Authored by the expert who managed and guided the team behind the Slovakia Property Pack
Everything you need to know before buying real estate is included in our Slovakia Property Pack
Are you considering investing in Slovakia’s real estate market? What are the legal steps, tax implications, and cultural differences you need to understand before taking the plunge? What challenges do foreign investors typically face, and how can you overcome them?
These are the questions we hear most often from foreign investors because we’re actively connected to this market. We’ve spent time working with local agents, developers, and investors, so we know what works—and what doesn’t. That’s why we’ve written this article: to provide a clear guide that answers the questions we get asked daily.
Our goal is to help you, as a foreigner, to navigate the property buying process with confidence. If you think there’s something we missed or want more details, let us know (please do!). Your input helps us refine and improve our advice for everyone.
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1) Invest in Slovak companies to own agricultural land, as foreigners can’t buy it directly
In Slovakia, foreigners can't directly buy agricultural land due to a unique law.
This law, known as Act No. 140/2014 Coll., means that unless your home country allows Slovaks to buy land there, you can't buy land here. But there's a clever workaround: foreigners can invest in companies that own agricultural land. This is a popular strategy, as highlighted in the Foreign Direct Investment (FDI) Reviews of 2024.
Slovakia has a system to screen foreign investments, which means while you can't buy land directly, investing through companies is a smart move. This approach is not just theoretical; it's actively used by many investors.
According to the UNCTAD’s World Investment Report 2023, Slovakia attracted USD 2.9 billion in FDI inflows in 2022. A good chunk of this money likely went into companies that own agricultural land, showing how investors are working around the restrictions.
For those looking to invest, understanding these dynamics is crucial. Investing in Slovak companies owning land is a practical way to enter the market without breaking any rules.
So, if you're considering buying property in Slovakia, remember this insider tip: investing in a company might be your best bet to get a piece of the agricultural pie.
Sources: IFLR, White & Case, Groupe Crédit Agricole
2) Plan your finances for Slovakia, as non-residents need a 20% down payment, higher than for locals
In Slovakia, non-residents face a higher down payment requirement when buying property compared to locals.
For those not living in Slovakia, the Loan-to-Value (LTV) ratio is typically around 70% to 80%, meaning you'll need to cover 20% to 30% of the property's price upfront. This is quite different from what Slovak citizens experience, as they often enjoy more favorable terms. If you're considering buying property here, it's crucial to plan your finances well in advance to meet these demands.
Real estate experts and financial advisors in Slovakia stress the importance of having substantial funds ready for the down payment. This is especially true for non-residents, as the financial planning can be quite complex. The Slovak real estate market is attractive, but understanding these financial requirements is key to a smooth buying process.
In recent years, market reports have consistently highlighted the need for careful financial planning for foreign buyers. The higher down payment requirement is a significant factor to consider, and it's essential to be prepared. This is not just about having the money but also understanding the financial landscape of the Slovak property market.
For non-residents, the Slovak law mandates a 20% down payment, which is higher than what locals typically pay. This legal requirement is something you can't overlook, and it plays a crucial role in your financial planning. Make sure to account for this when budgeting for your property purchase.
Sources: Tatra banka, Aparthotel
We have made this infographic to give you a quick and clear snapshot of the property market in Slovakia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) Consider properties in Bratislava's Old Town for potential appreciation, as high demand and limited supply can maximize profits
Bratislava's Old Town is a hot spot for property investment due to its rising property prices and limited availability.
In 2023, second-hand apartment prices in Old Town jumped by 5.8% compared to the previous year. By 2024, the average price per square meter in Bratislava had nearly increased by 10%, with the overall average price of apartments reaching €252,679. This upward trend is expected to continue into 2025, driven by high demand and limited supply.
The rental market in Old Town is thriving, with low vacancy rates thanks to high demand from expatriates and professionals. This ensures that rental properties are consistently occupied, making it a reliable source of income for investors.
Old Town's charm lies in its historic and cultural significance, coupled with its central location. These factors make it a prime spot for property investment. The limited availability of new development projects, due to zoning restrictions, adds to the potential appreciation of existing properties.
