The prices of residential property shrank by 2 percent last year on an annual basis, but a more pronounced drop was seen in some other European Union member countries, analysts from Poštová Banka told the TASR newswire on Monday, October 1.

"A much steeper, double-digit fall in the prices of flats and houses was seen in Romania (14.3 percent) and Ireland (14 percent)," said the bank, citing figures from Eurostat. Analysts pointed to so-called ghost houses in Ireland, where 300,000 out of more than half a million houses and flats built during the real estate boom are now vacant. Spain is experiencing similar problems, with their property prices dropping by 7.4 percent in 2011 year-on-year. On the other hand, the prices of residential property went up in France and Luxembourg - by 6 and 4.2 percent, respectively.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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