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Last Updated: Oct 31, 2016

House prices in Slovakia are now rising strongly, with demand buoyed by very low interest rates. The average residential property pricerose by 5.37% to €1,295 (US$1,437) per square metre (sq. m.) during the year to Q3 2016, the country’s highest y-o-y increase since the housing market depression started in Q4 2008, according to the National Bank of Slovakia (NBS). When adjusted for inflation, property prices rose by 6.15%.

During the latest quarter, property prices rose by 1.25% (1.59% in real terms).

Slovakia’s house prices are still 16.4% below their Q2 2008 peak (-24.8% in real terms).

Bratislava region, which has the country’s highest house prices, spearheaded the price rises with a 7.26% price rise to €1,818 (US$2,017) per sq. m. during the year to Q3 2016, an acceleration from a y-o-y rise of 3.23% a year earlier, and the highest annual growth since Q4 2008.

Other regions with residential property price increases:
  • Zilinaexperienced the biggest rise of about 10.49% to €832 (US$923) per sq. m. during the year to Q3 2016
  • In Nitra, house prices rose by 7.73% y-o-y to €599 (US$665) per sq. m. in Q3 2016
  • In Trnava, house prices rose by 4.69% y-o-y to €871 (US$966) per sq. m. during the same period
  • In Presov, house prices rose by 3.41% to €789 (US$875) per sq. m. during the year to Q3 2016
  • In Trencin, house prices increased 3.32% to €653 (US$724) per sq. m. during the year to Q3 2016

The housing boom in Slovakia lasted from 2006 to Q2 2008, with house price rises ranging from 14% to 35% per annum. The surge stopped in late 2008, and prices either fell or only increased a little in following years.
  • In 2009, house prices fell by 12.31% (-12.66% in real terms)
  • In 2010, house prices fell by 2.08% (-3.16% in real terms)
  • In 2011, house prices fell by 2.68% (-6.86% in real terms)
  • In 2012, house prices increased by 0.89%, but in fact fell by 2.55% when adjusted for inflation
  • In 2013, house prices fell by 2.57% (-3.01% in real terms)
  • In 2014,house prices increased by a meagre 0.25% (0.25% in real terms)
  • In 2015, house prices rose by 1.15% (1.62% in real terms)

“The latest year is a record from the viewpoint of demand,” JánBošácky of Jones Lang La Salle told The Slovak Spectator.

“Regional cities, especially Košice, are also experiencing a not insignificant increase in the number of sold apartments as well as the number of launched projects,” Bošácky added. 

Slovakian house prices are expected to continue rising during the remainder of this year and until 2017, amidst a continued surge in property demand both from local homebuyers and foreign investors, according to local property experts.

Slovakia house pricesSlovakia registered economic growth of 3.7% during the year to Q2 2016. The National Bank of Slovakia (NBS) predicts that the Slovakian economy will expand by 3.2% this year and by another 3.3% in 2017.

There are no legal restrictions on foreigners buying buildings in Slovakia.

Analysis of Slovak Republic Residential Property Market »

Last Updated: Jul 28, 2016

Bratislava appears to be an attractive location to own properties but anecdotally, properties can be quite hard to let. Bratislava is a small place, and few people absolutely need to live in the centre of town unlike the larger capitals of other countries where commuting times can be inconveniently high. Because Slovakia itself is small, the number of expatriates, embassies, and international companies in Bratislava is small, which again restricts the supply of tenants.

Apartments in the Old Town of Bratislava cost on average, EUR 2,600 per square metre (sq.m.). In the nearby areas of Ruzinov and in the New Town, apartments tend to be cheaper, selling for around EUR 2,200 per sq. m.

Rents range from around EUR 10 to EUR 12.5 per sq. m. per month in the Old Town, whereas in Ruzinov and in the New Town, rents range from EUR 8 to EUR 10.25 per sq. m. per month.

The gross rental yield in the Old Town is moderately good at about a 5% level, with smaller apartments earning more. In Ruzinov and in the New Town returns are not much different.

Round trip transaction costs are very low on residential property in Slovakia.  See our Slovak property transaction costs analysis and our Slovakia transaction costs compared to other locations.

Read Rental Yields  »

Last Updated: Jun 27, 2016

Rental Income: Rental incomeis taxed at a flat rate of 19% for income up to €35,022.31, and at a flat rate of 25% on income exceeding €35,022.31.

Capital Gains: Capital gains realized from the sale of real estate are taxed at 19% to 25%.

Capital gains realized from selling properties held for more than five years may be exempted from capital gains tax, subject to certain conditions.

Inheritance: Inheritance taxes were abolished as of 01 January 2004.

Residents: Income and capital gains are taxed at a flat rate of 19% for income up to €35,022.31, and at a flat rate of 25% on income exceeding€35,022.31.

Read Taxes and Costs  »

Last Updated: Jun 28, 2016

Total roundtrip buy-sell costs are very low, between 3% and 6.60% of property value. The buyer pays for the notary and registration fees, and the real estate agent’s fees.