Real estate agencies often highlight Old Town as a prime investment location because of its high demand and limited supply. The area's unique appeal and strategic position make it a sought-after destination for both local and international buyers.
Investing in Old Town properties not only offers the potential for appreciation but also provides a steady rental income stream. With its vibrant atmosphere and strategic location, Old Town remains a top choice for savvy investors.
Source: Spectator SME
4) Stay updated on Slovak mortgage interest rate changes, as local banks' policies heavily influence the real estate market
In Slovakia, local banks' mortgage policies play a big role in shaping the real estate market.
Recently, mortgage interest rates have been climbing, with the average rate at 3.99% in September 2024. This is a slight dip from August's 4.08%, but still above the historical average of 3.8%. These shifts in rates can make a big difference when you're considering buying property.
In 2023, the Slovak property market felt the pinch of these rising rates. Residential property prices dropped by 6.48% in Q2 2023, marking the first decline since 2014. This shows just how sensitive the market is to changes in interest rates.
Slovakia's mortgage market has been growing fast, showing how much people rely on loans to buy homes. By 2022, mortgages made up 38.6% of the country's GDP, up from 32.8% in 2019. This growth highlights the crucial role of mortgage policies in the real estate scene.
For anyone looking to buy property in Slovakia, keeping an eye on these mortgage trends is key. Interest rate changes can directly affect your buying power and the overall market dynamics.
Understanding these elements can give you an edge in the Slovak real estate market, especially when local banks adjust their mortgage policies. Staying informed about interest rate shifts can help you make smarter decisions.
Sources: The Global Economy, Global Property Guide, Economy Finance
5) Avoid older properties in Slovakia with unresolved restitution claims, as they can complicate ownership
When buying older properties in Slovakia, be cautious of unresolved restitution claims that can complicate ownership.
These claims often date back to historical events like property confiscations during the Nazi occupation and later under Communist rule. After the Velvet Revolution in 1989, Slovakia introduced new laws to tackle these issues, but many claims remain unresolved. For instance, in 2002, the government set up a special fund to address unrestituted Jewish property, showing a significant backlog of claims.
This fund was designed to provide symbolic payments to survivors and their descendants, highlighting ongoing efforts to resolve these complex issues. Additionally, communal property claims filed by Jewish communities under the 1993 law further illustrate the challenges involved. These unresolved claims can impact the real estate market, slowing down residential construction and complicating property transactions.
Real estate agencies often offer legal advisories to help prospective buyers navigate these risks. They emphasize the need for caution when dealing with older properties, as legal complications can arise. It's crucial to understand the historical context and potential legal hurdles before making a purchase.
Expert analyses suggest that these unresolved claims can have a ripple effect on the market. They can slow down new developments and make transactions more complex. Buyers should be prepared to deal with these potential issues and seek professional advice.
Understanding the historical and legal landscape is key to making informed decisions. Consulting with experts can provide valuable insights and help you navigate the complexities of buying property in Slovakia.
Sources: WJRO, Global Property Guide
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6) Focus on short-term rentals in tourist areas for higher profits compared to long-term leases
In 2023 and 2024, short-term rentals in tourist-heavy areas have become more profitable than long-term leases.
Take Slovakia, for instance, where visitor arrivals jumped by 30.7% in December 2023 compared to the previous year. This surge highlights the strong demand for short-term accommodations, making it a hot spot for property investors. With more tourists flocking in, short-term rentals enjoy high occupancy rates, which is a key factor in their profitability.
Short-term rentals often have higher average daily rates compared to monthly rates for long-term leases. In popular tourist destinations, guests are willing to pay a premium for the flexibility and convenience these rentals offer. This means that on a per-unit basis, short-term rentals can bring in more revenue.
Slovakia's tourism boom, with over two million visitors in December 2023, underscores a thriving market for short-term rentals. More tourists mean more potential guests, and property owners who switch from long-term to short-term rentals often see a boost in their earnings, especially during peak tourist seasons.
