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Real estate and construction sub-sectors in the economy were badly hit due to the increased cost of building materials, which has slowed down the real estate market as well. The loan rates hit their highest level in history and banking sector credit deteriorated further.
Land prices have grown by 9.8% in 2H of 2022, compared to the same period in 2021. The recovery process was steady in residential properties, which has shown a growth rate of 10.8%, while commercial properties by 9.8%, and industrial lands grew by 9%.