Croatian house prices continue to fall

 

House prices in Croatia are continuing to fall, according to new figures.

The country's poor economic conditions have seen property values in Zagreb drop by 4.6 per cent in December 2012 compared to the year before, CentarNekretnina, the largest Croatian property portal, revealed.

Prices fell even further on the Adriatic Coast, with apartment prices dropping by 8.1 per cent.

Indeed, prices fell in almost all of the country's districts, led by Maksimir, which registered the biggest annual decrease of 8.5 per cent.

The latest figures mark the fourth consecutive year of declining prices, according to Global Property Guide . Prices fell by 4.8 per cent year-on-year in both 2009 and 2010, followed by another 1.3 per cent in 2011.

The outlook, already grim, for Croatian real estate could still worsen in 2013, local experts warn, with news of a property tax intended to take effect in April potentially deterring even more buyers. The levy would charge 1.5 per cent on 70 per cent of a property's estimated value.

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