Real estate prices down, but sellers stuck in past

For years, anyone selling an older apartment in Slovakia has set their price using a relatively simple principle: they would typically go by the prices apartments are selling for in their neighbourhood.

In recent years, sellers have tried to do better than their neighbours. And they have usually succeeded.

Now though, this principle is being abandoned as the real estate market has seen a dramatic change in recent months with buyers in a more advantageous position. This trend is expected to become even stronger in the coming months as residential property prices fall from what real estate agents described as unrealistic levels.

Considerable cool down