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In spite of the Croatian housing market crisis, in Q1 of 2009, the construction of new apartments were at record levels.

According to the statistics from the Central Bureau of Statistics (DZS), 2,360 new apartments were completed, which is 18% more than in the same period in 2008, or over 90% than in 2007. Although the data could be the result of investor optimism, additional statistics by the DZS and experts are a warning that the real crisis is about to occur. In spite of the growth in the value of finished construction works by 2.3 %, for the first time since 2005, the value of new orders has fallen by a significant 9.5%, in comparison to the same period in 2008. The number of ongoing housing projects fell for the first time.