Those 24 countries with a house price downturn include Croatia.
"During the latest quarter the downturn appears to have accelerated, with house price falls in 26 countries, and house price gains in only 10."
Croatia's real estate price downturn, adjusted to the inflation in the first quarter of 2012 in comparison to the Q1 2011, was cushioned to 2.45% as against 6.64% decline in Q1 2011. The property prices went down by 0.1% quarter on quarter.
In nominal terms, house prices in Croatia went down by one percent in Q1 2012 year on year as against -4.54% in Q1 2011. They went up nominally by 0.23% in Q1 2012 from Q4 2011.
Faster-paced deterioration in European housing markets was registered in Ireland where house prices fell 18.95% year-on-year, or in the Greek capital of Athens (-11.68%), Portugal (-10.45%) and Spain (-9%).
"Some strong European markets do relieve the gloom. In Estonia house prices surged by 9.13% year-on-year, and in Austria house prices rose by 8.24% year-on-year. In fact the upsurge in these two countries' housing markets was so strong as to propel them into third and fourth place in the worldwide league table. Other strong housing markets over the past twelve months include Switzerland (+5.49%), Norway (+5.43%), Russia (+3.86%) and Iceland (+2.25%). The 'gainers' seem to be countries whose housing markets either never experienced the recent downturn (Austria, Switzerland, Norway), or are recovering (Estonia, Russia, Iceland )," reads the Global Property Guide document.