Bulgaria's housing market has registered a 6.1% price decrease in September 2011 as compared with the same month of 2010, according to the Knight Frank Global House Price Index.

The Balkan country is now placed 47th among 51 countries researched by Knight Frank and ranked according to their housing market price growth.

Hong Kong tops the ranking with an annual growth of 19.3%, followed by Estonia (14.3%) and India (13.9%).

Cyprus, Ukraine, Russia and Ireland have seen larger decreases than Bulgaria over the last year.

Knight Frank's index, which tracks the performance of the world's mainstream housing markets, showed zero growth in the three months to September. This was the index's weakest performance since Q2 2009 and raises fears that it could enter negative territory by the end of the year.

The index is compiled on a quarterly basis using official government statistics or central bank data where available.

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