For property owners, the shift to short-term rentals can be a lucrative move. The ability to adjust pricing based on demand allows for maximizing profits, particularly in tourist-heavy areas. This flexibility is a significant advantage over long-term leases, where rental income is fixed.
In tourist-heavy areas, short-term rentals can be more profitable than long-term leases, thanks to high occupancy rates and the ability to charge higher nightly rates. This trend is particularly evident in Slovakia, where the tourism industry is thriving.
Sources: CEIC Data, GlobeNewswire, Airbnb Tax Guide
7) Look for undervalued properties in smaller Slovak cities, as prices are rising but growth potential remains
Slovak property prices have been climbing, especially in bustling cities like Bratislava and Košice.
In Bratislava, the average apartment price hit €2,500 per square meter in 2023, and experts predict an annual increase of 8-10%. This surge is fueled by a growing population and a high demand for housing. But don't let that scare you away; there are still hidden gems in smaller cities.
Take Nitra and Zilina, for example. These cities offer lower price-to-income ratios, making them appealing for savvy investors. Nitra saw a modest price rise of 3.19% in 2023, while Zilina's prices actually dropped by 5.33% year-over-year. This dip suggests a ripe opportunity for future growth.
Infrastructure development is another key factor. In Košice, improvements have turned it into a logistics hub, attracting businesses and boosting residential demand. Smaller cities with similar infrastructure upgrades and growing populations are becoming promising investment spots.
Local development plans are in the works to enhance infrastructure in these smaller cities, which could significantly increase their attractiveness. As these areas develop, they offer a chance to get in early before prices catch up with the bigger cities.
So, while the spotlight is on major cities, don't overlook the potential in smaller Slovak cities. They might just be the undervalued areas with growth potential you're looking for.
Sources: Global Property Guide, Housenix, Property Forum
8) Invest in off-plan developments in Slovakia, as local buyers often prefer new builds
In Slovakia, new build properties are in high demand, especially in 2023 and 2024.
Take Bratislava, for example, where new building sales jumped by 50% in early 2024, hitting a four-quarter high. This shows that Slovak buyers really like new constructions, even if there aren't enough units to meet the demand.
Off-plan property sales are also booming, with developers like YIT Slovakia and Penta Real Estate leading the charge. This means investing in off-plan developments can be quite profitable since these projects often sell out before they're even finished. Buyers are confident and interested in new builds, especially with the Green Houses Program offering rebates for renewable energy installations, which makes modern, energy-efficient homes even more appealing.
Looking ahead to 2025, the new build sector is expected to keep growing. With a planned VAT increase and falling mortgage interest rates, new builds are becoming more attractive to buyers. Younger buyers, in particular, are entering the market and they often prefer homes with modern amenities and energy efficiency, making off-plan developments a hit with them.
Sources: Property Forum, Global Residential, PV Magazine
We made this infographic to show you how property prices in Slovakia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
9) Monitor local news in Slovakia, as the small property market can be affected by political changes
The Slovak property market is small and sensitive to political changes.
In 2023, there was a 6.48% drop in average residential property prices, showing how easily the market reacts to outside influences. This isn't the first time political events have shaken things up. During the global financial crisis and the eurozone debt crisis, the market also saw its share of ups and downs.
As we approach the 2024 presidential elections, the political scene is stirring up uncertainty, which could further impact property prices. This kind of political climate makes the market jittery, and potential buyers should keep an eye on local news to stay informed.
Experts say that the Slovak property market is highly sensitive to political stability. The country's economic growth has been overshadowed by a large public deficit, partly due to political instability. This situation can scare off foreign investors, even though there are no legal barriers for them to buy property in Slovakia.
Despite these challenges, Slovakia remains an attractive option for property buyers. The lack of restrictions on foreign ownership is a plus, but the market's sensitivity to political shifts means that staying informed is crucial.
For those considering a purchase, understanding the local political landscape is key. The market's small size means that even minor political changes can have significant effects, so being aware of upcoming events is essential.
Sources: Global Property Guide, China-CEE Institute, Raiffeisen Bank International
10) Know that Slovak property deals are in euros, benefiting investors from countries with weaker currencies
You might be surprised to learn that Slovak property transactions are typically conducted in euros, which can be advantageous for investors from countries with weaker currencies.
