Housing Real Estate Prices in Slovakia Grew Faster Than EU Average Last Year

Bratislava, 22 June (TASR) - Apartment and house prices in Slovakia grew faster than the average in the eurozone and in the European Union (EU) last year, Wood & Company analyst Eva Sadovska has said. The prices of housing real estate in Slovakia went up by 3.8 percent year-on-year (y-o-y) in 2024, while they grew by 2 percent on average in the eurozone and by 3.3 percent in the EU. Growth in flat and house prices also accelerated at the beginning of this year, with apartments and houses in Slovakia in the first quarter of this year being 13.2 percent more expensive than in the same period of 2024. This was the most significant increase seen since the third quarter of 2022, stated Sadovska. "Demand on the Slovak real-estate market continues to prevail over supply. The decline in interest rates in the second half of 2024 enhanced demand for housing loans or mortgages. Demand for real estate is being driven by resumed real salary growth and a persistently low unemployment rate. Moreover, households tend to expect growth in real-estate prices, which is motivating them not to hesitate about new housing very much and to make purchases early. Region or location is also playing an important role in price developments," said Sadovska. As many as 94 percent of Slovaks currently live in their own flat or house. According to a survey carried out by Ipsos agency, almost 23 percent of people plan to buy housing real estate within five years. Young people under 34 years of age are most interested in owning their own homes. Purchases of new housing are mainly determined by price and location, but potential buyers also take into account their savings, energy costs and the availability of services. ko/df