The slowdown in dwelling construction continued in the second quarter, the number of completed dwellings dropped more significantly
Compared to last year, the number of completed dwellings in the 2nd quarter lagged behind by a sixth, but it was still almost by a quarter higher than before the pandemic. The number of started dwellings and those under construction remained almost at last year's level, but they lagged behind the five-year pre-pandemic average by a tenth.
A significant slowdown in the completion of dwelling construction1) continued for the second consecutive quarter. Thus between April and June, 4 363 dwellings were approved, the number of completed dwellings dropped by 16.3% compared to last year. Among the completed dwellings, dwellings in family houses prevailed, representing 65%. When compared in a long-term time series, the current number of completed dwellings was the lowest among the second quarters since 2020.
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The development of the completion of dwellings was very uneven in individual regions, year-on-year decline was recorded in a total of 5 out of 8 regions of Slovakia. The number of building approvals dropped most significantly, by almost 60%, in Košický kraj and by more than 30% in Bratislavský and Trnavský kraj. On the contrary, more dwellings than a year ago were completed in Prešovský kraj, by more than 80% and by over a third in Trenčiansky kraj.
However, during the second quarter, the number of completed dwellings reached higher values in 7 out of 8 regions of the SR than the average of the years before the Covid-19 pandemic2), in two of them even by more than 40%.
For a long time, the dominant position in dwelling construction has been held by Bratislavský kraj, which has a quarter share of all completed dwellings within the SR. Despite the year-on-year decrease, the number of completed dwellings exceeded the pre-Covid values by 13%.
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Started dwellings in the 2nd quarter of 2024
In total, in the 2nd quarter of 2024, 4 619 new dwellings started to be built3), which was almost identical as in the corresponding period last year. However, the number of the issued building approvals slowed down significantly last year, and this year's current values were also behind the five-year pre-pandemic average2) by 11.3%.
Of the total number of dwellings started, dwellings in family houses represented 48%. Family housing construction deteriorated, slowing down by almost a fifth year-on-year, and up to two-fifths compared to the average of the pre-pandemic years.
When looking at the SR regions, the number of dwellings started in family houses or apartment blocks decreased year-on-year in 6 out of 8 regions and at the same time increased more dynamically in 2 regions. The start of construction in Trnavský, Prešovský and Banskobystrický kraj dropped by more than a fifth, on the contrary, twice as many dwellings started to be built in Bratislavský kraj, and Košický kraj also recorded an increase in building approvals by over 90%. Compared to the pre-pandemic years, the number of started dwellings in most regions was slower, only in Žilinský kraj and Trnavský kraj they exceeded the pre-pandemic values.
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At the same time, by the end of June 2024, almost 80 000 dwellings were under construction in Slovakia, which was only slightly less than a year ago and at the same time almost a tenth more than in the pre-pandemic years4). The number of dwellings and houses under construction rose year-on-year only in Žilinský and Prešovský kraj, and decreased in the other 6 regions. Compared to the pre-pandemic average4), construction was higher in up to 6 regions and lower in only two, Bratislavský and Košický kraj.
In total, for the first half of 2024, 8 481 new dwellings were completed in Slovakia, which represented a year-on-year decrease by 13.4%. At the same time, 8 469 dwellings were under construction, which was by 14.3% less year-on-year. From a regional perspective, the highest level of completion was in Bratislavský kraj and the highest start-up of construction was in Žilinský kraj.