How has the recent economic crisis affected Slovak real estate market?
Slovakia is coming out of the crisis, the GDP is rising, the growth rate in the first quarter of 2010 was one of the largest in the EU – 4.6%. Property prices have begun to rise in the spring of 2010.
Since there was a dramatic increase in property prices during 2007-2008, a bubble was on the property market. This caused an average 20% drop in 2009-2010. Construction projects have stopped, except for a few exceptions; there has been a lot of downsizing and restructuring in the industry.
