Slovakia sees rapid surge in real estate prices

An analysis by the National bank of Slovak suggests that housing availability is decreasing in every region, including Bratislava. [Shutterstock / Oscity]

Every Slovak region is seeing a rapid increase in real estate prices, mainly because of the low-interest rates on mortgages, the pandemic and inflation.

An analysis by the National bank of Slovak suggests that housing availability is decreasing in every region, including Bratislava. The average price of flats is €2364 per square meter. This is 18.4% higher than the same time last year. The prices of houses are rising even faster.

“In the past ten years, I have not encountered such a rapid increase of real estate prices,” said real estate agent Lukáš Sopko.

Sopko says that demand is much higher than the offer. “What appears in the offer is sold within a month”.

One of the reasons is the low-interest rates of mortgages, while the pandemic has encouraged people to look for houses and land. The third is inflation, because of which people are anxious to invest their savings in property rather than leave it in the bank.

(Michal Hudec | EURACTIV.sk)

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