Copenhagen, July 20, 2007 (LPAC)—The happy times are over in the Danish housing market. Figures released by the Danish Council for Issuing Mortgages yesterday shows a dramatic fall in the sales of apartments in especially the Copenhagen area. which has long been the center of the Danish housing bubble, and an accompanying drop in the sales prices.

In the second quarter, the sales of apartments in Copenhagen dropped by 29.1 percent compared to one year ago, in the Copenhagen suburbs 43.9 percent, and in Northern Zealand 43.8 percent. At the same time, the sales prices for apartments in Copenhagen dropped by 12.3 percents. For all of Denmark the total number of real estate deals dropped by 27.3 percent and sales of apartments by 26.5 percent.