Real estate: Housing prices in Romania had biggest drop of 42 world countries

Housing prices in Romania recorded the biggest drop in the world – about 10.5% in 2013, compared to 6% in 2012, according to a study made by globalpropertyguide.com website, based on average prices adjusted with the inflation of 42 world countries.

“Half of Europe registered drops of house prices last year. Romania had the worst residential market in the world in 2013, registering a price drop of 10.43% after a reduction of 5.96% in 2012, 6.99% in 2011, 22.08% in 2010 and 24.22% in 2009,” the site mentions.

The Romanian market ranked after countries like Spain, Greece or Ireland, which were in the top of price reductions for houses in 2012.In Greece house prices dropped by 7.26% in 2013, representing an improvement against 2012, when the drop was of 13.77%.

Other European markets where houses became significantly cheaper last year were Croatia (6.27%), Russia (5.86%), Spain (4.38%), Holland (4.16%), Poland (3.55%) and Slovakia (3.01%). Countries like Finland (-2.83%), France (-2.02%), Norway (-1.32%) and Portugal (-0.68%) recorded smaller drops.

15 of the 42 countries included in the study had price drops and in 27 of them apartment prices grew. The biggest increases were in Dubai (21.5%), Estonia (16.55%) and Taiwan (14.46%). Nine out of the weakest residential markets in the world come from Europe, according to the study.

The European countries where prices went up significantly in 2013 are Ireland (6.18%), Turkey (5.73%), Great Britain (4.88%), Lithuania (4.64%) and Iceland (4.33%).

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