Largest developers in Slovakia 2022

Design, build and sell. This is, in short, the business plan of every developer. Whether or not a desired profit is made at the end is often determined by details. The Slovak Spectator brings, within the broader rankings of the largest companies in business, the ranking of the top developers in Slovakia in categories of residential real estate, offices, industrial and logistics projects as well as retail and entertainment. The rankings are based on data provided by companies themselves.

Residential

When compiling the ranking of developers constructing buildings intended for housing, the following criteria made the biggest impact on the final ranking: the area of projects under construction at the end of 2021, the area of completed residential projects and the number of apartments sold in the past year.

However, points for projects receiving the final building approval in the years 2019 to 2020 and the area of planned projects for which the environmental impact assessment (EIA) process has already launched were included in the formula, too. The result is a ranking of the 10 largest development groups in the residential sector in Slovakia.

10. Finep SK

Residential premises that received the final building approval in 2021: 0 m2
Residential premises that received the final building approval in the years 2019 to 2020: 9,860 m2 (168 flats)
Residential premises under construction: 19,190 m2 (302 flats)
Number of flats sold in 2021: 151

The development group made itself visible in Bratislava mainly through two projects. In several stages, it built the residential complex Jégého Alej and was also behind the completion of the complex on Šancova Street named Premiére.

Although no housing projects of this group received the final building approval in
2021, it began construction activities on some new projects. In Bratislava, it started construction on the fifth stage of the Jégého Alej project. In its immediate vicinity it launched the Danubius One project with a 26-storey tower as its dominant feature.

Finep SK was established in 2008 and its sole shareholder is the Czech company Finep Holding. The company operates mainly on the Czech market, where it specialises in the capital, Prague. In the past, it also implemented projects in
Mongolia.

9. ITB Development

Residential premises that received the final building approval in 2021: 0 m2
Residential premises that received the final building approval in the years 2019 to 2020: 35611 m2 (325 flats)
Residential premises under construction: 24052 m2 (239 flats)
Number of flats sold in 2021: 95

The development group ITB Development was established in 2003, while its main representatives are Igor Lichý, Tomáš Šebo and Ivan Rolný. Probably the most famous project of the group is the Čerešne project in Bratislava’s Dúbravka.

In addition, the group has carried out projects such as Mamapapa, Sokolská Residence, Nový Háj and Wallenrod. Although the group did not complete any new residential projects last year, it is working on the next stages of the Čerešne project.

In the years 2019 to 2020, it completed two projects in Bratislava, Kolísky in Záhorská Bystrica and Gansberg in Koliba. In the first case, it supplied 98 housing units to the market, in the second case 48 housing units. In that period, the developer also completed 179 flats in the first stage of the Čerešne project.

8. Proxenta

Residential premises that received the final building approval in 2021: 41940 m2 (264 flats)
Residential premises that received the final building approval in the years 2019 to 2020: 7930 m2 (64 flats)
Residential premises under construction: 15589 m2 (152 flats)
Number of flats sold in 2021: 88

This is one of the few developers in the TOP 10 that does not focus only on the capital. In Nitra, the group completed the Tabáň project last year, within which it supplied 264 flats and apartments to the market.

Probably its most famous and most visible project is the Proxenta Residence office complex in Račianske Mýto Square. The developer is active in the centre of the capital, where it is preparing the Blokk and Kesselbauer projects.

Behind the Proxenta developer is the Proxenta Private Equity investment group, with its founder and owner Pavol Kožík in the background. The group also operates in other industries.

7. Corwin SK

Residential premises that received the final building approval in 2021: 0 m2
Residential premises that received the final building approval in the years 2019 to 2020: 21,150 m2 (383 flats)
Residential premises under construction: 18,500 m2 (292 flats)
Number of flats sold in 2021: 110

The Corwin Group is one of the developers that have increased their activities on the development market. Its most famous projects include Blumental in the city centre and the Einpark complexes in Petržalka, Bratislava. The latter one supplied 110 flats and apartments to the market.

However, the flagship project of the group in Bratislava is the Guthaus project, which is growing on Račianská Street. The developer wants to continue being active on this busy street in the coming years, as it is preparing the redevelopment of the former industrial premises of Palma.

