Property Market Overview in Slovakia

Written by: Bridgewest

property-makert-overview-in-slovakia.jpgThe property market in Slovakia continued to increase in 2015, with investments of around EUR 600 million and an increasing number of first time buyers in the country. In 2016, experts expect to be a strong year as well in regards to the Slovakian property market, with a number of significant transactions. 
 

Acquiring real estate as a foreign citizen in Slovakia

 
Since it has become a part of the European Union in 2004, it is possible for any foreigner to buy property in Slovakia. The local real estate market enjoys legislation which does not make differences based on citizenship or place of residence or the type of real estate which is about to be bought – be it a town apartment, countryside mansion or mountain cottage.
 
Exception is acquring agricultural and forest land in Slovakia. The Law on protection and use of mineral wealth (Mining Act) states that foreign citizens are not able to acquire or receive as a present agricultural and forest land, unless the buyer previously conducted business activities on the land for at least three years and he or she has resided in Slovakia on a temporary basis. Our Slovak company formation advisors can provide more details on this matter.
 

A few numbers on the property market in Slovakia

 
As a brief overview of the property market in Slovakia, the average residential real estate prices in the country increased with 1.15% to EUR 1,229 (USD 1,318) per square meter during 2015, representing the greatest year-over-year growth rate since the housing market recession in 2009, according to the National Bank of Slovakia (NBS). 
 
In the Bratislava area, which presents the highest house prices in Slovakia, real estate agencies registered a price increase of 3.23% per square meter to EU 1,695 (USD 1,818) during the last year. Other areas with year-over-year increase rate are comprised of Kosice (3.10%), Trnava (1.09%) and Trencion (0.64%).
 
Apartments registered house price increases in the whole country, growing by 5.59% to EUR 1,361 (USD 1,459) per square meter during last year. Houses decreased in value with 1.55% (-1.25% in real terms) to EUR 1,079 (USD 1,157) per square meter. Vila prices also saw decreases of 1.88% to EUR 1,776 (USD 1,904) per square meter.
 
If you are interested in starting a business in Slovakia in the property market, our Slovakia company formation advisors can help you with the procedure of company registration and set-up. We invite you to contact us for immediate assistance.

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