House price falls slowing in Slovakia. Turnaround in sight?
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Slovakia’s housing market remains depressed, with the economy slowing and unemployment high. But house-price declines have been slowing. In fact house prices rose during the latest quarter.
Average Slovakian residential prices fell by 0.64% to €1,240 per square meter (sq. m.) during the year to end-Q3 2012, the lowest annual decline since Q4 2008, according to the National Bank of Slovakia (NBS). When adjusted for inflation, residential property prices fell 4.13% over the same period. As of Q3 2012, house prices are down by 20% (-28% inflation-adjusted) from the peak of the boom in Q2 2008.
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