Slovakia, officially named the Slovak Republic, is a landlocked country in Central Europe with a population of over five million and an area
of about 49,000 square
kilometres. The largest
city is
Bratislava,
its capital.
Slovakia is divided into 8 regions, each of which is named after its regional capital. The regions are subdivided into many districts. In the past, Slovakia had 79 districts, which are no longer part of the official administrative system, but the country has maintained them for different purposes.
In terms of economy and unemployment rate, the western regions are more prosperous than the east. Slovakia is best known for its pistine nature in the countryside: mountains make up two-thirds of its land, 40 percent of which is covered by forests.
The region of Bratislava is the country's smallest in terms of area, but its most densely settled and urbanised, with 296 inhabitants per square kilometre, about three times the Slovak average. Bratislava, the capital, had a population of 426,091, or 70 percent of the total inhabitants of the region. The Bratislava region is bordered by the Danube to the south and the Morava to the west. It consists of the Záhorie lowlands in the far west of the country and the Podunajská nížina (Danube lowlands) towards the Hungarian south, divided by the heavily forested Malé Karpaty (Small Carpathian mountains) range.
The south-west Trnava region is a strangely shaped body of land that encloses Bratislava region and borders on the Czech Republic, Austria and Hungary. It is the second smallest region after Bratislava, and the smallest in terms of area.
The south-central Nitra region is Slovakia's agricultural heartland. Flatter and warmer than the rest of the country, its soil and terrain are best suited to farming.
The north-west Žilina region is a rugged area that borders on the Czech Republic and Poland. It includes no fewer than seven mountain ranges: the Tatry and Nízke tatry (Tatras and the Low Tatras), the Veľká and Malá Fatra (Greater and Lesser Fatras), the Chočské vrchy (Choč Mountains), the Javorníky and the Strážovské vrchy (Strážov Mountains). The region is also dominated by national parks
Banská Bystrica region, the country's largest in terms of area, lies in the southern part of Central Slovakia. With its extensive forests and hilly terrain, it is the least densely settled region.
The north-east Prešov region is Slovakia's most physically spectacular, but poor and sparsely settled as well. It borders on Poland and Ukraine, and contains five national parks. Less than half of the inhabitants of the region live in urban settings.
Košice region is a largely flat and poor area in the southeast of Slovakia bordering on Ukraine and Hungary. With a population of 773,000, it is the second largest region while with about one third of the total inhabitants of the region, the capital Košice is Slovakia's second largest city and is the industrial anchor of the east of the country.
The north-west Trenčín region is a relatively wealthy and developed part of Slovakia, bordering on the Czech Republic. It is hilly but not rugged, and has an unusually high (55 percent) proportion of inhabitants employed in industry, making it the second most heavily industrialised region after Bratislava.

Laurie Farmer’s consultancy firm has been keeping its finger on the pulse of the real estate business in this region for over two decades. But he believes that in the real estate business one must always deal with what is happening today and look carefully at the parameters that Slovakia offers in banking, in development possibilities, and in consultancy, and then piece together a picture that generates new development opportunities. The Slovak Spectator spoke at length with Farmer, director of Spiller Farmer global consultancy firm, about the impacts of the global economic downturn on Slovakia’s real estate market, the current lending policies of the country’s banking sector and future prospects for this important industry.

Slovakia’s development prospects for retail shopping properties are less gloomy than the predictions for other parts of Europe. However, the shopping centre projects planned for completion in 2009 and 2010 are still reflecting the pre-crisis optimism of developers and the economic conditions for further development of the retail sector may not be as rosy in coming years.


But today’s construction slump will affect future supply

Slovaks are buying properties in Hungary and Austria close to Bratislava

So far there have not been forced sales of recently completed real estate projects in Slovakia on a mass scale. However, in case of poorly-tuned projects, this might begin to happen next year, according to Roman Krajčír, an expert in the field.