Slovaks are facing a difficult time: Real estate prices are rising for the second quarter in a row, some regions are reporting alarming figures.

After a year of decline, the real estate market is waking up again. According to the data of the Statistical Office of the Slovak Republic, house and apartment prices rose by 6.2% in the third quarter of 2024 compared to the same period last year. He experienced the most significant price increase Žilina regionwhere the prices of older properties increased by almost 25%. The situation is particularly worrying for those who are planning to buy a home. What do the current data show us and which regions were hit the hardest by the wave of price increases?

New buildings have slowed down, older apartments and houses are becoming more expensive at a record pace

While the prices of new properties grew faster during the spring, they were overtaken by older apartments and houses in the summer. Prices of existing properties rose by up to 3.3% in the third quarter compared to the previous quarter, while new buildings added only 0.8%. The year-on-year comparison shows a similar trend – older properties rose in price by 6.6%, new buildings by 4.1%.

Žilina region: “Price shock” with a price increase of almost 25%!

The Žilina region has become an unexpected leader in price increases. The prices of older properties here increased by an incredible 24.7% year-on-year. which is historically one of the highest increases within Slovakia. Even new properties were not far behind – their prices rose by 9%.

The Košice Region finished in second place in terms of price increases, where the prices of older properties increased by more than 9% and new properties by 6%.

Bratislava Region: Luxury is becoming even more unaffordable

The Bratislava region is traditionally one of the most expensive regions, but it has recently recorded dynamic price increase of 7% in the third quarter. Older apartments and houses here jumped by 7.7%, the highest increase among the regions.

Prices are not rising everywhere: Which regions experienced a decline?

The positive news is that property prices have fallen in some regions.

  • Nitra, Banskobystrický and Trenčín regions saw a decline in the prices of older properties.
  • New real estate became cheaper in the Nitra and Banskobystrica regions.

What next? Real estate prices will probably not fall

The Statistical Office points out that the increase in real estate prices is gaining momentum. Price growth is confirmed for the second quarter in a row, which may indicate a longer-term trend. Experts warn that the prices of both new construction and older properties will remain high, especially in cities and developing regions.

For those planning to buy, timing can be crucial. A significant drop in prices is not expected in the near future, and on the contrary, the market may experience a further increase.

Therefore, experts advise to carefully consider each step and monitor the development of prices in individual regions.

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