Real Estate, page 19
Housing and investment in Slovakia
Retail parks are slowly sprouting
SLOVAKIA has little concept of retail parks, which are widely known in the rest of the Europe and the United States. But that might change soon. A retail park is a unit of three or more outlets with a total area of approximately 5,000 square metres or more and parking places out front. It is different from a shopping centre, which is a building or set of buildings that contain a variety of interconnected retail outlets under one roof.
Major public property for sale in Košice
THE CITY of Košice wants to sell buildings and plots on the former premises of the Casspos machine factory through a public auction, or public tender. The city has set the auction price at Sk180.5 million (€5.992 million), the SITA newswire wrote.
Socialist-era housing estates face major overhaul
MANY concrete panel apartment houses - or paneláks - built as state housing in Slovakia during communism, will need extensive repairs to avoid dilapidation in the next 10 years.
Brownfield strategy nearly complete
THE SLOVAK Investment and Trade Development Agency (SARIO) plans to complete its strategy on the renewal of Slovakia’s brownfield industrial sites by the end of the summer, the SITA wrote.
The fastest but not the highest
LAST year the prices of new apartments in Slovakia grew faster than in any of the other Visegrad Four (V4) countries. But despite the fast growth, new apartment prices in Slovakia have yet to reach the highest levels in the V4 region, which also includes the Czech Republic, Hungary, and Poland.
A tricky shot from the rough
GOLF in Slovakia has a very weak tradition. Slovakia has several quality golf courses and several projects to develop new golf resorts are currently in the pipeline. However, it could be a very long time yet before the country makes its mark on the map of popular European golfing destinations.
Financing a PPP project
INTRODUCTIONLike PPPs themselves, project-finance for PPP projects is of a complex nature; it is slow and has a high up-front cost. Adding together the complexity of a PPP project and its financing obviously makes these problems worse and more complex. It severely restricts the ability ofthe owners of a project – called Sponsors - to manage it freely. Nonetheless, there are good reasons why project-financing is commonly used for PPP projects, since it has benefits both for the private-sector investors in such projects and for the Public Partner (Public Authority).
Real Estate Due Diligence: Why It’s Worth It
In Slovakia, as in many other countries, proprietors of real estate are entered into the publicly accessible Land Register. Despite this, when purchasing real estate from the actual proprietor registered in the Land Register, one should be aware of the fact that there is no guarantee that this proprietor is the true and legitimate owner of the real estate. Without a prior title examination (real estate Due Diligence), the risk of future claims being raised by alleged proprietors of the acquired real estate cannot be avoided or minimized.
New Controversial Legislation on Highway Construction
In December 2007, the National Council of the Slovak Republic passed very controversial and broadly discussed legislation on extraordinary measures to be taken during the construction of certain highways and motor vehicle roads which should accelerate the construction of mainly the D1 highway from Bratislava to Košice and the R1 motor vehicle road from Nitra to Banská Bystrica. Thelegislation took effect on 31 December 2007. According to the Minister of Transport the newlypassed legislation, enacted by the government coalition, will significantly accelerate thecompletion of the highway connecting Bratislava and Košice, which has been blocked so far due tolengthy delays regarding the considerably high number of owners of small land plots in Slovakia.According to the Minister, the section of the D1 highway from Žilina to Prešov crosses more than6,000 land plots.
Construction of Žilina Aupark restarted
THE CONSTRUCTION of the Aupark shopping mall at Štúrovo Square in downtown Žilina has started again, three weeks after a town court ordered the work be brought to a halt. That decision was overturned by the Žilina Regional Construction Office, with which the investor had filed an appeal, the Pravda daily wrote.
New town to spring up near Nitra
FOUR hundred and thirty-five hectares of land between the Nitra river and northern bypass will be developed over the next 10 to 40 years into Párovské Lúky, a new "town" that will house 30,000-35,000 inhabitants, the SITA newswire wrote.
Slovakia becomes warehouse superpower
REAL estate services provider CB Richard Ellis (CBRE) found in a recent survey that an increasing number of developers are choosing to place their logistic centres in eastern Slovakia. The developers site favourable land and labour prices in the east, as well as an expectation that a highway connecting the east with the west will soon be completed, the Hospodárske Noviny economic daily wrote.
No end in sight to property price inflation
REAL estate guides about Bratislava and other areas of the country attractive to foreign investors should start carrying this warning about the prices: "Not for the lily-livered".
Letterstone leading the way on construction in the east
BRITISH investor and developer Letterstone is investing Sk2 billion in Central Park, a new residential zone in Košice that will contain almost 400 flats, a hotel and shops, the company's representatives informed the Hospodárske Noviny financial daily.
No limits on space, but some on creativity
THE BOOM in the Slovak real estate market amounts to much more than just a series of property catalogues resembling Tolstoy's War and Peace. New buildings have been mushrooming at an amazing pace and it seems architectural plans are being ordered as often as pizzas.
New real estate website launched
TRISTAN Media Efective (TME), a Bratislava-based publishing and communications company and member of the Tristan Group, has launched EUnovostavby.sk, an online version of its monthly real estate magazine, the SITA newswire wrote.
Slovan Hotel to be renamed
DOUBLETREE by Hilton will be the new name of the Slovan Hotel, which is under construction after years of dominating Košice's skyline.
Lower property prices lure Slovaks to Hungary and Austria
THE HIGH price of buying property is Bratislava is causing some Slovaks to purchase flats and houses in Hungarian or Austrian villages.
Slovaks scramble for ritzy addresses
AFTER years of living in grey, communist-style apartment blocks, Slovaks have taken an interest in more appealing housing.
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