YIT Slovakia has presented a pilot project of cooperative housing in Bratislava earlier this year. It is an alternative to mortgage financing of real estate. The developer is now launching its sequel in the ZWIRN 3 project.
Approximately 40 members will join the Magnolia 3 Cooperative of the Nuppu residential complex in Bratislava. "The interest in this type of housing financing met our expectations. The inquiry confirmed our assumptions that alternatives to standard financing make sense," says Peter Dovala, Director of Development Projects at YIT Slovakia. In the case of the Nuppu Magnolia 3 project, the developer reached the required number of team members in less than two months. The average price for a cooperative apartment was €188,861 including VAT. The administration and management of the Magnolia 3 Cooperative will be in charge of the Somat Group company, which has been cooperating with the developer for a long time and manages several thousand other apartments in Bratislava.
"Inquiries generally confirmed that cooperative housing also removes obstacles associated with the age limit of classic financing for older applicants. More than 40% of the members are over 40. They might have a problem getting a mortgage from a bank," explains Peter Dovala. This is also confirmed by Karol Bielovský, Head of Real Estate Financing Department at Slovenská sporiteľna, which finances the pilot project of cooperative housing in Nuppu Magnolia 3. "Based on the positive experience with the Magnolia 3 Cooperative, we would like to continue with other cooperative housing projects in Slovakia," he says.
The developer will extend this product to other planned projects in Bratislava, starting with cooperative apartments in the Zwirn project. The residential complex has been built by the developer in the Mlynské nivy location since 2020. Zwirn 3 is the second of three residential stages and will be completed early next year. It currently offers 81 free apartments, mostly with two to three rooms.
New owners have been living in the first stage of Zwirn since the spring, and a lively neighbourhood is gradually emerging in this area. The square in the middle of development has been complemented by two works of art, Last Splash and Cievka (Reel), which emerged from last year's architectural competition announced by the developer.
