Bulgaria's real estate market is ranked sixth in the world by the property price drop in the first quarter of 2011, according to a study of the global property services and research company Knight Frank.

To follow the price trend in Bulgaria, Knight Frank have used data of the Bulgarian National Statistics Institute, NSI, showing that residential properties' prices went down nearly 6% in the first quarter of 2011, compared to the same period of 2010. On quarterly basis, the decrease is 2.3% and it is nearly 4% on six-month basis.

The study ranks Bulgaria 6th by the property price drop, after Russia, Ireland, Dubai, the Ukraine and Greece.

Russia has registered a drop of 14%, Ireland – 12%; Dubai – over 8%, the Ukraine – 7.5% and Greece – 5.7%.

On the other end, Asian markets show a strong property price growth, led by Hong-Kong with a price increase of 24.4%, followed by India – 22%, Taiwan – 14%, and Israel with a 12% more expensive residential properties on annual basis in the first quarter of 2011.