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.
“Demand for housing in Bratislava is high and the condition of the economy is favourable for the real estate market,” said Matúš Jančura, senior analyst with Bencont Investments, as cited by a press release. “Even though limits on housing loans have complicated the paths of many to a loan, predictions that demand will stop have not materialised. Contrary to this, there is a continual desire to acquire apartments, but lack of affordable housing curbs this demand.”
During the final quarter of 2018, the number of available apartments dropped to 2,873 due to a minimum addition of new development projects. Fewer than 250 apartments were added to those on offer in the final quarter of 2018, analysts with Bencont Investment reported in a press release on January 14.
Offers in Bratislava consisted of 105 new projects; half of them now have fewer than 15 available apartments, mostly either apartments with disadvantageous layouts or luxurious, and thus more expensive, apartments. Big projects with offers of more than 100 apartments available include Slnečnice, Bory Home, Guthaus and Kesselbauer.
The average price per square metre in a newly completed apartment in Bratislava amounted to €2,907 per m2 at the end of 2018. This means a rise of 5.5 percent quarter to quarter and 11.5 percent year to year.
The growth of the absolute price of apartments was even steeper as it jumped by 14.7 percent y/y. The price of an average apartment thus reached almost €193,000. The increase was caused by a growth in prices itself as well as an increase of the size of apartments. The latter increased by 4.9 percent y/y to 69.27 m2. The trend of bigger flats has been growing in Bratislava since 2016 when an average sized apartment on offer was 63-64 m2.
The oldest shopping mall in Bratislava, Polus City Center in Bratislava’s Nové Mesto borough, is undergoing major reconstruction. With an investment of €4 million euros, the interior and exterior of the shopping mall will undergo radical change.
Mlynica, a former industrial building in Bratislava rebuilt into a multi-purpose building, is one of 40 projects shortlisted for the prestigious European Union Prize for Contemporary Architecture – Mies van der Rohe Award. The biennial competition is considered to be the most prestigious architectural award in Europe.
The first of three residential towers of Sky Park, a project designed by the prominent Zaha Hadid Architect studio in Bratislava, reached its final height at the 31st above-ground floor at the end of last year. The other two towers will reach their final height during the first half of this year. Construction of the first of two office buildings and restoration of the historical heating plant known as Jurovičova Tepláreň are going on as well.
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.