Expert: Slide in Slovak house prices has halted

Even though the Slovak economy is recovering, important international investors have not returned to the real estate market and since 2009 no new significant transactions have been carried out. According to a report by consulting company TPA Horwath looking at the real estate markets in central and eastern Europe, a decrease in demand for residential real estate led to a fall in prices in 2009 and early 2010. The prices of larger, four- and five-bedroom apartments fell the most, TPA Horwath tax adviser Peter Danovský told the SITA newswire.

Even though the Slovak economy is recovering, important international investors have not returned to the real estate market and since 2009 no new significant transactions have been carried out. According to a report by consulting company TPA Horwath looking at the real estate markets in central and eastern Europe, a decrease in demand for residential real estate led to a fall in prices in 2009 and early 2010. The prices of larger, four- and five-bedroom apartments fell the most, TPA Horwath tax adviser Peter Danovský told the SITA newswire.

In the second half of 2010, the fall in home prices stopped and the situation is now stable, Danovský said. He said he did not expect the prices of residential property to decrease in Bratislava in 2011, mainly because of the improvement in mortgage terms, which should lead to a recovery in demand. On the other hand, he said he did not expect prices to rise significantly either. “In Bratislava, there are currently several completed residential projects with a very low occupancy rate,” he explained.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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