Read Buying Guide  »

Last Updated: Jul 04, 2006

slovakia houseRent: Rent control was abolished in Slovakia from 2007, and previously did not apply to individually-owned apartments.

Tenant Security: The tenant can break the contract at any time by giving three months’ notice without needing to give a reason, while the landlord needs substantial reasons to break an ongoing contract.

Read Landlord and Tenant  »

Last Updated: Oct 31, 2016

Higher economic expansion

Slovakia gdp inflationSlovakia is one of Eastern Europe’s most successful transition countries. Born in 1993 after seceding amicably from the Czech Republic (the two countries were formerly known as Czechoslovakia), it has a stable polity and liberal market economy.  Slovakia benefited from eight years’ reform under the centre-right coalition led by MikulasDzurinda (1998-2004) whose reforms won praise from international organizations, and who oversaw EU and Nato entry.

The economy’s rapid growth facilitated the country’s membership of the Organization for Economic Cooperation and Development (OECD) and the European Union (EU) in 2004. In December 2007 Slovakia became a full member of the Schengen Zone, allowing passport-free travel in the 24-member European nations.

Real GDP growth reached an impressive 10.8% in 2007, following 8.5% for 2006, 6.4% for 2005, and 5.3% for 2004. Kia, Volkswagen, and Peugeot Citroen all have built large car plants in Slovakia.

Since then, Slovakia has had two terms under the socialist and populist leader Robert Fico, of the Smer party (prime minister 2006-2010, and 2012 to present).

Fico’s stewardship has been marked by tension with Hungary, populism towards Slovakia’s Roma population, and weaker economic growth

In 2008 there was 5.7% growth, and then a collapse with the crisis and a 5.5% GDP contraction in 2009. Slovakia’s economy recovered with GDP growth of 5.1% in 2010, but this was followed by 4 weak years, with 2.8% GDP growth in 2011, 1.5% in 2012, 1.4% in 2013 and 2.5% in 2014. In 2015, the economy bounced back somehow, recording a 3.6% expansion.The National Bank of Slovakia (NBS) predicts that the Slovakian economy will expand by 3.2% this year and by another 3.3% in 2017.

In September 2016, the central government budget deficit reached €644.37 million (US$714.9 million), less than the €1.18 billion (US$1.31 billion) deficit recorded a year ago, according to the Ministry of Finance of the Slovak Republic, or around 2% of GDP, down from 3% in 2015 and 2.7% in 2014.

In the 2017 budget, the country is expected to reach its smallest-ever deficit of 1.3% of GDP.  Slovakia’s gross public debt will be 53.4% of GDP this year and will fall slightly to 52.7% of GDP next year, according to the European Commission.

The country had an annual inflation rate of -0.5% in September 2016, the third lowest level in the euro area, according to the Eurostat.

In Q2 2016, nationwide unemployment fell to 9.6%, down from 11.2% a year earlier and the lowest level since Q4 2008, according to the Statistical Office of the Slovak Republic. The IMF expects the unemployment rate to fall to 8.8% in 2017.

Resistance to accepting refugees
Slovakia unemploymentLast year, Slovakia and Hungary have filed a lawsuit against the European Union’s (EU) mandatory immigration quotas at the European Court of Justice (ECJ). Slovak Prime Minister Robert Fico even warned that he was ready to propose "a discharge of his country from the European Union" if the EU insisted Slovakia in taking in refugees from the Middle East.

The European Union had adopted a quota system last September, suggesting relocating 160,000 asylum seekers across the 28-nation bloc.Fico clarified that the lawsuit was due to the way the relocation of migrants (currently in Italy and Greece) was decided upon, and not aimed against the migrants themselves.

In October 2016, Slovakia announced that it would submit an alternative solution to the migration crisis in the EU.Slovakia currently holds the rotating six-month EU presidency until the end of the year.

“Slovakia will bring in a concrete proposal with other elements which will clearly manifest solidarity without which, the migration crisis cannot be resolved,” said Ivan Korčok, Ministry State Secretary and Government Proxy for the Slovak Council of the EU Presidency.

According to Eurostat, about 626,715 asylum applications were received by EU member countries in 2014, and a whooping 1.83 million illegal border crossings were recorded in 2015.

  • Low to moderate rental income tax
  • Very low transaction costs
  • Tenant-neutral rental market
  • Minor issues w/ property rights
  • Low rental yields
Price (sq.m): €2,611 For a 120 sq. m. property, usually an apartment.
Rental Yield: 4.98% For a 120 sq. m. property, usually an apartment.
Rent/month: €1,300 For a 120 sq. m. property.
Income Tax: 9.28% Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income.
Roundtrip Cost: 4.81% The total cost of buying and then reselling an apartment. Includes:

* all transaction taxes and charges:
* lawyers' and notaries' fees
* agents' fees

Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000.
Cap Gains Tax: 25.00% Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation.
Landlord and Tenant Law: Neutral Rating is based on a detailed study of each country’s law and practice.

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