Jaguar Land Rover has increased the price of real estate in Nitra by tens of percent

The price of small apartments has almost doubled.

The new Jaguar Land Rover plant in Nitra The new Jaguar Land Rover plant in Nitra (Source: Sme)

After the British carmaker Jaguar Land Lover (JLR) announced its plan to build a brand new plant in Nitra, local real estate prices skyrocketed. Now the situation seems to be calming down. This is because the central bank has tightened conditions for taking out mortgages as well as developers announcing projects for the construction of new apartments.

Read also:Insiders indicate that Jaguar Land Rover in Nitra will start production on September 3 Read more 

In the years 2016 and 2017 real estate prices in Nitra and its vicinity increased by 20-30 percent. Rudolf Pauke from the real estate agency RE/MAX Family does not see this as natural growth caused by an increase in employment, labour productivity or wages. Real estate prices were mainly affected by the behaviour of people, the TASR newswire reported.

After the announcement of the investment, real estate prices began to increase. Because of this many sellers withdrew their offers from the market with the aim of waiting for higher prices. On the other hand, there was a high demand from people who wanted to buy residential real estate with a view to later renting it or selling it on for a higher price. This resulted in a drop in offers and an increase in demand, causing a significant increase in prices.

The price of one-room apartments and studios grew the most. While before JLR’s arrival a studio in Nitra went for about €29,000, at the time of the biggest boom in prices one could expect to pay as much as €54,000. The price of a one-room apartment went from €35,000 to almost €70,000. At this level they could no longer be sold, so the price cap was about €65,000, said Matias Fest from Fest Garant Invest, as cited by TASR.

The price increase in land was even higher due to a shortage. Before the arrival of the carmaker, land cost €30-€50 per square metre. Now it is €80-€120 per square metre, said Fest.

Top stories

Reconstruction work on the Monument of Liberation and Victory, unveiled in 1955 in the Dargov mountain pass, which commemorates the liberation of eastern Slovakia from Nazism.

Police have finally found a very old book, arresting alchemy buffs

Set out on a Malá Fatra hike, avoid the Bratislava cable car from Monday.


24. sep

News digest: Opening of Bratislava bypass postponed

Interior minister stays, Pavarotti from Slovakia celebrates his 70th birthday and Slovak food producer wins its fourth Great Taste prize.


24. sep
Bratislava Mayor Matúš Vallo speaks to foreigners at [fjúžn] festival's "Ask the Mayor" event.

Foreigner’s community has a big voice, but it needs to be more organised

Bratislava Mayor Matúš Vallo addressed the questions and concerns of foreigners in Bratislava during a special Q&A.


23. sep
The new Bratislava sculpture is made of coloured bronze, its height is almost five metres, and it weighs two tons.

Donkey, dog, cat and a rooster. Four friends find a new home in Bratislava

A 'Town Musicians of Bremen' statue has been unveiled in the city.


23. sep
Skryť Close ad