Using the euro in Slovakia's real estate market offers a stable investment environment. Local property prices are always listed in euros, as noted in the Deloitte Property Index. This means investors can avoid the hassle of currency conversion, making it easier to compare property values across borders.
For investors, the euro's strength is a big plus. In 2023, the euro appreciated against the Romanian currency by 0.30% and against the Israeli currency by 10.95%. This appreciation can lead to better returns for those investing from countries with weaker currencies.
Foreigners find it easy to invest in Slovakia because there are no legal restrictions on buying property. This openness, combined with the euro's stability, has attracted significant foreign investment. Investors are drawn to the predictable returns and the ease of transactions.
Slovakia's real estate market is thriving, thanks to favorable conditions like low interest rates and strong economic growth. The euro plays a crucial role in this growth, making it a preferred currency for cross-border investments.
Local experts and international investors agree that the euro's use in Slovakia is a major advantage. It simplifies transactions and reduces risks, making the market more appealing to a global audience.
Sources: Statista, Deloitte Property Index, AtHome Network
11) Take advantage of Slovakia’s low property tax for financial benefits as a property owner
Slovakia is known for its low property tax rates, making it an attractive option for property buyers.
In 2024, Slovakia's property tax was just 0.25% of private capital stock, which is much lower than in countries like France and Greece, where rates were 0.98% and 1.13%, respectively. This means that if you're buying property in Slovakia, you'll pay significantly less in taxes compared to many other European countries.
Slovakia uses an area-based taxation system, which calculates taxes based on the size of the property rather than its market value. This approach has helped keep tax revenues steady even as house prices have risen over the past decade.
Government reports show that Slovakia's property tax revenues are only 0.5% of GDP, far below the EU average of 2.2%. This is a big plus for property owners, as it means more money stays in your pocket.
For those considering a move, this low tax rate is a financial advantage, especially when compared to other European countries where property taxes can be a significant burden.
Sources: Tax Foundation, European Commission Report
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12) Capitalize on Slovakia's trend towards eco-friendly homes, as buyers increasingly value sustainability
In Slovakia, eco-friendly and energy-efficient homes are becoming increasingly popular.
Thanks to the Slovak Green Building Council, there's a buzz around sustainable construction. Their efforts have sparked interest among buyers who are now more aware of the benefits of green homes. Imagine living in a house that not only saves you money on energy bills but also contributes to a healthier planet.
The government is also on board, offering incentives through the Recovery and Resilience Plan. These incentives make it easier for homeowners to invest in energy-efficient upgrades. It's like getting a little financial nudge to choose a home that's both smart and sustainable.
Slovakia is serious about energy efficiency, as seen in the rise of green building certifications. With stricter standards like nearly zero-energy buildings, the market for sustainable homes is set to grow. This means more options for buyers who want homes that align with their eco-conscious values.
For those considering a move to Slovakia, this trend is a win-win. You get a home that's not only modern and efficient but also part of a larger movement towards sustainability. It's a chance to be part of a community that values the environment and future generations.
So, if you're thinking about buying property in Slovakia, now's the time to explore these eco-friendly options. They're not just a trend; they're becoming the norm, offering a lifestyle that's both forward-thinking and responsible.
Sources: Energy EU, Economy Finance EU, Slovak Green Building Council
13) Build a strong relationship with Slovak real estate agents, as they often have exclusive selling rights
In Slovakia, real estate agents often hold exclusive rights to sell properties.
This means they are the only ones who can market and sell a property, making it crucial to build a good relationship with them. Such exclusivity is common in the industry, aligning with international trends where agents often have exclusive listings.
If you're looking to buy property in Slovakia, having a strong connection with an agent can be a game-changer. They can provide access to properties that might not be available otherwise, giving you an edge in a competitive market.
Case studies show that successful property purchases often highlight the importance of agent relationships. Properties sold through agents tend to have higher sale prices and faster sale times, indicating the value of their expertise and network.
