Bulgarian property suffered the world's sixth-biggest fall in prices in the first three months of 2012.
After severe downturns at the end of 2011, with prices dropping by 9.65 per cent year-on-year, Bulgaria's property market showed "positive changes in momentum" in the first quarter of the year, according to a new survey by Global Property Guide, as decreases slowed. But these "are so feeble… they hardly signal a recovery", the report adds.
Reviewing market figures for 36 housing markets across Europe, Global Property Guide's survey notes that 24 countries saw prices fall, while values increased in only 10 markets.
Athens in Greece and Warsaw in Poland led the declines, with prices falling by 11.68 per cent and 10.94 per cent respectively. Spain and the Netherlands also saw values fall by 9 per cent and 6.05 per cent, while annual dips were recorded in Finland (2.05 per cent), Turkey (2.32 per cent), Sweden (5.34 per cent) and Riga in Latvia (5.83 per cent).
However, some markets did see prices climb. Estonia's home values surged by 9.13 per cent compared to the first three months of 2011, while Austrian property prices rose by 8.24 per cent. Other increases also occurred in Switzerland (5.49 per cent), Norway (5.43 per cent), Russia (3.86 per cent) and Iceland (2.25 per cent).