UniCredit bank analysis says buying a flat is still expensive for average Slovak salary

Despite falling real estate prices and lower mortgage interest rates, it is still very expensive for a Slovak with an average salary to buy a flat, according to an analysis carried out by UniCredit Bank Slovakia published on December 17, the TASR newswire wrote.

Despite falling real estate prices and lower mortgage interest rates, it is still very expensive for a Slovak with an average salary to buy a flat, according to an analysis carried out by UniCredit Bank Slovakia published on December 17, the TASR newswire wrote.

According to the analysis, only €264 is left from the salary of an average Slovak after making the monthly mortgage payment. The analysis is based on purchasing a flat of 70m2 with a mortgage for 30 years, at 4-5 percent interest and the loan covering 80 percent of the total price. “The remaining €264, in effect, forces people to buy a flat as a couple, to earn more, or to stay in rented accommodations,” said UniCredit Bank’s macro-analyst David Dereník.

People from Prešov region have the least money left, €163 per month, after making the necessary monthly mortgage payments, even though real estate prices in the region have fallen by 25 percent. Despite the fact that salaries in Bratislava region are twice that of Prešov region, real estate prices twice as high have put the capital region in the second worst place in terms of living standards.

An average Bratislava earner has to live on €241 a month. According to the poll, people from Trenčín, Trnava and Nitra region have the best conditions in terms of buying a flat. This is especially due to industrial parks, the arrival of which has brought higher salaries. In addition, real estate prices in these regions have not been rising as fast as in Bratislava or Košice. TASR

Compiled by Zuzana Vilikovská from press reports
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