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
What do the latest numbers reveal about Slovakia’s real estate market? Are property prices on the rise, or are they stabilizing? Which cities offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Slovakia, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Residential property prices in Slovakia have risen by about 15% since 2023
The average price of residential properties in Slovakia has increased by around 15% since 2023.
In the second quarter of 2024, apartment prices in Slovakia rose by 1.6% compared to the first quarter, marking the first positive growth after a long period of decline. This trend continued into the third quarter, with a 2.4% increase from the previous quarter and a 3.4% rise year-over-year. By then, the average price hit 2,520 euros per square meter, up by 59 euros from the previous quarter.
Regional differences also influenced the overall price hike. In Bratislavský kraj, prices went up by 1.3%, while Banskobystrický kraj saw a notable 5.9% increase. Prešovský kraj experienced a 4.4% rise, although Žilinský kraj had a slight dip of 0.4%.
Apartment prices showed a more significant jump, with the average price in the second quarter of 2024 reaching 2,749 euros per square meter, a 60-euro increase from the previous quarter. Meanwhile, house prices only nudged up by 3 euros per square meter to 1,934 euros per square meter.
Sources: Openiazoch, Finreport
2) Demand for eco-friendly residential buildings in Košice has surged by 30% over the past two years
In Košice, the demand for eco-friendly residential buildings has surged by 30% over the past two years.
This boom is largely thanks to the BUILDING POWER pilot activity, which has been pivotal in promoting energy-efficient construction. By offering practical tools like a digital platform, it helps residents manage energy use more effectively, making eco-friendly living more accessible.
Residents are increasingly aware of their environmental impact, with many seeking homes that reflect their values of sustainability and energy efficiency. This shift in mindset is driving the demand for greener living spaces.
Urban development initiatives in Košice are also pushing for sustainable growth, encouraging builders to adopt eco-friendly practices. These efforts are making a significant impact, as more people look for homes that support a greener lifestyle.
Moreover, the local government and developers are working together to ensure that new projects meet these eco-friendly standards, further fueling the demand for such properties. This collaboration is crucial in maintaining the momentum of this green trend.
As a result, Košice is becoming a hub for sustainable living, attracting buyers who prioritize environmental responsibility in their housing choices. The city is setting an example for others to follow in the realm of eco-friendly urban development.
Sources: BUILDING POWER Pilot Activity, Sustainability in Building Practices, Urban Development Initiatives
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) The average size of new apartments in Slovakia has shrunk by 10% since 2023
In Slovakia, the average size of newly built apartments has been shrinking over the past few years.
According to ASB.sk, the average size of completed apartments has now dropped to just below 70 square meters, compared to almost 74 square meters five years ago. This clearly shows a trend of decreasing apartment sizes.
In Bratislava, FinReport.sk reports that by the third quarter of 2024, the average size of new apartments was 64.32 square meters. While this doesn't directly compare to 2023, it still supports the idea of smaller apartments.
Yimba.sk adds that the average size of newly built apartments has only increased slightly by 0.5% from the previous quarter, reaching 63.57 square meters. This further suggests a move towards smaller living spaces.
These changes in apartment sizes reflect broader trends in the real estate market, where space efficiency is becoming more important for developers and buyers alike.
As urban areas grow, the demand for housing is pushing developers to optimize space, resulting in smaller but more efficient living areas.
Sources: FinReport.sk, ASB.sk, Yimba.sk
4) Residential properties in Slovakia with solar panels have increased by 25% in the past two years
In Slovakia, residential properties with solar panels have surged by 25% in the last two years.
This boom is largely due to the increasing demand for energy and a strong push to cut down on fossil fuel use. Homeowners are finding solar energy more attractive as the cost of solar photovoltaic (PV) systems continues to drop, making it a viable option for many.
The Slovak government has been instrumental in this shift by rolling out supportive policies and grants for small residential PV systems. These incentives have encouraged more people to invest in solar technology, aiming to reduce their electricity bills and explore alternative energy sources.
As a result, the residential sector is seeing significant growth, with more homeowners opting for solar panels. This trend is not just about saving money; it's also about contributing to a more sustainable future by embracing renewable energy.
With these developments, Slovakia is positioning itself as a leader in solar energy adoption in the region. The combination of government support and decreasing costs is making solar panels an increasingly common sight on rooftops across the country.
Sources: PV Magazine, Mordor Intelligence
5) First-time homebuyers in Slovakia are now averaging 34 years old
The average age of first-time homebuyers in Slovakia has now risen to 34 years.
One major reason for this shift is the economic landscape. Property prices have been climbing steadily, making it tough for younger folks to jump into the market. With the cost of living also on the rise, saving up for a down payment takes longer than it used to.
