Average price of real estate falls in 2011
3 months ago,
The average price per square metre of residential real estate was €1,236 in the final quarter of 2011, a drop of €12 from the previous quarter, the National Bank of Slovakia (NBS) announced on February 2, based on information provided by the National Association of Real Estate Agencies of Slovakia (NARKS).
“On a year-on-year basis, the drop in average residential real estate decelerated compared to the previous quarter by 1.6 percentage points to -2.7 percent,” NBS stated, as quoted by the TASR newswire.
For all of 2011, the average price per square metre had decreased by €40 to stand at €1,251. According to NBS, this drop in the average price per square metre was more moderate than in 2010 when a fall of €53 per square metre was reported.
“This development is linked to the increased willingness of developers and sellers to negotiate prices,” states the NBS document, adding that this could also be caused by a growing number of auctions of houses and flats.
The NBS noted that experts do not believe that prices have bottomed out and expect they will continue to fall due to uncertainty in financial markets and increased pessimism among Slovak households.
Caption: Prices of residential real estate fell in 2011.
Photo: Sme – Tomáš Benedikovič
More articles
Construction decline deepens in March
Yesterday 10:06 am
Output by Slovakia’s construction sector contracted by 11 percent in March to €328.8 million in a year-to-year comparison and was 3.2 percentage points worse than the results in February, the SITA newswire wrote, citing data from the Slovak Statistics Office.
NBS reports on residential real estate developments
1 week ago
The housing market in Slovakia is stabilising according to ČSOB bank analyst Marek Gábriš in his analysis of real estate price statistics published by the National Bank of Slovakia (NBS) on May 3, as reported by the TASR newswire.
Alexis bookstore loses its lease in the Cvernovka building
2 weeks ago
The Alexis bookshop is one the shops that will be asked to vacate the Cvernovka building, a former industrial building in Bratislava that is one of the last historical industrial buildings on Páričkova street near the main bus station where thread was produced in the past. Only some the buildings on the street are protected as historic buildings.
Build-to-suit project for Schnellecke Logistics completed
3 weeks ago
PointPark Properties (P3) has successfully completed construction of a warehouse facility at PointPark Bratislava in Lozorno. The build-to-suit project spans a 50,000-square-metre parcel of land with a total building area of 26,349 square metres, including 1,600 square metres of office space, the company announced in a press release.
Sme reports on the Bratislava apartment market
3 weeks ago
Bratislava homebuyers keep searching for smaller apartments or they want more rooms available in less or the same square metres, the Sme daily wrote in mid April, reporting on statistics about deposits on apartments and actual sales of apartments in new housing developments in Bratislava for the final quarter of 2011. Sme added that even though a drop in real estate prices has made buying apartments more affordable, people remain thrifty and reluctant to buy.
Mortgage interest rates rise
1 month ago
The average interest rate for mortgages has been rising in Slovakia as it was 4.76 percent in February 2011 and stood at 5.16 percent in February 2012. Ján Porázik, an analyst at Fincentrum, says the higher mortgage rates may be due to an amendment to the Act on Banks effective this January that requires banks to announce any changes in their interest rates two months in advance, the TASR newswire wrote.
More polystyrene consumed
1 month ago
Consumption of expanded polystyrene (EPS) as an insulation material in Slovakia is growing. During the first nine months of 2011 it grew by 3 percent year-on-year. The Association of Producers, Processors, and Users of Expanded Polystyrene in Slovakia reported the growth on November 2, 2011. Consumption of EPS rose by 10.5 percent to 30,000 tonnes in 2010, thus nearing the record of 30,050 tonnes set in 2008, the SITA newswire wrote.
All materials contained on this site are protected by copyright.