This note describes sharp Milnor--Wood inequalities for the Euler number of flat oriented vector bundles over closed Riemannian manifolds locally isometric to products of hyperbolic planes. One consequence is that such manifolds do not admit an affine structure, confirming Chern--Sullivan's conjecture in this case. The manifolds under consideration are of particular interest, since in contrary to many other locally symmetric spaces they do admit flat vector bundle of the corresponding dimension. When the manifold is irreducible and of higher rank, it is shown that flat oriented vector bundles are determined completely by the sign of the Euler number.