The most significant drop in apartment prices in January-September has been witnessed by Ireland (-13.17%), Greece (-12.47), Spain (-11.87%) and the Netherlands (-11.43%). The list continues with Romania, Portugal (-9.7%), Croatia (-8.03%), Poland (-7.64%), Bulgaria (-6.84%), Ukraine (-4.41%), Lithuania (-4.36%), Slovakia (-4.13%), Russia (-3.98%), the UK (-3.97%) and Sweden (-3.17%).
The Romanian residential market will continue to fall this year and the economy is expected to stagnate, said the source.
Fourteen of the 23 European countries included in the survey registered declines in apartment prices, while the remainder registered increases: Austria (+7.53%), Norway (+6.55%), Turkey (+4.96%), Lithuania (+3.38%), Switzerland (+3.27%), Germany (+3.16%), Estonia (+2.62%) and Iceland (+2.28%).
In Romania, apartment prices have fallen since 2008 and capital Bucharest has seen price falls of over 50%.
Real estate consultants estimate apartments prices will continue to drop next year, especially on the old apartment segment.