News Article housing real estate report residential Slovakia
by Property Forum | Residential

Actual sales prices of real estate in the Slovak Republic reached high growth at the beginning of the year, mainly due to rising sales prices of new houses and flats, the Statistical Office of the Slovak Republic announced.

In the first quarter of 2022, realized prices of dwellings increased by 14.2% year-on-year, it representing a new year-on-year record rise. The data from the cadastre of real estate of the realized sales contracts, i.e. the prices at which the property was actually sold, thus confirmed the announced high increases in advertised prices.

In the same period two years ago, also prices rose sharply (by more than 13%), but during the first three months of last year, growth was only modest (by 2%). However, data for previous years were processed using a different methodology - from a smaller sample of data and from the Real Estate Price Map of selected real estate agencies. Currently, the SO SR already processes real estate prices from a comprehensive database of the cadastre of real estate in Slovakia (from the 2nd quarter of 2021).

In the first quarter of 2022, the current development was mainly due to the dynamic growth of realized prices of new dwellings at the level of 16%. At the same time, prices of existing dwellings increased more moderately, by almost 13% year-on-year.

Quarter-on-quarter (compared to the 4th quarter of 2021), realized prices increased by almost 2%. Compared to the end of last year, the development was also affected mainly by new dwellings (sales prices rose by 4.4%). Existing older dwellings recorded an increase in prices compared to the values from October to December 2021 by only a slight 0.4%.

In a long-term comparison, current prices were higher than the average for 2021 (basic index) by 72%. Significant growth was reflected in existing dwellings, while their prices rose by 80 % in the long term. In the period of eleven years, sales prices of new dwellings increased by 56%.

Last week, the analysts of the National Bank of Slovakia published their statistics on property prices. According to them, the offer prices of residential properties rose by 23.3% year-on-year in the first quarter. The analysts base their calculations of property prices on the database from United Classifieds, writes the daily