Thursday, 2 October 2025
The Slovak real estate market experienced a notable revival in 2024, with property prices climbing again after two years of stagnation. According to the National Bank of Slovakia (NBS), prices rose by 6.7 percent year-on-year, a surge attributed to cheaper mortgages and an increase in VAT to 23 percent. The NBS views this as a gradual correction following previous market declines.
However, not all property types benefited equally. One-room apartments saw the highest price increase, jumping by 12 percent. In contrast, demand for holiday homes and cottages has dropped significantly, marking a stark shift in buyer preferences.
The strongest demand was recorded for new developments and well-renovated apartments, particularly two-room units in Bratislava and its surrounding areas. Zuzana Klačanová, owner of the UPgreat HOME real estate agency in Bratislava, noted a surge in interest across the city centre, where buyers are increasingly seeking properties of all sizes. Her observations are echoed by Stanislav Lindák of UPgreat ELEGANCE in Šamorín, who confirmed high demand for two-room flats from both young families and property investors.
In other regions, such as Nové Mesto nad Váhom, three-room apartments suitable for immediate occupancy are most sought after, according to Miroslav Švehla, head of the UPgreat NAMAX office. He adds that more affordable properties, including older brick apartments, also show significant potential.
Real estate experts agree that access to mortgages remains the key driver of demand. Buyers’ ability to secure financing depends largely on income, limiting some from affording larger or newer properties. Švehla points out that credit conditions continue to shape the market, with two-room apartments proving the most accessible choice for young couples and families amid rising living costs and interest rates.
Lindák adds that these smaller flats have become a practical housing solution due to recent increases in the subsistence minimum and house prices. Investors share a similar outlook, with Klačanová confirming that one-room apartments currently represent the most attractive and profitable investments in Bratislava.
While smaller units are thriving, holiday and recreational properties are experiencing a downturn. The COVID-19 pandemic had inflated their value significantly—often doubling prices—but these levels are no longer sustainable. Owners now struggle to sell for what they paid, and similar depreciation trends are emerging in family houses around Bratislava.
Experts believe that further interest rate cuts could shift demand toward larger apartments, making three- and four-room flats more affordable to a wider pool of buyers. For now, properties in city centres—especially in larger urban areas—remain the most stable in terms of value, thanks to consistent demand for both living and investment purposes.
Developers are already responding to these market shifts by focusing on more affordable housing options and prioritising energy-efficient, modern residential units aligned with ESG standards. These evolving preferences suggest that the prices of new developments will likely continue to rise in the near future.
Source: SITA
