Feb. 2 (Bloomberg) -- Slovak residential property prices dropped 1 percent in the last three months of 2011, the fifth quarterly decline, as government austerity measures hurt demand, the central bank said.
The average price for residential property declined to 1,236 euros ($1,623) per square meter (10.8 square feet) from 1,248 euros in the third quarter, the Bratislava, Slovakia-based Narodna Banka Slovenska said today on its website. Prices fell 2.7 percent on the year.
The residential-property market in the eastern euro-area member is struggling as the economy is slowing and government austerity measures have depressed demand. The average price of residential property is 20 percent down from a peak reached in the second quarter of 2008.
Prices varied from 634 euros a square meter in the Nitra region of western Slovakia, to 1,662 euros in the capital, Bratislava.
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