Located in Central Europe, Slovakia, officially known Slovak Republic, is a land-locked country that shares borders with Poland to the North, Hungary to the South, Czech Republic to the West and Ukraine to the East. This country is known for its rich culture, history and remarkable landmarks, some of which include the Bratislava castle located in the country’s capital city – Bratislava, the Slovak Paradise National Park, and the Spis Castle. Apart from the landmarks and notable touristic attractions this country has to offer, in recent years, the Slovakian Real Estate market has proven to be a profitable investment for potential real estate investors.
Real Estate Pricing in Slovakia
It should come as no surprise that the prices and prestige of real estate in some of areas of Slovakia are being compared with those of Spanish castles or villas located in France’s Cote d’Azur.
The average price of flats in Slovakia currently stands at 1,612 €/m2. Newly-constructed flats, however, cost slightly higher – 1,784 €/m2. However, prices of real estate in cities tend to be higher than the average housing price. In Bratislava, for example, the average flat price stands at 2,297 €/m2. The current average rental price in the Bratislava region is 12 €/m2, which doubles the average prices of similar real estate items in other cities.
Kosice, which is Slovakia’s second largest city records an average flat price of 1,558 €/m2, while Trnava and Zilina follow with 1,470 €/m2 and 1473 €/m2 respectively. Prices of real estate in other cities such as Nitra, Trencin and Presov keep increasing consistently. According to local industry experts, prices of flats, apartments, houses and other real estate items in Slovakia are expected to continue rising throughout the year, due to the increasing surge in real estate demand by local homebuyers as well as foreign investors. What are the reasons for the increasing demand for real estate in Slovakia?
Reasons to Invest in Real Estate (Reality) in Slovakia
There are many reasons to invest in Real estate or nehnutelnosti (reality) as Slovaks call it. Slovakia which sits at “the very heart of Europe” and this location is perfect because it offers residents quick and easy access to the whole of Europe, in all directions. In addition to its perfect location, here are a few reasons why real estate prices in Slovakia keep skyrocketing:
In addition, the country’s real estate market is truly diverse as it offers a wide variety of real estate items including modest rural accommodation to ostentatious and luxurious villas in area like the Tatra Mountains. Cities like Bratislava and Kosice provide highly-valued accommodations in historic houses. The diverse nature of the market makes it appealing to all sorts of investors.
Probably the most important factor is the fast growing Slovak economy starting from the separation from the Czech republic. Slovakia, as the underdeveloped part of Czechoslovak republic has grown in the last years mover the growt rate of other European countries.- The first factor influencing the rise of real estate prices in Slovakia is the country’s world heritage and cultural diversity. Slovakia is in close comparison with other countries in Europe when it comes to the touristic attractions. The country boasts of an abundance of leisure spots, hot springs and recreational areas that attract not only tourists from different parts of Europe and the world but also big investors.
A very important factor to consider when considering a real estate investment is the safety factor. No one wishes to live or invest in an area that is unsafe. Investors, especially, need assurance that their personal or commercial property will not be destroyed or seized by the state. Slovakia offers investors that assurance. Due to the absence of territorial disputes or religious conflicts, the crime rate in the country is one of lowest in Europe.
Finally, the cost of living in Slovakia is relatively lower than a majority of other European countries, especially those in the European Union. Generally, people prefer purchasing real estate in countries where cost of living is low but standards of living are high or at least, pretty descent. Slovakia is one of the few European countries that combines these two variants perfectly.
Real estate portal TRH.sk – Invest in real estate - reality