The main representative of Corwin is Marián Hlavačka, who previously worked in the HB Reavis development group.

6. VI Group

Residential premises that received the final building approval in 2021: 0 m2
Residential premises that received the final building approval in the years 2019 to 2020: 35,353 m2 (587 flats)
Residential premises under construction: 22,942 m2 (437 flats)
Number of flats sold in 2021: 305

The VI Group development group started relatively inconspicuously and gradually developed into one of the largest players in the country. Brothers Richard and Juraj Duškovci are behind it. In addition to the Slovak market, they have expanded into the Czech and Polish markets.

The most famous project of the group is the Matadorka residential tower in Petržalka, which was built on the edge of the former industrial premise in the southern part of Bratislava. In addition, they also constructed Bratislava projects such as Starý Háj, Panónka and Septimo.

The group did not supply any flats to the market last year, but it has two projects, Moruše and RNDZ, under construction. They will bring a total of 437 flats
and apartments to the market.

5. Lucron Group

Residential premises that rereceived the final building approval in 2021: 12,296 m2 (237 flats)
Residential premises that received the final building approval in the years 2019 to 2020: 23,175 m2 (453 flats)
Residential premises under construction: 51,380 m2 (853 flats)
Number of flats sold in 2021: 249

The Lucron Group made it to the TOP 5 largest residential developers in Slovakia last year. The company is part of the international IKO Real Estate group from Luxembourg.

The developer’s first major project in Slovakia was the Arboria project in Trnava.

The flagship project of the group is definitely the Vydrica development growing below the Bratislava castle and aims to expand the Bratislava centre by another location. In total, it will build hundreds of flats and other multifunctional buildings here.

The Nesto project, whichthe developer began to build in the south of Petržalka, has even greater parameters and the prospect of long-term development.
Prospectively, about 15,000 people should live in it after it is completed.

The group’s other residential projects are Urban Residence, Malé Krasňany and Eden Park.

4. YIT Slovakia

Residential premises that received the final building approval in 2021: 16,900 m2 (274 flats)
Residential premises that received the final building approval in the years 2019 to 2020: 41,000 m2 (656 flats)
Residential premises under construction: 33,630 m2 (550 flats)
Number of flats sold in 2021: 338

The Finnish development group YIT entered the Slovak market in 2010, when it bought a majority stake in the Reding building company. Upon entering, it announced that it had big plans in the Slovak market. Over more than a decade, YIT Slovakia has developed into one of the largest residential players in Slovakia.

The group’s flagship project on the Slovak market is the Zwirn project, which is
transforming the former thread factory into a multifunctional district with flats
and offices. Its large projects also include the Nuppu complex, which is growing in the eastern part of the Mlynské Nivy locality.

The company will continue to be active in Mlynské Nivy in the coming years, as it has acquired an extensive former industrial area near the Prístavný Most bridge. The architectural studio Sadovsky & Architects has already designed its future look, including hundreds of flats to be built.

3. Penta Real Estate

Residential premises that received the final building approval in 2021: 16,888 m2 (287 flats)
Residential premises that received the final building approval in the years 2019 to 2020: 67,730 m2 (1017 flats)
Residential premises under construction: 63,559 m2 (1122 flats)
Number of flats sold in 2021: 341

If this ranking had only taken into account figures for 2022, Penta Real Estate would certainly have placed lower. As part of the settlement with the group’s former partner, Jozef Oravkin, Penta Real Estate sold him part of the projects Sky Park and Digital Park as well as land under the project to be built near the building of the National Bank of Slovakia.

Penta Real Estate’s position in this ranking is based on results the developer achieved by the end of 2021. In this case, it was the third largest residential developer in the country thanks to its Bory project on the outskirts of Bratislava with more than a thousand flats under construction.

Another of its residential projects is Pri Mýte, where it is implementing the last stage. The challenge for the coming years will be, for example, the development of newly acquired land in the Lido locality on the right bank of the Danube River. At the same time, the group can be expected to be active in the acquisition of new land.

