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Flat prices in Banská Bystrica to rise over long term

The National Association of Slovak Real Estate Agencies has found that the real estate market in Central Slovakia features large differences in prices, the TASR newswire reported.

The National Association of Slovak Real Estate Agencies has found that the real estate market in Central Slovakia features large differences in prices, the TASR newswire reported.

"In most districts, one square metre of an old flat costs between Sk5,000 (€155) and Sk6,000 (€185), but in the Banská Bystrica and Zvolen districts, it is much more," said Martin Lazík, general secretary of the association. "In the regional capital, old flats are almost as expensive as new flats, thus creating opportunities for developers and investors to construct new buildings."

Some attractive tourist locations, such as Donovaly, are also more expensive than the average, attracting investments from all over Slovakia.

"Construction there is not meant to be for homes, but is more suited for tourism and sport," he said. "One square metre of apartment in Donovaly is more expensive than in Banská Bystrica."

Prices of flats in Banská Bystrica increased from Sk25,000 (€770) to Sk32,000 (€990) per square metre last year. This year they have reached as much as Sk36,000 (€1,100) per square metre, and prices are still steadily increasing, Lazik said.

He continued that it is only a question of time before the real estate market in Zvolen comes to life, as the town has a continuing shortage of flats.

"We expect a two-speed development in the real estate market in the region - in its centre Banská Bystrica and in the rest of the region - that needs to wait for direct foreign investment that could bring new employment prospects and adequate salaries, thus triggering interest in new houses," Lazík said. TASR

Compiled by Zuzana Vilikovská from press reports
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