Decline in Slovak completed and started dwellings in 2024 marks multi-year low

The number of completed dwellings in Slovakia in 2024 fell to its lowest level in six years, while the number of housing starts reached an 11-year low. Three out of eight regions recorded completion figures below the pre-pandemic average, and seven regions saw a significant decline in construction starts.

Both completions and new construction slowed notably in the fourth quarter, contributing to the overall low annual figures. The total number of completed dwellings dropped below 18,000, while new housing starts fell to approximately 15,000. The most significant decline was observed in Bratislavský kraj, where dwelling completions decreased by 24%, and new construction started declined by 56% compared to the five-year pre-pandemic average.

In the last quarter of 2024, 4,900 dwellings were completed in Slovakia, marking a 29% year-on-year decrease and a 19% drop compared to the pre-pandemic five-year average. This was the lowest fourth-quarter figure in 13 years. Family houses continued to dominate approvals, accounting for 67% of all completed dwellings.

Regional trends varied significantly. Košický kraj recorded a 50% increase in completed dwellings year-on-year, while Trenčiansky kraj saw a modest 3% rise. However, six regions experienced declines, with five seeing double-digit drops, including Bratislavský kraj, historically the leader in new dwelling construction.

Over the longer term, compared to pre-pandemic averages, Košický kraj recorded higher completion levels, with Prešovský and Žilinský kraj also showing double-digit growth. In contrast, all four regions in western Slovakia, along with Banskobystrický kraj, recorded lower completion levels.

Housing Starts in Q4 2024

In the final quarter of 2024, nearly 3,600 new dwellings were started, representing a one-third decrease year-on-year and a level well below the pre-pandemic average. Family houses accounted for 57% of all new construction.

Housing starts declined year-on-year in seven of Slovakia’s eight regions, with the steepest drops—over 50%—recorded in Bratislavský and Prešovský kraj. Compared to pre-pandemic averages, only Žilinský kraj saw an increase, with a rise of more than 17%. All other regions recorded significant declines, with Bratislavský kraj experiencing the most substantial decrease at 70%.

Source: Statistical Office of the SR