BUSINESS FOCUS: Corona crisis bites real estate market, but it remains healthy

Impacts of the COVID-19 pandemic, rental housing and best offices of 2019 are among the highlights of the latest Business Focus.

The virus has postponed the completion of Stanica Nivy – a bus terminal and shopping centre.The virus has postponed the completion of Stanica Nivy – a bus terminal and shopping centre. (Source: Sme)

In June 2020, The Slovak Spectator published its Business Focus on Real Estate in Slovakia. Here is your overview of stories from the focus issue:

Coronavirus in real estate: Investors have opted for a wait-and-see tactic

The COVID-19 pandemic has had a slightly negative, but not dramatic, impact on the real estate market.

“Just as it has coped with the health crisis, Slovakia will certainly cope with a slight decrease in activity in the real estate market,” said Richard Urvay, director of Colliers International in Slovakia. However, Urvay expects a slight impact on investors’ confidence. “It is questionable how big institutional players will react and whether they will prefer more traditional markets such as the United Kingdom, Germany and France.”

Related articleCoronavirus in real estate: Investors have opted for a wait-and-see tactic Read more 

COVID-19 temporarily slowed some real estate projects

"This crisis is not a crisis in the real estate or other markets, but it is caused by the impact of the pandemic and the measures needed to protect public health. The real estate market is healthy and after the business sector restarts, it will only grow again," said René Popik, CEO of HB Reavis Slovakia. He was one of the representatives of top development companies active in Slovakia featured in a survey about the impacts of the pandemic on the Slovak real estate market.

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Rental housing has become a hot issue

Slovaks face not only a lack of rental apartments but a housing scarcity in general. While this is a legacy of the 1990s, the current government of Igor Matovič wants to change this. It has promised in its programme statement to take all the necessary steps to enable the massive construction of quality state rental apartments throughout Slovakia so that the monthly rental is available to the tenant and is significantly lower than the commercial rental.

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Coronavirus redesigns office space

The pandemic is bringing about fundamental changes in the way people work. But while the coronavirus pandemic could be the catalyst for a working-from-home revolution, real estate experts do not expect an end to office work.

Related articleCoronavirus redesigns office space Read more 

Offices no longer need to be boring

The fourth edition of the Office of the Year competition confirmed that innovative solutions, tasteful design, the hottest trends and creative ideas have become a part of offices in Slovakia. Have a look at who the winners are for 2019.

Related articleOffices no longer need to be boring Read more 

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