According to data from BuiltMind, demand for new housing in Bratislava is growing. Q2 2024 Bratislava residential market report has shown an appetite for new residential units in Slovak capital.
In the second quarter of 2024, 488 residential units were publicly sold, an increase of 50% compared to Q1 2024. Year-on-year, compared to Q2 2023, sales increased by 2.5 times. Thus, sales in Bratislava are growing for the third quarter in a row, when they reached their minimum in the third quarter of 2023 with 146 public sales.
Projects in terms of total sales were dominated for the second quarter in a row by JTRE's Downtown Yards, which sold 87 units in total sales in Q2. It was followed by the cooperative project Nuppu – Magnolia 3 from YIT Slovakia with 54 sales. They were followed by the Milhaus project by Immocap with 28 sales and Čeresne 3 by ITB with 23 sales.
Q2 2024 brought a significant increase in the average offer price per sqm by 7.4% compared to Q1 2024. The price level of 1+kk apartments rose to €5,300 per sqm. However, the price of 4+kk continued to rise to €5,000 per sqm. In Q2 2024, the success of large apartments from the previous period did not continue. The average apartment sold was about 10 sqm smaller than in the first quarter of 2024.
In Q2 2024, according to assumptions, the base interest rate fell to 4.25%. The reduction of the interest rate should continue down to the value of 3.5% at the end of 2024 and 3% during the year 2025.
"The residential market in Bratislava continued to grow in the second quarter of 2024, as expected. With sales, the supply of available units also grew, reaching 3,786 units in the second quarter, which is about a quarter lower than the historical peak from 2016-2017. We expect that the Bratislava market will continue to grow in the number of units sold, although it will experience a traditionally slight summer slowdown in Q3. After the summer lull, we expect further growth and crossing the 550 sales mark at the end of 2024 with the prospect of growth above 700 sales in 2025," says Martin Decký, CEO at BuiltMind.
"We achieved sales results in the Downtown Yards project thanks to a combination of early bird prices, the material and technological standard of the apartments and the added value that the project will bring to its residents, for example, the so-called Community hub. There will be a community library, a cinema or a play zone for teenagers. Residents can use this space to organise a family celebration, possibly a creative or educational workshop or a friendly meeting with neighbours," states Ivan Bratko from JTRE.
"Cooperative housing is the answer to the deteriorating availability of mortgages for Slovaks. Its main advantage is that the interested party can obtain it more easily than a mortgage in a bank," state YIT Slovakia representatives.
BuiltMind analyses real estate sales through proprietary software that tracks sales data through developer websites. These are units that have been withdrawn from public price lists or marked as sold, across 100 different residential projects in Bratislava. The data is obtained automatically and verified by the largest developers. The company also monitors the non-public sales segment, where it verifies sales with all the largest development companies on the market. The company was originally founded on the Harvard campus in the United States and operates in several countries in Central and Western Europe.
