Home construction slumps

Only 3,119 apartments were completed in 1Q in Slovakia, down 24% annually and the lowest figure in nine years, ŠÚ reported. The Bratislava region recorded the sharpest decline, at almost 50%. The number of apartments started fell by 17% annually to 3,198, the lowest figure in 12 years. The decline is due to expensive mortgages and slow permitting processes. Some developers apparently delayed building permit applications until the new Building Code took effect on April 1.

(trend.sk)