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NBS: Residential real-estate price rise was temporary

The average price of residential real estate in Slovakia reached €1,240 per square metre in the first quarter of 2013, a fall of 0.6 percent quarter-on-quarter but an increase of 0.4 percent year-on-year, the National Bank of Slovakia (NBS), the country’s central bank, announced on May 7.

The average price of residential real estate in Slovakia reached €1,240 per square metre in the first quarter of 2013, a fall of 0.6 percent quarter-on-quarter but an increase of 0.4 percent year-on-year, the National Bank of Slovakia (NBS), the country’s central bank, announced on May 7.

"Current data showing a decrease in average housing prices confirms the expectation that the growth in real estate prices in the past two quarters was of a temporary nature only," the NBS stated, as quoted by the TASR newswire. According to the central bank, the growth in prices in the past may have been caused by renovations carried out to existing housing stock. "This could be strengthened by more accessible housing loans via various special offers at commercial banks, which usually spurs an increase in residential real estate prices," the NBS said.

Compared to their levels in 2005, when a boom in the real estate market began, the current average prices of residential real estates are still about 50 percent higher. However, prices are a fifth lower than the maximum residential real estate prices seen in the second quarter of 2008.

"A relative stagnation in housing prices in Slovakia – with a tendency toward slow decline – has been observed since the beginning of 2010," the NBS noted, as reported by TASR.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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