In Slovakia, agents play a pivotal role in the real estate market, and their exclusive rights can lead to better outcomes for both buyers and sellers. This insider knowledge can be particularly beneficial if you're navigating the market for the first time.
Remember, Slovak real estate agents often have exclusive rights, so building a good rapport with them is key to accessing the best opportunities. This approach can significantly enhance your property buying experience.
Sources: National Association of REALTORS®, IBISWorld
14) Avoid properties in areas with declining populations, like some rural regions, as they may not offer good returns
Investing in properties in Slovakia's rural areas might not be the best move due to declining populations.
In Slovakia, while the overall population remains stable, rural areas are experiencing a decline. This means fewer people are living there, leading to less demand for housing. When demand drops, property values might not rise as expected, or they could even fall.
Economic activity is another factor to consider. Rural regions often have fewer job opportunities, and their employment rates aren't growing as quickly as in urban areas. This lack of growth can stifle economic activity, which in turn affects property values. If people aren't moving to these areas for work, they're less likely to buy or rent homes there.
There's also a noticeable trend of people moving from rural to urban areas in search of better job opportunities and services. This migration pattern means rural areas are losing residents, further reducing housing demand. With fewer people wanting to live in these areas, the potential for property value growth is limited.
In some rural parts of Slovakia, the shift is even more pronounced. People are drawn to cities for better infrastructure and amenities, leaving behind communities that struggle to maintain their population. This exodus can make it challenging to see a return on property investments in these regions.
Ultimately, investing in areas with declining populations might not yield the returns you're hoping for. It's crucial to consider these factors before making a decision.
Sources: Agriculture.eu, Land.com, Worldometers
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Slovakia. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
15) Consider properties with multiple bedrooms in Slovakia, as family-oriented culture values flexible living spaces
In Slovakia, family is at the heart of everything, and this deeply influences housing choices.
Imagine a home bustling with three generations under one roof; in 2011, over 200,000 Slovak households lived this way. This setup isn't just about space; it's about keeping family ties strong and vibrant. When you look at new housing developments, you'll notice they often come with designs that cater to family needs, like extra bedrooms and adaptable spaces.
Why is this the case? Well, Slovak culture places a high value on family, so properties with multiple bedrooms or flexible living spaces can be more appealing. The real estate market here is tuned into this, with a noticeable demand for larger homes that can accommodate extended families. It's not just about having more rooms; it's about creating a home where everyone feels connected.
Historically, Slovak homes have always been about flexibility and space. Traditional designs were made to fit the whole family, and this hasn't changed much over the years. Modern properties that offer spacious and adaptable living areas are a nod to this tradition, making them particularly attractive to Slovak buyers.
So, if you're considering buying property in Slovakia, think about how these cultural values might shape your decision. A home with room for everyone isn't just a trend; it's a way of life here. The emphasis on family means that homes with multiple bedrooms are not just preferred but often essential.
Whether you're looking at a bustling city or a quiet village, the importance of family is a constant. This cultural backdrop means that properties designed with family in mind are always in demand.
Sources: Euromonitor, Spectator SME
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16) Take advantage of Slovakia’s 19% flat tax on rental income, which benefits property investors
You might find it surprising that Slovakia has a flat tax rate of 19% on rental income, which can be advantageous for property investors.
This consistent tax rate has been in place since 2004, offering a sense of stability that many investors appreciate. With no sudden tax hikes to worry about, property owners can plan their finances with confidence. The simplicity of a flat tax rate means less hassle in understanding and managing tax obligations, making it easier for investors to focus on their properties rather than paperwork.
When you compare Slovakia's tax rate to other European countries, it stands out as quite competitive. For example, in Ireland, rental income is taxed at 25%, which is significantly higher than Slovakia's 19%. This difference makes Slovakia a more appealing option for investors looking to maximize their returns.
Beyond the numbers, Slovakia's real estate market offers a unique blend of old-world charm and modern amenities. Cities like Bratislava are seeing a surge in development, with new residential and commercial projects attracting both local and international investors. This growth is supported by a business-friendly environment and a strategic location in Central Europe, making it a hub for trade and tourism.
