardly a recipe for property investment success.

Property prices are in freefall and there appears to be no way out of the spiral. British and most definitely Irish investors have fled and have now been replaced by a new invasion of Russian property investors. By all accounts, the Russians know how to drive a hard bargain, resulting in falling prices.

The added problem is these Russians are fewer in number and less than 5% of them are interested in investing in areas other than the coast.

Property prices in Bulgaria registered a further 10.95% decline in 2011 and there is no indication of when they will hit rock bottom with the economy being hit hard by recession.

For some British and Irish investors caught out when the bubble burst, there might be the small consolation of spending annual winter and summer holidays on the Bulgarian coast and ski resorts, but the novelty has probably already worn off when you look at the aforementioned declines in value this year.

Meanwhile the capital Sofia was subject to huge foreign investor interest in 2007, but the ensuing bubble has long since burst and if you still fancy a trip out there to view what's available be warned, Sofia is regarded as one of the most dangerous cities in Europe. Organised crime is rife and almost a third of its citizens never feel safe in the capital!

If you like living dangerously the one bright spot is that average yields are ok in good locations at between 5 and 6%, assuming a tenant can be found.

Pros

The Russians are helping to prop up the coastal markets.

Yields are good if you can get a tenant.

Distressed sellers mean low prices.

Cons

Corruption.

Investing in ski property remains a slippery slope.

Falling property prices and a struggling economy.

Virtually no resale market, developers can't even sell new property.

You will be lucky to find tenants.
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