Business News

Existing Home Prices Drop in Q2

Ljubljana, 27 August (STA) - Existing home prices in Slovenia dropped by 1.6% in the second quarter of 2010 on the quarter before. A more notable 4.6% fall was recorded for houses while the prices of flats dropped by 0.4%, the Statistics Office said on Friday.

In Ljubljana, apartment prices fell by 0.3% in the third consecutive quarterly drop; while prices fell by 0.5% in other regions after growing in the previous two quarters.

Apartment prices in the second quarter of this year were 5 percentage points above 2009 prices and 10 points below the record high prices in 2008.

The number of existing home transactions slightly increased compared to the first quarter of 2010.

The Statistics Office also presented price indices for single-family homes, showing a steady increase in prices from the first quarter of 2007 to the record-high third quarter of 2008. Prices in 2008 were 18% above those in 2007.

Falling by 4.6% in the second quarter, house prices hit the lowest since the record high of 2008.

Single-family homes' transactions increased dramatically over the last three quarters, compared to the crisis-hit 2009, but still lag behind the number of those in 2007.

House price changes recorded since 2007 are identical to those of second-hand flats; rising and dropping in the same time periods.

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