Croatian house prices stabilize after 2 year fall

Croatian house prices have stabilized, after mild but steady price falls since 2008. The national price of advertised houses was slightly up (0.4%) in January 2011 from the previous month, but 3.8% down on the previous year, according to CentarNekretnina.

January’s increase was the third consecutive monthly increase since the bottom. From its peak in September 2008, the national house price index had fallen 11% to October 2010.

The average price of flats in Zagreb was €1,825 per sq. m. in January, 2.3% down on a year earlier but up by 0.4% from the previous month. Zagreb house prices 8.5% down from January 2010, but 4% up from the previous month at €1,163 per sq. m. Property prices on the Adriatic Coast, Croatia’s most popular tourist destination, were more resilient.

• The average price of seaside cottages and apartments was €2,055 per sq. m. in January 2011, up by 0.2% from the previous month and down by a mere 0.3% from a year earlier.

• The average price of houses was €1,564 per sq. m. unchanged from last month and down only 0.7% from last year.

• But the average price of Adriatic Coast flats was % from the previous year at €1,864 per sq. m. in January 2011.

Source: Global Property Guide