Illustrative image of a new apartment building. (source: SME - Marko Erd)
If someone interested in living in the Bratislava district of Ružinov decided last year to wait before buying an older flat, they may have no regrets as this decision saved them almost €30,000 in the case of a 65-square metre flat.
The third quarter of 2023 saw the continuation of second-hand real estate prices going down. The trend is not expected to stop in the coming weeks.
While developers of new flats wait and manage the situation differently, individual sellers usually go down in price when they are unable to sell their property.
12 months in a row
According to an analysis made by Bencont Investments, the price of second-hand real estate continued to fall in the third quarter of this year, with an average price of €3408 per square metre.
This is a decrease of 2.16 percent compared to the previous quarter, and a 12.08 decrease year-on-year. When it comes to individual city districts, the fall in prices ranged from 11.45 to 13.54 percent.
Prices have been decreasing for the 12th month in a row, although the latest data indicate a slowing of the trend.
"We don't expect a fundamental increase in the amount of flats for sale yet," says Bencont Investments analyst Rudolf Bruchánik, adding that the near future will see the stabilisation of the market and its subsequent recovery.
Rent on the rise
While the prices of older flats are falling, there is an opposite trend when it comes to rents. Their increase amounted to 2.6 percent quarter-on-quarter, and 13.67 percent year-on-year.
According to Bencont's calculations, renting a two-room flat in Bratislava costs on average €831 including utilities.
The increase was mainly due to increased energy prices, but as well to the increase in demand for rental housing.
