Deloitte: Big fall in demand for residential property

Demand for residential property in the Czech Republic could fall by nearly 50 percent this year, according to a report from Deloitte. It said property prices would drop as the financial crisis eats into household incomes. The prices of existing flats could decrease by up to 20 percent, while the price of new flats could fall by 15 percent, Deloitte said, adding that the Czech mortgage market was relatively healthy because lending was mainly in the local currency the crown, redressing losses caused by foreign exchange fluctuations.