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• The recession has affected the real estate market and the construction sector harder than the rest of the economy.
• Residential prices and volume have decreased further in Q3 2011.• Housing rents stabilise, while commercial rents have fallen significantly.• Investments in residential construction have fallen to historical lows in 2011. • Employment is declining fast.• Construction costs remain high, especially the materials cost. • Mortgage rates are increasing and credit availability is constrained.
• Business expectations are at historical lows territory.