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Real estate prices keep falling
Croatian Times
The asking price of real estate in Zagreb and on the coast fell by 0.6 per cent in June compared to last month, the price index shows.
In Croatia as a whole, the asking price of real estate is 4.6 per cent lower compared to June last year. In the country’s capital and one of the most active markets, the asking price on the yearly basis is 3.6 per cent lower.
Prices on the coast dropped 4.6 per cent compared to 2009, the Croatian portal Business reports.
In Zagreb there were some 10,000 real-estate related transactions carried out in 2009 or 34 per cent fewer than in 2008 when 15,300 transaction were realized. That is a 55 per cent drop when compared to 2007, when there were more than 22,600.
The difference in the number of transactions recorded on the Adriatic coast meanwhile is not as drastic.
Primorje-Gorski Kotar County registered a fall of 20 per cent in 2009 compared to 2007, while Split-Dalmatia County around 23 per cent. Istria County registered a 15 per cent increase in 2008, most likely the result of a change in the registration of properties owned by foreigners from fictitious firms to private individuals.
Residential real estate is most affected. In the whole of Croatia, it fell by 34 per cent in two years, or from 65,000 transactions in 2007 to 43,000 in 2009.
Tag cloud registration recorded markets individuals properties foreigners Kotar Croatia coast Residential Dalmatia transactions estate prices Zagreb registered fictitious County Istria Gorski
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