Croatian Property Market In Decline
- by croatiaweek
- in Business
There have been further falls in the Croatian property market. The average price of apartments in Croatia has dropped 0.5 percent on monthly levels, 1.3 percent on yearly, and 3.9 percent compared to October 2010, according to data from Croatian Real Estate portal Crozilla.
The average price of apartments, since 2008, have fallen 16 percent. The northern Adriatic town of Pula (1406 euros per square meter) and the popular tourist destination of Dubrovnik (3048 euros) have experienced the greatest drop in average prices. Whilst on a yearly level, Zagreb (1714 euros) and Rijeka (1464 euros) have been the hardest hit.
In Rijeka, during the month of October, average prices per square meter had dropped 2.2 percent compared to the previous month as demand dries up. Statistics reveal that month on end prices have been slowly dropping in Croatia, with only the brave prepared to take out hosing loans.
