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Residential property prices fell by 2 percent in 2011

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.

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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