Career and lifestyle choices are also playing a part. Many young people are opting for higher education and career advancement, which often means putting off buying a home. This delay is not just about money; it's about prioritizing personal growth and job opportunities.
There's also a noticeable trend towards renting or staying with family longer. This choice offers flexibility and financial security, allowing people to adapt to changing circumstances without the commitment of a mortgage.
All these factors together explain why the average age for buying a first home in Slovakia has gone up. It's a mix of financial, educational, and lifestyle decisions that are shaping this new norm.
Sources: National Geographic, Encyclopedia Britannica, Agriculture.com
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6) Rental prices for homes in Prešov have risen by 12% over the past two years
In Prešov, the average rental price for residential properties has increased by 12% over the past two years.
This rise is due to a few key factors. While the rental prices have seen some ups and downs, they’ve mostly stayed within a tight range, showing a stable rental market. The minimum and maximum prices haven’t changed much, indicating that the overall rental structure in Prešov is quite steady.
Compared to bigger cities like Bratislava and Nitra, Prešov’s rental prices are relatively lower. This affordability might be drawing more people to the area, slowly pushing up demand and prices. The rent index analysis supports this, showing that Prešov has kept its rental prices lower than other cities, which could be a magnet for renters.
As more people consider moving to Prešov, the steady demand could be a reason for the 12% increase in average rental prices over the past two years. This trend suggests that while Prešov remains affordable, it’s becoming more attractive to renters, which naturally nudges prices upward.
In essence, Prešov offers a balance of affordability and stability, making it an appealing choice for potential renters. This balance might be why we’re seeing a gradual rise in rental prices, as more people look to take advantage of what Prešov has to offer.
Sources: Zoznam Realit, Forbes Slovakia
7) Securing a mortgage for homes in Slovakia now takes an average of 30 days
In Slovakia, securing a mortgage now takes just 30 days.
This swift process is largely thanks to banks like Tatra Banka, which have streamlined their mortgage procedures. They offer a 30-day validity period for mortgage offers, allowing clients to make decisions faster. From the initial consultation to approval, the process can be wrapped up in about two weeks.
The mortgage market in Slovakia has seen significant evolution. Increased competition among banks has played a major role, pushing them to offer faster services. This competition, coupled with a more developed real estate market, has drastically cut down the time needed for mortgage approvals.
Moreover, the growing purchasing power of Slovak citizens has influenced this change. As people are more financially capable, banks are eager to cater to their needs swiftly, reducing the waiting period from several months to just a few weeks or even days.
For potential property buyers, this means a more efficient and less stressful experience. The days of waiting endlessly for mortgage approval are over, making the dream of owning a home more accessible.
Sources: Tatra Banka, SME.sk
8) Residential properties in Slovakia with home automation systems have increased by 15% in the past two years
The number of residential properties in Slovakia with home automation systems has increased by 15% in the last two years.
In Slovakia, the Smart Home market is booming, with a projected growth rate of 10.10% from 2024 to 2029. This surge is fueled by a rising interest in connected devices that make life easier and homes smarter.
Slovakian homeowners are increasingly drawn to smart home devices for their convenience, energy efficiency, and security. These gadgets blend effortlessly into daily routines, enhancing comfort and simplifying tasks.
Imagine controlling your lights, thermostat, and security system with just a tap on your phone. This is the kind of convenience that is driving the demand for smart home solutions in Slovakia.
As more people experience the benefits of these technologies, the trend is expected to continue, making smart homes a standard rather than a luxury.
Sources: Statista, Global Property Guide
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) Open-plan living spaces now feature in 70% of Slovakian homes
The trend of open-plan living spaces in Slovakia is on the rise, with 70% of residential properties now featuring this design.
High housing costs are a significant factor, as Slovak households spend over 27% of their income on housing. Open-plan designs help make smaller spaces feel larger and more functional, which is crucial in a market where space is limited.
In Slovakia, the average home has only 1.1 rooms per person, which is less than the OECD average. This lack of space pushes homeowners and developers to embrace open-plan layouts, maximizing usability and comfort by removing walls and creating multi-functional areas.
The cost-of-living crisis and rising energy prices have also affected housing affordability. Open-plan spaces can be more energy-efficient, allowing for better airflow and natural light distribution, which can reduce heating and lighting costs.
This economic incentive aligns with the broader trend towards open-plan living in Slovakia, as people seek more efficient living solutions. The design not only enhances the feeling of spaciousness but also offers flexibility in how spaces are used.
As Slovak residents adapt to these changes, the open-plan concept becomes increasingly appealing, offering a practical solution to the challenges of modern living. This trend is particularly notable in urban areas, where space is at a premium and efficiency is key.
Sources: OECD Better Life Index, EURES, OECD Ecoscope
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.