2024: Which developers dominate the market? See the ranking of the biggest players

The property development market almost came to a standstill in 2023. Developers experienced challenging months, marked by rising interest rates and inflation, as well as hesitant buyers.

How have the past months affected the position of individual developers? This question is answered by the ranking of the largest residential developers compiled by The Slovak Spectator, as part of its Largest in Business project.

This ranking is based on data provided by the developers. The main criteria for compiling the ranking were the area of projects under construction (at the end of 2023), the area of completed residential projects and the number of flats sold in the past year. In this case, however, we have reduced the ranking percentages compared to last year as sales have dropped significantly.

The formula also included figures for projects approved between 2021 and 2022, and the area of planned projects for which the EIA process has already started.

10. Licitor Development

• Flats that received final building approval in 2023: 0

• Flats that received final building approval in 2021 to 2022: 42

• Flats under construction: 244

• Number of flats sold in 2023: 100

• Ranking position in 2023: -

The Licitor Development group has entered the top 10 of the largest Slovak residential developers for the first time. This Žilina-based company has been on the market for almost two decades and focuses mainly on its local region.

The group has implemented the Piano Residence project in Žilina, which resulted in 42 residential units. However, the Kvetnica complex has much larger parameters. It is also located in Žilina and will offer 244 flats and apartments.

The developer is also planning another project, to be constructed in the north of Slovakia. The Villa Houses Budatín project will result in 18 residential units.

The developer entered the top 10 largest developers in Slovakia thanks to above-average sales. Last year, it sold 100 flats, according to published data. Together with Cresco, it would share first place in the ranking if we only took the sale of flats into account.

9. VI Group

• Flats that received final building approval in 2023: 471

• Flats that received final building approval in 2021 to 2022: 0

• Flats under construction: 332

• Number of flats sold in 2023: 78

• Ranking position in 2023: 9

VI Group experienced a busy year in 2023, completing as many as three projects. The Bratislava projects RNDZ, Moruše and Septimo resulted in almost 500 residential units going on to the real estate market in the capital city. The largest portion fell within the RNDZ project. This multifunctional complex created 300 flats and apartments in Rača.

The developer started the construction of three projects last year. In Bratislava, the Verdena and Topoľčianska projects will create 113 residential units.

Currently, the group’s largest project is the Gerlach Rezort complex in Gerlachov, a village below the High Tatra mountains. It will result in 219 residential units.

The developer is also preparing the construction of three new projects in Bratislava in the coming years, which will together result in 218 flats.

8. Alto Real Estate

• Flats that received final building approval in 2023: 0

• Flats that received final building approval in 2021 to 2022: 0

• Flats under construction: 971

• Number of flats sold in 2023: N/A

• Ranking position in 2023: 6

Last year, Alto Real Estate was a newcomer to the list of the largest development groups. It was established in 2022, when its founder Jozef Oravkin acquired the Sky Park, Digital Park and the upcoming Florian Residence project near the National Bank of Slovakia in Bratislava, as part of a partnership settlement in the Penta Group.

The developer is currently completing the fourth tower of the Sky Park project. It has revised its plans for this complex and the Sky Park Tower will eventually offer flats instead of offices. There should be 393 in total.

Also under construction is the aforementioned Florian Residence project, which will result in 314 residential units. The developer will remain in the location of Bratislava’s new downtown, having bought the land from the developer HB Reavis. It plans to build the Blok 5.1 project on the site of the former temporary bus station.

The group might potentially have been higher in the ranking, but it was the only developer that decided not to indicate the number of flats it sold in 2023.

7. Penta Real Estate

• Flats that received final building approval in 2023: 0

• Flats that received final building approval in 2021 to 2022: 648

• Flats under construction: 404

• Number of flats sold in 2023: 48

• Ranking position in 2023: 3

The Penta Real Estate group dropped out of the top three largest residential developers. However, this was not a reflection of the group’s activities; instead it was the price the developer paid to settle with the ex-partner of Penta Investments.

As part of this move, Penta’s real estate division lost Sky Park and the project near the National Bank of Slovakia. So only the Bory project on the outskirts of Bratislava and the last phase of the Pri Mýte project were included in its results.

We can expect Penta to return to a top position in the coming years. The Bory, Medze and Vajnorská projects should help, with more than 2,500 housing units being released in several stages.

6. Ismont

• Flats that received final building approval in 2023: 192

• Flats that received final building approval in 2021 to 2022: 99

• Flats under construction: 538

• Number of flats sold in 2023: 90

• Ranking position in 2023: -

The Ismont development group has entered the top 10 largest developers for the first time. It started with smaller projects, but gradually acquired larger projects, which has put it among the biggest players on the market.

In recent years, it has implemented projects such as Opál in Bratislava’s Rusovce, V korunách in Miloslavov and OC Island in Trnava, both in western Slovakia. The group currently has 538 residential units under construction. The largest portion of this number falls within the Riviera project, under construction in Nitra, western Slovakia. It should bring a total of 240 flats and apartments to the market.

However, the group is also implementing the Noemis project in Stupava near Bratislava and the Miko project in Trnava. Already now the developer is announcing plans for other projects in Banská Bystrica, in central Slovakia, and Vrbové and Bratislava in western Slovakia.

5. ITB Development

• Flats that received final building approval in 2023: 152

• Flats that received final building approval in 2021 to 2022: 87

• Flats under construction: 255

• Number of flats sold in 2023: 96

• Ranking position in 2023: 7

ITB Development improved its position from last year. It maintains its position among the largest residential developers mainly thanks to the Čerešne project, under construction in the Dúbravka borough of Bratislava.

