Total Area: 56,538 km²
GDP (in billion USD): 64
Croatia, officially the Republic of Croatia, is a unitary democratic parliamentary republic at the crossroads of Central Europe, the Balkans, and the Mediterranean. Its capital and largest city is Zagreb. The housing market in Croatia remains depressed, amidst deteriorating economic conditions.
In Zagreb, the capital, the average asking price of flats was down by 4.6% in December 2012 from a year earlier, at €1,665 per square meter (sq. m.), according to CentarNekretnina, the largest Croatian property portal.
The Adriatic Coast, Croatia's most popular tourist destination saw a steeper year-on-year decline, with the average price of flats falling by 8.1% during the year to December 2012, at €1,671 per sq. m.
The Croatian property market is expected to remain down in 2013, according to local real estate experts. In fact a new property tax, which was intended to take effect on April 1, 2013, could exacerbate the already grim situation. The new property tax of 1.5% would be applied on 70% of the property's estimated value, according to Finance Minister SlavkoLinic.