Modest growth foreseen for Lithuania’s GDP in 2010 and 2011
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The agony continues for Lithuania’s housing market. The average price of apartments in Lithuania’s five largest cities fell 20% during the year to March 2010, both in nominal and real terms, according to Ober Haus, a realtor.
Although price falls are decelerating, March 2010 was the 28th consecutive month of price declines since the peak in December 2007. The March price index was 40% below peak in nominal terms, and 46% down in real terms (not the worst fall – several countries have fared worse). Price falls are expected to continue for the rest of 2010, due to Lithuania’s dire economic condition.
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