In recent years, two phases of the Lake section have been completed within the project. Last year, the group started to implement the Residence stage, to bring a total of 255 residential units to the market. Another stage is also being planned, with the working title Plaza.

However, the developer does not plan to remain only in Dúbravka. It also plans to build in the Devínska Nová Ves borough of Bratislava. The Slnečný Vrch II project should emerge in that location, resulting in 468 flats and apartments.

4. YIT Slovakia

• Flats that received final building approval in 2023: 176

• Flats that received final building approval in 2021 to 2022: 372

• Flats under construction: 471

• Number of flats sold in 2023: 86

• Ranking position in 2023: 4

Most of the developers in the top 10 have exclusively Slovak shareholders. However, there are exceptions. These include the developer YIT Slovakia, which has Finnish shareholders behind it. The group has been among the biggest players on the market for many years.

The developer’s numbers have been mainly pulled in recent years by the Nuppu project, which is under construction in Bratislava’s Ružinov borough. That project is gradually nearing completion.

The group’s flagship project is the Zwirn complex, under construction on the corner of Košická and Svätoplukova streets near the Nivy bus station in the capital. In the first two phases it will deliver 471 flats.

There are plans for a third phase, which will expand the project by almost 400 additional flats. The Mlynárka project is also awaiting implementation. A multifunctional project will be built in the Mlynské Nivy - Západ area, which will result, among other things, in 457 flats.

3. Lucron Group

• Flats that received final building approval in 2023: 166

• Flats that received final building approval in 2021 to 2022: 537

• Flats under construction: 553

• Number of flats sold in 2023: 96

• Ranking position in 2023: 5

For the first time, the Lucron Group has made it into the top three largest residential developers. In recent years, it has mainly received final building approvals for new stages in the Arboria project in Trnava. The project is still growing, with the next stage bringing 166 residential units to the market.

However, the group has made a more significant expansion in the capital. It is implementing its Vydrica flagship project, where it is revitalising the area below Bratislava Castle. The Nesto project is also under construction, which has the ambition of creating a new district in the south of Petržalka.

The Arboria, Vydrica and Nesto projects also concern other plans of the development group. Further stages should be added in the coming years. The Rakyta project, which will be constructed in the Devínska Nová Ves borough of Bratislava, is also awaiting initiation.

2. J&T Real Estate

• Flats that received final building approval in 2023: 504

• Flats that received final building approval in 2021 to 2022: 457

• Flats under construction: 477

• Number of flats sold in 2023: 60

• Ranking position in 2023: 2

J&T Real Estate defended its position from last year. It is perhaps best-known to the general public as the developer behind Slovakia’s skyscraper, Eurovea Tower. The 168-metre tower was completed last year and so it also made it into the statistics.

The developer currently has 477 flats under construction. These are residential units under construction in the Ovocné Sady project. In the meantime, the group has a relatively extensive list of plots and projects in the pipeline, especially in the capital city.

In the next few years, J&T Real Estate is expected to develop the River Park 2, Ganz House and Downtown Yards residential projects. The latter will be the largest of them. It will create 650 residential units along Košická Street in Bratislava, in addition to offices and shops.

1. Cresco Real Estate

• Flats that received final building approval in 2023: 382

• Flats that received final building approval in 2021 to 2022: 398

• Flats under construction: 2,069

• Number of flats sold in 2023: 100

• Ranking position in 2023: 1

Cresco Real Estate Group has maintained its position as the largest residential developer for several years. It owes this mainly to the Slnečnice project, which it is building in the south of Petržalka. The largest number of flats has been completed in recent years in this project.

Cresco will not end soon in the south of Petržalka. More than 1,500 other housing units are under construction in the project and hundreds more are planned. However, the developer is also present in Dúbravka, where it is implementing the far more intimate Agata project.

We can expect other projects in the coming years. On the Danube embankment, the developer is preparing the Waterside project, which will build on the competing River Park project. Hundreds of flats should also be constructed as part of the third phase of the Lakeside Park project at Kuchajda Lake.

Offices, retail and entertainment

J&T Real Estate expanded the Eurovea shopping centre in Bratislava with a new section in 2023, making it the largest shopping centre in Slovakia. This also secured first place for it in the retail and entertainment category.

The construction of new shopping centres is already past its zenith, and entertainment, leisure and health care are coming to the fore. This is evidenced by the ranking of the developer Porthum Towers, which has started to build a project with the same name. Although the bulk will be for residential use, almost 20,000 square metres is earmarked for wellness, restaurants, a health and fitness centre, and apartments with hotel services.

The winner in the category of largest office space developers, HB Reavis, announced the end of its development activities in Slovakia at the beginning of 2023, and will only be a long-term manager of the projects it owns.

The second is J&T Real Estate, thanks to the opening of 40,000 square metres of offices in the Eurovea project.

Penta Real Estate will certainly be among the developers to move up the rankings. It currently has the large Chalupkova office project under construction in its portfolio.

Immocap, which completed The Mill project in 2023, will also remain among the top ranked. It has plans for more than 60,000 square metres of offices, and construction could start in the next two years.

Industrial

Among industrial property developers, the winner remained unchanged and will be CTP Invest in 2024. It already has almost 900,000 square metres of gross lettable area in Slovakia. The five largest companies completed approximately 158,000 square metres of industrial real estate last year and have another 191,000 square metres under construction.