Total Area: 43,094 km²
GDP (in billion USD): 333
Denmark, officially the Kingdom of Denmark, is a state in the Scandinavian region of Northern Europe with the two autonomous constituent countries in the North Atlantic Ocean, the Faroe Islands and Greenland.Property prices in Denmark are falling again in 2011, after a short-lived surge last year. This was mainly due to a sluggish economy and a struggling banking sector.
The average price of owner-occupied flats in Denmark fell by 0.54% (-1.7% in real terms) q-o-q to Q2 2011, the fourth consecutive quarterly house price fall recorded by the Association of Danish Mortgage Banks (ADMB). During the year to end-Q2 2011, house prices dropped by 3.2% (-6.1% in real terms) to DKK11, 689 (€1,571) per square meter (sq. m).
During the country's housing boom (from Q1 2004 to Q3 2007), property prices rose by 58% (49% in real terms), according to the ADMB. Then, from Q3 2007 to Q1 2010, property prices in Denmark dropped by about 15% (-19% in real terms) due to the global financial meltdown.
The housing market is expected to remain depressed over the next two years. Property prices are projected to fall by about 10% by 2013, according to the Copenhagen-based Economic Council.