As the first bubble economy to hit the skids and officially fall into recession, tiny Denmark deserves a mention. Statistics Denmark has released figures showing that house prices are falling in Denmark, which joins an ever-increasing group of countries that includes the UK, the US, Spain and Ireland.
My translation:
The statement shows a shows an annual decrease in prices of 1.9 percent for single-family houses. And, by comparison, Real Credit Council’s [figures show] house prices fell by only 0.4 percent in the first quarter.
For owner-occupied accomodations, prices fell in the first quarter 9.3 percent compared with a decline of 8.7 percent in the statistics from Realkreditrådet.
According to Jakob Kongsgaard Olsson, the figures will affect household spending and mood negatively, because the Danes have a lot of money [invested] in bricks, which are worth less and less.
Source
Boligsituation endnu mere dyster, Berlingske Tidene