Investors are also drawn to Slovakia for its relatively low cost of living and high quality of life. The country boasts beautiful landscapes, rich cultural heritage, and a welcoming community, all of which add to its appeal as a place to invest and live. With a stable economy and a government that supports foreign investment, Slovakia is becoming a hotspot for those looking to diversify their property portfolios.
Sources: Quick overview of Slovak Real Estate, Tax rates in Europe, Tax Policy Reform in the Slovak Republic
17) Don’t underestimate renovation costs in Slovakia, as older properties might need major updates to meet modern standards
When buying an older property in Slovakia, be prepared for unexpectedly high renovation costs.
In recent years, construction costs have surged in Slovakia. For instance, the cost index for new residential buildings jumped by 12.6% in 2023, following a 21.7% increase in 2022. Labor costs also saw a rise of 7.50% by September 2024. This means that if you're planning to renovate, you might face higher expenses than anticipated.
Older homes often need upgrades to meet today's energy standards. The Slovak government emphasizes the importance of improving energy efficiency in older properties. This could involve adding insulation or installing new heating systems, which can be quite costly but necessary for long-term savings.
Property conditions vary widely across Slovakia. In cities like Bratislava and Žilina, renovation rates are higher, suggesting that homes there might be in better shape. However, in regions like Banská Bystrica and Nitra, you might find properties needing more extensive work.
It's easy to underestimate the costs involved in bringing an older Slovak property up to modern standards. Many buyers overlook the need for significant updates, especially in terms of energy efficiency and structural integrity. This oversight can lead to unexpected expenses down the line.
Understanding these regional differences and the potential for high renovation costs can help you make a more informed decision when purchasing property in Slovakia. Keep these factors in mind to avoid surprises and ensure your investment is sound.
Sources: PR Newswire, Energy.europa.eu, Trading Economics
Transforming a village gem: Our journey renovating an old house in Slovakia!
18) Be aware that Slovakia’s “right of first refusal” law can impact your ability to sell property quickly
In Slovakia, the "right of first refusal" (ROFR) can impact your property sale.
Picture this: you're eager to sell your property, but a ROFR clause means you must first offer it to someone with this right, often a tenant. This can slow things down as you wait for their decision. If they pass, only then can you entertain other offers.
In recent years, the Slovak housing market has faced challenges. Property prices have dipped, and construction has slowed, making it crucial to understand how ROFR clauses might delay your sale. These clauses can limit your ability to negotiate freely, affecting how quickly you can close a deal.
For sellers, this means being strategic. If you're in a hurry to sell, knowing the ins and outs of ROFR is vital. It can be a hurdle, but with the right approach, you can navigate it effectively.
Insider tip: Slovak law allows for the creation of a ROFR, which can affect your ability to sell quickly. This is especially important in a market where speed can be a competitive advantage.
Understanding these dynamics can help you make informed decisions. Whether you're buying or selling, being aware of ROFR clauses is key to navigating the Slovak property market.
Sources: Global Property Guide, Investopedia, Properti
19) Expect a notary to be involved in Slovak property deals, as they ensure the transaction's legality
In Slovakia, notaries are key players in property transactions.
When buying property here, you'll find that notaries handle crucial tasks like drafting contracts and verifying identities. This isn't just a formality; it's a legal requirement that ensures everything is above board. Even if you don't see it in the stats, their role is vital.
Real estate agencies often suggest involving a notary, which shows how common and important their presence is in these deals. They help make sure that all parties understand the payment terms and that the transaction is legally sound.
Government guidelines also back this up, outlining the notary's role in making sure property deals are legit. So, while you might not find direct numbers, the legal framework makes their involvement essential.
In Slovakia, notaries are more than just a recommendation; they're a part of the process. This is why you'll often hear about their involvement from real estate professionals and see it in government procedures.
So, if you're considering buying property here, remember that notaries are your go-to for a smooth transaction. They ensure everything is done right, even if the statistics don't shout about it.
Sources: IOM Slovakia, Slovensko.sk
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.