Real estate prices continue to grow despite the pandemic

Košice has seen the largest rise.

Illustrative stock photoIllustrative stock photo (Source: Sme)

After a mild end-of-year dip, price tables for flats are once more showing an upswing.

Investment Advisory Guide - Your key to understanding the Slovak business environment Investment Advisory Guide - Your key to understanding the Slovak business environment (Source: )

In the first quarter of 2021 the greatest growth wasn't in the capital city, but mainly in the provinces, as indicated by information from the nehnuteľnosti.sk website.

Demand for two-room (one bedroom) flats drove up prices in Žilina by 4.1 percent, in Bratislava by 4.4 percent, in Trenčín by 4.8 percent, and in Banská Bystrica by 5 percent. The greatest rise was seen in Košice, where prices went up by 10.5 percent, with the highest being seen for real estate in the city centre. A two-room flat there costs €128,000 on average.

“The situation on the Košice real estate market points to a lack of apartments in all sectors," stated Michal Pružinský of nehnutelnosti.sk. "The price of three-room apartments in the centre of Košice rose by 20.6 percent in the first quarter, with rent going up a margin as well, despite the general trend in the rest of Slovakia being a decrease in price over the past months.”

The market for three-room flats was steady over the course of the first quarter. Except for parts of Košice I, Žilina and the Ružinov and Nové Mesto boroughs of Bratislava, flats saw a steady rise in price. In Prešov and Košice III prices dropped.

“Flats with greater footage provide stable housing for larger families and there isn’t always as much interest in them compared to smaller apartments for young couples or investment housing,” Pružinský explained. He added that this is reflected in the year-on-year difference in the price of three-room apartments, which is an order of magnitude lower than for two-room flats.

Still not enough flats in the capital, this year will not bring any change Read more 

Larger properties in the centre of Bratislava went up 2.5 percent in price. While tables indicate that two-room flat prices are rising steadily in all city boroughs, three-room flats see more sporadic changes to their price levels.

“Changes in the development of prices for three-room apartments usually coincide with newly developed units in the capital. They’re situated on the outskirts of Bratislava; the real estate market influences the beginning and end of their sales campaign,” Pružinský said.

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