BUSINESS IN SHORT

Housing prices in Slovakia stop falling

EVEN though the Slovak economy has been recovering, important international investors have not returned to the real estate market and since 2009 no major new projects have started, according to a report from the TPA Horwath consulting company, which maps real estate markets in central and eastern Europe.

EVEN though the Slovak economy has been recovering, important international investors have not returned to the real estate market and since 2009 no major new projects have started, according to a report from the TPA Horwath consulting company, which maps real estate markets in central and eastern Europe.

The firm also noted that because of falling demand, prices for residential real estate decreased in 2009 and into the beginning of 2010, the SITA newswire wrote.

The prices for larger, four- and five-bedroom apartments decreased the most, said Peter Daňovský, the tax adviser of TPA Horwath, as reported by SITA.

In the second half of 2010, the fall in home prices stopped and currently the situation is stable, Daňovský said.

He added that he does not expect prices of residential real estate to decrease in Bratislava in 2011, mainly because of improved mortgage terms which could lead to recovery of demand.

He does not expect prices to increase significantly either.

“In Bratislava, there are currently several completed residential projects with a very low occupancy rate,” Daňovský said, as quoted by SITA.


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