The decline in residential real estate prices in Slovakia has almost stopped. Available monthly statistics are indicating when the residential property prices' bottom hit has happened, the National Bank of Slovakia reports.
Month after month, even every month of Q4 2023, prices rose, but overall it was not enough to reach the level of the previous quarter. Compared to Q3 2023, prices decreased by only 0.2%, while in autumn the decrease was more than 2%. The development in the regions was diverse. The most significant drop in prices was achieved in the Nitra region, on the contrary, prices are higher in the Košice region. On average, for the entire year 2023, residential real estate prices were 6% lower than in 2022.
The average residential real estate price is at the level of €2433 per sqm, compared to Q3, it is €5 per sqm lower. Cumulatively, for the entire year 2023, the average property price decreased by almost €159 per sqm, which corresponds to a decrease of 6%. Mainly the prices of apartments fell, while the prices of houses rose.
The average price of apartments in Q4 2023 fell by €18 per sqm, reaching the level of €2685 per sqm. Compared to the previous quarter, apartment prices are 0.7% lower (year-on-year -7.6%). The prices of smaller apartments, 1-room to 3-room, fell in particular. The average price of houses increased by €17 per sqm and reached the value of €1912 per sqm. In a quarter-on-quarter comparison, this represents a growth of 0.9% (year-on-year, however, we are still in negative numbers, specifically -3.2%).
In Q4 2023, real estate prices fell in five regions, on the contrary, they rose in the remaining three. The most significant decrease is recorded in the Nitra region (-1.3%) and Žilina region (-0.9%). Price growth is observed primarily in Košice (+3%) and the Trenčín region (+1.5%). Available monthly statistics indicate that residential property prices likely bottomed out in September 2023.