2. J&T Real Estate

Residential premises that received the final building approval in 2021: 40,000 m2 (380 flats)
Residential premises that received the final building approval in the years 2019 to 2020: 4,900 m2 (82 flats)
Residential premises under construction: 100,760 m2 (1589 flats)
Number of flats sold in 2021: 390

The second largest residential developer in Slovakia is the J&T Real Estate group. The developer is currently building the tallest building in Slovakia – the first Slovak skyscraper based on the latest criteria, the 168-metre Eurovea Tower. It will bring to the market almost 400 flats and apartments while an additional one hundred housing units will be built in adjacent buildings.

The Ovocné Sady project, which is growing near Bratislava Airport, will supply an even higher number of housing units to the market. On top of that, the group has the most flats under construction out of the surveyed developers.

J&T Real Estate should maintain this trend in the years to come. The group is one
of the most active players in terms of land acquisition, especially in Bratislava. The prospect of further growth is great.

1. Cresco Real Estate

Residential premises that received the final building approval in 2021: 26,930 m2 (398 flats)
Residential premises that received the final building approval in the years 2019 to 2020: 116,350 m2 (1981 flats)
Residential premises under construction: 58,550 m2 (911 flats)
Number of flats sold in 2021: 389

The largest residential developer in Slovakia is the Cresco Real Estate group. In fact, one project, Slnečnice, was enough for the developer to lead the ranking. However, this is not an ordinary project at all; by size it is the largest residential project in Slovakia.

In the south of Petržalka, a new town is growing that in the future will equal smaller district towns in terms of population. It will feature not only
residential real estate, but also offices, schools and leisure facilities.

However, the group is not only building in the south of Petržalka. In Dúbravka, it has the Agáty project with 150 housing units under construction. The company has also carried out projects in Košice and it has been active in the neighbouring Czech Republic, too.

Planned projects

In the data provided, the developers revealed what projects they plan to carry out in the coming years; the decisive factor was that environmental impact assessment (EIA) process for them was already launched. However, it should be added here that the data provided are preliminary. The size of the built-up areas or the number of flats may change and the projects will have the final form only after the entire assessment process is over.

A look at the number of planned flats reveals that new players may rise to be among the largest developers of residential real estate in the coming years. One of them is the developer HB Reavis upon completion of its Bottova project with as much as 500 flats it will be its first residential project ever. Another promising developer is Grafobal Group Development, with businessman Ivan Kmotrík senior behind it. Its biggest project is Green Park, which could bring up to 300 flats in the area close to the public park Sad Janka Kráľa.

The largest residential projects will also include Portum Towers (518 flats) of the Top Estates developer and Metropolis (298 flats) of the Mint Investments developer to be built in the emerging Bratislava downtown.

Offices, retail and entertainment

HB Reavis defended its first place among office space developers also in 2021. It has been building the New Apollo project, where IBM will locate its new eadquarters. It will occupy most the of 48,000 m2 and will move here from four locations in Bratislava. In 2023, HB Reavis plans to start construction of the Mlynské Nivy Košická project, which should bring 66,000 m2 of office space to the new Bratislava downtown.

J&T Real Estate became number two in the office space category when it completed over 10,000 m2 of offices in the Klingerka project in 2021. In the next stages, additional offices totalling 37,000 m2 should be built.

Immocap came in third thanks to its projects of Lakeside Park 02 and The Mill that are under construction as well as the planned New Istropolis project. They will bring up to 85,000 m2 of office space in total. The three largest developers in the category of retail and entertainment were HB Reavis, J&T Real Estate and Penta Real Estate.

Industrial real estate

The pandemic led to the development of e-commerce, which has also required the growth of stock premises.

In 2021, the five largest developers operating in this area brought up to 214,000 m2 of warehouse and logistics premises.

The company CTP Invest SK became the largest, with a total of 33,000 m2 of premises receiving the final building approval in its industrial and logistics parks in Žilina, Košice and Trnava.

In second place was P3 Logistic Parks, which brought 63,550 m2 of warehouse and logistics premises in Ivanka pri Dunaji.

Prologis, which focuses all its activities on the Senec area where it currently has a total of more than 410,000 m2 of warehouse and logistics premises, finished third.

The largest area with the final building approval gained in 2021, as large as 78,000 m2, put the VGP developer at fourth place in the ranking. Apart from the logistics company Geis, it houses Continental, which supplies tires to customers across 12 countries in Central and Eastern Europe.