Slovak Residential Property Prices Dropped in First Quarter

Slovak residential property prices declined 0.5 percent in the first quarter as elevated unemployment hurts demand, the central bank said.

The average price for residential property dropped to 1,264 euros ($1,879) per square meter (10.8 square feet) from 1,270 euros in the fourth quarter, the Bratislava, Slovakia-based Narodna Banka Slovenska said today on its website. On an annual basis, prices were down 2.5 percent.

The residential-property market in the eastern eurozone member is struggling to recover after the 2009 recession as the unemployment rate, at 13.1 percent in March, remains close to a six-year high. The average price is 18 percent down from the peak reached in the second quarter of 2008.

Prices varied from 602 euros a square meter in the Nitra region of western Slovakia, to 1,694 euros in the capital, Bratislava.

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net.

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