Interest in the acquisition of recreational real estate has increased over the last three years. The demand has been spurred by the activities of developers in this sector.
“Developers are interested in the acquisition of land in mountain regions like the High and Low Tatras, the Lower Fatra or close to aqua parks,” Ján Palenčár, head of the National Association of Real Estate Agencies in Slovakia (NARKS), told the Hospodárske Noviny economic daily.
People are purchasing recreational real estate especially for their own needs. In some cases, they combine the usage of the real estate for their own recreation and for short-term rental. Developers in some cases also offer the possibility to rent out such real estate.
The current prices of recreational real estate differ considerably. They rank from €800 per square metre up to €2,500 per square metre. The price depends on the locality and type of real estate as well as the standard of its fittings and fixtures.
The most expensive recreational real estate is in the most attractive localities, for example at Štrbské Pleso in the High Tatras or in Demänovská Dolina in the Low Tatras. Cheaper offers can be found in the regions of Orava or Kysuce.
Bratislava is scheduled to get a new landmark within a few years. The developer J&T Real Estate (JLRE) has obtained a development permit for the project of extending Eurovea on the Danube embankment. Included is the 168-metre high Eurovea Tower, the first building in Bratislava that meets the latest criteria for being called a skyscraper, i.e. higher than 150 metres. The residence tower will have 47 storeys and have almost more than 380 residential units. The project will add 84,000 square metres of retail premises to the existing ones in the first phase of Eurovea, the Hospodárske Noviny wrote.
The Saudi-Arabian company Sisban has started building a brand new logistics park near the village Chocholná-Velčice in the Trenčín Region. Sihoť Park will spread over 160,000 square metres, while investments are projected at €50 million. This is the company’s first investment in Slovakia, the TASR newswire reported.
Tightening of conditions for taking mortgages has made house ownership less available for many Slovaks. Banks do not provide mortgages covering 100-percent of real estate prices anymore, and thus those interested financing a house or flat via a mortgage must pay a portion of the purchase price in cash.
New Stein, an office building recently built on the former Stein brewery premises in Bratislava has a new owner. MiddleCap Real Estate Ltd. sold the building to Prvý Realitný Fond managed by IAD Investments. Even though they did not reveal the price, the companies claim that it is one of the largest real estate transactions in Slovakia for 2018.
The prestigious architecture award Arch went to the Vallo Sadovsky Architects studio for the Nádvorie (Courtyard) project in Trnava involving reconstruction and extension of a set of historical buildings in the city centre.
After more than a 10 year break, construction work on the derelict skeleton of an unfinished shopping centre in Nitra will resume. The developer Living Park will rebuild it into a complex named Promenáda Living Park, combining shopping with housing. It has already obtained a construction permit, the SITA newswire reported.
Aupark, one of the first modern shopping centres in Bratislava, is to extend its premises. A new block, for which it has already obtained permissions, should add a new parking lot as well as extension of the retail area, the Trend weekly informs on its website dedicated to real estate.