Analysts from Bencont Investments have calculated that the first quarter of 2023 in Bratislava's newly-built residential market will be in a similar spirit as the second half of 2022, writes sita.sk.
Only 197 flats were sold in Bratislava's new builds, a similar number to the third and fourth quarters of 2022. The price of flats on offer continued to stagnate, being around €4,900 per sqm since the summer of 2022.
The supply has increased by only 20 apartments
What has changed is the inflow of new apartments into supply, which has slowed down significantly over the last quarter, leaving the supply of Bratislava's new-builds at the same level as at the end of 2022. "At the end of the first quarter of 2023, the supply of new-builds in Bratislava comprised 3,229 vacant apartments in 78 projects," the analysts according to sita.sk say, adding that compared to the end of 2022, the total supply has increased by only 20 apartments, which is the result of one of the lowest inflows of new projects.
Just over 200 new apartments were added to the supply during the quarter. "This is a natural progression where developers are not increasing supply with new phases to compete with their existing supply due to weak sales," the company added. The average price of available flats was €4,930 per sqm, including VAT. Compared to the fourth quarter of 2022, the price thus stagnated further at a quarter-on-quarter growth of 0.25 per cent. The year-on-year growth thus decreased to 6.4 per cent. The cheapest new buildings were offered in the BA IV district with an average price of €4,315 per sqm including VAT, on the contrary, the most expensive flats were traditionally sold in the Old Town at an average price of €7,412 per sqm. "The new flats, which were added to the offer in the last quarter, had an average area of less than 60 square metres," the company notes. According to analysts, this confirms the trend of designing smaller apartments due to the lower average absolute price.
The average price exceeds three hundred thousand
At the end of the first quarter, the latter amounted to €296 thousand including VAT and, like the price per square meter, it continued to stagnate at the same level. The average price of apartments sold amounted to €4,833 per sqm, which represents an increase of 20 per cent year-on-year, while a decrease of 1.43 per cent quarter-on-quarter. The average absolute price of sold flats reached 307 thousand euros including VAT, while the average area of sold flats was 68 sqm.
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