At the end of 2024, the Slovak residential real estate market has seen prices increase by 3% between quarters. Year-on-year growth rose to 6.7% over the same period. All types of apartments, as well as family houses, have become more expensive, comments Roman Vrbovský, the analyst at the National Bank of Slovakia in its latest market analysis.
Prices grew in all regions, mostly in Košice and Banská Bystrica regions. The year 2024 gradually awakened the real estate market, especially in its second half. However, the losses from the previous year could not be fully compensated.
Residential offer prices in Q4 2024 increased by 3% compared to the previous quarter. Compared to the same period last year, housing is 6.7% more expensive today.
The average price of residential real estate for the entire year 2024 reached the level of €2,500 per sqm. Overall, the development of the real estate market in 2024 can be characterised as a gradual catching up of the previous decline, especially in its second half.
The average price of apartments increased by €80 in the last quarter, reaching €2,895 per sqm. Quarter-on-quarter growth thus strengthened slightly to 2.9%. Compared to the previous quarter, the price of all types of apartments increased, but most 1-room suits. At the end of the year, the average price of family houses increased by 2.3% between quarters to €1,978 per sqm.
The supply volume was the lowest since 2021 in the 4th quarter. The number of advertisements has been gradually decreasing since the middle of 2023, with one exception in the 2nd quarter of 2024. The supply decreased by 1.6% year-on-year. The share of apartments and family houses remained unchanged compared to the previous quarter.
