Photo: PixabayReal estate prices in Slovenia have been rising for seven years. However, the general shortage is also reflected in the real estate market. Stagnation begins with a 15 percent drop in turnover, and the price per square meter also dropped. Experts say it is difficult to predict how long this trend will last.
"After the first corona crisis in 2020, prices jumped drastically and real estate was one of the better investments at that time," Matej Rigelnik, director of the Equinox agency, told RTV Slovenia.
"When the property went on the market, that is, when it started to be advertised, it would be sold immediately. Let's say within a week or 14 days," added Ajda Mrzel Kaluža, manager of the Arvio real estate market valuation platform, Seebiz reports.
However, the general shortage also affected the area of real estate. Namely, the Eurozone has never experienced such a rapid growth of the Euribor interest rate. At the end of May, the six-month Euribor was in the negative zone, and now it is at 1.7 percent. According to forecasts, it will exceed two percent by the end of the year, and 2.5 percent in the first months of 2023.
Despite this, "there is still a general belief that a real estate agent is naturally trusted that both the seller and the buyer will be protected," commented Alen Komic, real estate agent of the company ABC nekretnine.
However, at a time when the real estate market is cooling down, the buyer is insufficiently informed.
"The most expensive thing you will buy in your life is real estate, and you do it a little by heart, for example, you believe what your neighbor or friend tells you." No, rather look at the data, how much similar properties are sold for," urged Mrzel Kaluža.
In the second quarter of this year, compared to the first, there was a 15 percent drop in real estate purchases. A square meter of a used apartment in Ljubljana has become cheaper by around 100 euros, according to data from the real estate evaluation platform Arvio.
Regardless of prices, real estate sales continue to boom. In the second quarter of this year, 3,669 apartments worth 449 million euros were sold, according to data from the State Bureau of Statistics.
According to data from the European Statistical Office (Eurostat), prices in the European Union have increased by 48 percent in the last 12 years, and rents by 18 percent. Price growth has been particularly fast in the last two years.
The value of apartments has increased over 12 years in 24 member states of the Union. Prices have almost tripled in Estonia, and more than doubled in Austria, Luxembourg, Latvia, Lithuania, the Czech Republic and Hungary.
House prices fell in three member states. These are Italy, Greece and Cyprus. In Slovenia, apartment prices have risen by approximately 47 percent in the last 12 years, while rents have risen by 40 percent.
Source: seebiz.eu
