Low mortgage rates make house more accessible

THE AVAILABILITY of housing in Slovakia is increasing, with people motivated to take out mortgages thanks to favourable interest rates.

THE AVAILABILITY of housing in Slovakia is increasing, with people motivated to take out mortgages thanks to favourable interest rates.

“We’ve recorded an annual increase of 33 percent in sales of housing loans,” ČSOB Bank spokesman Zuzana Eliašová told the TASR newswire on July 30. Slovenská Sporiteľňa (SLSP) reports that compared to the same period of last year it has sold around 50 percent more mortgages – more than 13,700 loans worth nearly €672 million. VÚB Bank signed 40 percent more mortgage contracts year-on-year, with their value increasing by around two-thirds. Tatra Banka also recorded an increase in the value of housing loans provided - by around 10 percent.

“Relatively stable developments in property prices as well as record-low interest rates have increased the availability of housing for an ever-wider circle of people,” SLSP analyst Maria Valachyová said. “We expect to see the number of housing loans for the whole year grow at a double-digit rate, just as it has in previous years.”

Tatra Banka analyst Boris Fojtík confirmed that the situation on the housing market has improved, adding that this is reflected partly in increased activity among real estate developers and in the growing number of building permits issued.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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