Apartment market: prices will drop by 25-30% next year

The apartment market is far from recovering as concerns prices. Consultants consider the decline will continue until the end of 2011, on the background of a lower purchase power created by measures adopted by the government to cut salaries and increase VAT.“In the following period prices of old and new apartments will drop by 25-30% while rents will also drop by 50%. We consider the most optimistic scenario could be a return of the real estate market over 2011-2012,” according to the ...

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