Realized prices of dwellings started to decrease quarter-on-quarter, year-on-year price increases dropped below 10%

At the end of 2022, prices of dwellings in the Slovak Republic were slightly lower compared to last year, mainly due to the drop in prices of older flats and apartment blocks. Therefore, the year-on-year price increase slowed down to below 10%, and for the existing dwellings it was reduced by almost half. At the regional level, in the first of the eight regions, dwellings were sold cheaper on average than a year ago.

Realized prices of dwellings began to decline slowly in the short term. Compared to the previous quarter (with Q3 2022), house prices fell by 0.8%, which was the first decline after six quarters of growth. The change in trend was mainly influenced by the quarter-on-quarter decrease in the prices of existing dwellings by 2.3%. New dwellings continued to grow, increasing by 1.7% compared to the 3rd quarter.

In a year-on-year comparison, flats and apartment blocks´prices were higher by 9.7%. Thus, the period of double-digit year-on-year growth in the prices of sold dwellings has come to an end. The slowdown in growth is the result of a significant slowdown in the price dynamics of existing dwellings, whose prices were higher by 8.4% than at the end of 2021. Even in the 3rd quarter, the dynamics of their growth was above the level of 14%. The growth of new dwellings also slowed down, but they remained at a double-digit rate, year-on-year they were still more expensive by 11.9%.

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In a long-term comparison (to the average of 2010 - base index), current prices of dwellings were higher by 85%. The prices of existing dwellings have increased sales prices by 95% over the course of eleven years, new properties by almost 70%.

Price changes in the SR regions

The development in the regions of Slovakia was quite different. Altogether, in four out of the eight regions of the Slovak Republic, dwellings prices decreased quarter-on-quarter. In the other four regions, they recorded growth, but at a much lower rate than in previous periods. Compared to the 3rd quarter, the prices of existing dwellings fell in as many as six regions, even by more than 10% in Žilinský and Nitriansky kraj. The prices of new dwellings were lower quarter-on-quarter in two regions - Žilinský and Košický kraj.

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Significant changes compared to the previous quarter were also reflected in the year-on-year values of the growth of realized prices. The drop in the prices of all dwellings on a year-on-year basis occurred only in Žilinský kraj by 5.4%. In the other seven regions, price growth continued, but more slowly than in previous quarters.

The most moderate price increase byf 4.1% was recorded by real estate sales in the Nitriansky kraj. In the other six regions, the prices were higher year-on-year by double digits, and in Trnavský kraj they exceeded the threshold of 15%. The only region in which price growth accelerated was Bratislava. The year-on-year price increase in this region exceeded 12%, mainly due to the acceleration of new dwellings prices, which overcame the slowdown in the price increase of older properties. The high rate of price growth, by more than 15% year-on-year, was maintained by the sales of new dwellings in Trnavský, Nitriansky and Bratislavský kraj, and at the same time the prices of older dwellings in Trnavský and Prešovský kraj.

The Statistical Office of the Slovak Republic publishes data on the realized prices of dwellings at the level of eight regions as of the second quarter of 2022. It was thus responding to the demand of users for data on the situation in the regions of the Slovak Republic. The expansion of the data was enabled by the transition to a higher quality and more extensive data source, statistics on prices from shops registered directly in the Real Estate Cadastre are currently being processed.

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