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.
At the end of 2018, the offer of housing units in newly finished apartment buildings in Bratislava hit a low since 2002-2005, when this market started developing in Slovakia. This resulted in an increase of average prices of apartments.
The iconic building of the British retail chain Tesco department store in the centre of Bratislava has changed hands. The new owner of the building is the Mirage Shopping Center company of Žilina-based businessman George Trabelssie. Since 2016 the retail chain Tesco has sold five department stores across Slovakia. Trabelssie, who is close to former chair of the Slovak National Party (SNS) Ján Slota, acquired Tesco department stores also in Nitra and Žilina, the Hospodárske Noviny business daily reported. Tesco will continue to operate in the building on Kamenné Square as it will rent the premises.
The reconstruction of the Park Inn by Radisson Danube hotel in Bratislava has become the ugliest new building constructed between the years 2011 and 2018. As much as almost one third of 1002 participants in a survey organised by the website Trend Reality of the economic weekly Trend voted for it. The weekly launched the survey in early December. Its goal was to start a discussion and hold up a kind of mirror to developers.
Prices of apartments grew at a two-digit pace in Slovakia in 2018. The average price of an apartment increased from €1,479 per square metre to €1,655 per square metre during the first 11 months of 2018. This means an increase of €176 per square metre or 11.9 percent, Vladimír Kubrický, analyst with the Real Estate Union, told the TASR newswire.
Bratislava’s Old Town has gotten a new square. It is part of a new office-residential complex called Blumental, built by the development company Corwin. It is flanked by streets Mýtna and Radlinského and interconnects with them. It was named after mediaeval King Matthias Corvinus, Matej Korvín Square.
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.