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Slovak Residential Property Prices Dropped in First Quarter

May 4 (Bloomberg) -- 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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