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Slovakia Property Prices Down Less Than 5% In Year
June 1, 2009Article by Ray Withers
Slovakia property prices showed a pleasant year-on-year surprise for investors – an annual fall of only 4.7%.
Slovakia is reckoned to be one of the countries in Europe that’s most likely to ride out the recession without too many economic woes thanks to the strength of the Euro based economy.The National Bank of Slovakia released the figures based on government data.
Slovakia real estate prices peaked in the second quarter of 2008 at 1.549 Euros per square metre.
Now, they are 1.413 euros per square metre – down from 1.476 Euros for the first quarter of 2008.The percentage fall from when the prices of property in Slovakia were at their highest is about 8.8% in nine months.In fact, the current price per square metre is the fifth highest quarterly price recorded in Slovakia – with the other four all being in 2008 – which means prices have yet to sink to 2007 levels.This is good news for investors, making Slovakia one of the most stable countries for property investment in Europe.
A typical upmarket development offering anticipated 5-6% yields to investors is Silver Resort, on the edge of the High Tatras.Set high on a hill, the resorts gives wonderful views of the surrounding mountains that make up this world heritage site and national park.Offering studio to three bed roomed apartments and villas, investors can buy in to this Slovakia property from £12,699 plus purchase costs with an 80% loan-to-value mortgage.
This resort has something for everyone. It’s 15 minutes drive from Poprad Airport, five minutes drive from ski lifts and only a few miles from an 18-hole golf course.The High Tatras has just finished a successful winter season – which has continued straight in to the summer season, because as the skiers leave and the snow has melted, hikers and golfers and started to arrive to take advantage of the beautiful scenery and sporting facilities.The High Tatras National Park is situated in the north east of Slovakia, straddling the border with Poland. The government is sending millions of Euros to the park area to build infrastructure to attract tourists.