Croatia Property Prices Continue To Fall
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Date: 30.12.2009.
Prices of real estate in Croatia did not change in December compared to the previous month but declined by 4.8 per cent compared to the same month a year ago.
An established Croatian property portal, which surveyed the prices of 287,000 Croatian properties in December, said the average price in Zagreb had fallen by 4.9 per cent this month compared to December 2008 with the average price of a flat fetching 1893 €/m2. According to the Croatian property portal, prices of real estates on the Croatian coast fell by 4.6 per cent compared to December 2008 with the average price of an apartment on the Adriatic coast was 1,964 Euros per square metre.
Price movement for 2010 is difficult to forecast, although many in the industry believe that prices will continue to fall until the economic situation stabilises. Professor Josip Tica from the Faculty of Economics and Business at Zagreb University is reported as saying in the Croatian Times, that he expects the downward trend on Croatian property prices in 2009 to continue until unemployment had peaked. He believes an increase in employment will be the first indicator that will reduce uncertainty and influence buyers who have postponed real-estate purchases until their confidence in monetary conditions improves.
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