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New apartments increase the price of the old ones
Half year ago,

New apartments increase the price of the old ones

Small, especially one-room, apartments and bed-sits are maintaining the highest prices in Bratislava. The price of two- and three-room apartments has decreased moderately. The interest in family houses and construction parcels is still high while demand exceeds availability.

 

Interest is highest for new houses, completed apartment blocks and reconstructed smaller ones- up to three-room apartments,” said Daniela Danihel Rážová from the real estate company Bond Reality, as cited by the Pravda daily.

 

The price of older residential real estate is lower. Martin Lazík from the nehnutelnosti.sk website dedicated to real estate confirms.

 

The trend we are seeing in the real estate market is that developers are able to increase their prices more easily as the price of old apartments decreases,” said Lazík, adding that both types of apartments are still selling well, their prices growing by mutual influence until they hit a ceiling.

 

It seems that the market has reached this ceiling as prices have been oscillating at the same level for some months, even though the price of new and old apartments develops a bit differently, according to Lazík.

 

We have registered a more significant growth in price in case of new constructions,” said Lazík. “Also, this increase is hovering around 2-3 percent and is significantly lagging behind the previous growth period.”

 

The price of two-room apartments in Slovakia increased by only 1.05 percent on average in the final quarter of 2017 compared with the previous quarter. In the case of three-room apartments, the increase was 1.97 percent.

 

Market watchers expect prices, especially in Bratislava, will stagnate.

 

Lazík expects that people moving from the countryside to larger towns for work will also continue this year. This will result in a growth of local differences – expensive real estate in towns and their vicinities and cheap housing in the countryside.

 

The cheapest apartments can be found in eastern Slovakia and the south of central Slovakia. In these localities there apartments can be found for a fraction of the price of apartments in the regional capitals.

 

 


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