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NBS Magazine: Housing Prices Should Begin to Fall More Slowly
Monday 21 June 2010 Zoom in | Print page
Bratislava, June 21 (TASR) - The prices of flats and houses in the 'new EU-member states' will fall more slowly year-on-year in the next few months, Mikulas Car from the Slovak central bank (NBS) has written in NBS's magazine Biatec.
Car noted that Slovakia was among countries that experienced a year-on-year fall in average real-estate prices in the first quarter of 2010.
"Housing prices in Slovakia can be roughly compared to housing prices in the other ten EU countries [that joined the EU in 2004]," said Car, adding that Slovakia is close to the bottom third of EU countries for housing costs, i.e. with relatively low average prices. This means that prices may see a growth towards the prices reported in 'old EU-member states', but this will depend on the performance of the Slovak economy.
When it comes to accessibility of housing in Slovakia (average housing costs to GDP per capita), Car calculated that this figure stands at about 20 percent, which represents a roughly average level of access to housing.
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