Prices of dwellings were lower year-on-year after nine years of continuous price growth

Dwellings´ prices were lower in the spring, both in the short-term comparison with the beginning of the year and in comparison with the situation a year ago. At the regional level, prices were higher in a year-on-year comparison in only 2 out of 8 SR regions.

Realized prices of all dwellings in Slovakia in the 2nd quarter of 2023 dropped by 3.9% quarter-on-quarter, which confirmed the predicted downward trend in prices from the end of last year. Depreciation was recorded in both monitored categories – the prices of existing dwellings¹⁾ decreased by 4.1% and new dwellings²⁾ by 3.2%.

The price reduction at the national level also occurred in the reference year-on-year comparison, with buyers payed less by 1.9% on average for flats and apartment blocks than a year ago. It was the first decline after nine years of continuous price increases. This break was more significant in the prices of new dwellings, which were lower by 3.6%. Prices of existing dwellings dropped by 1.5% year-on-year.

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In a long-term comparison (compared to the average of 2010 - basic index), current dwelling prices were higher by 78%.

Changes in real estate prices in the SR regions

During the 2nd quarter, dwelling prices in individual regions of Slovakia stopped their growth or in the short term they started decreasing (compared to the beginning of the year). On a year-on-year basis, prices were higher in two regions, both for old and new dwellings.

Prices of new dwellings dropped faster quarter-on-quarter than the existing dwellings, the drop in prices was evident in all regions of Slovakia except Trnavský kraj. They decreased most significantly in Trenčiansky and Žilinský kraj by more than 7%. Of the existing dwellings, the price drop compared to the beginning of the year was manifested in five regions of Slovakia, it was the most dynamic in Bratislavský kraj and Žilinský kraj by more than 6%. Price reductions were also recorded in Trnavský, Trenčiansky and Košický kraj. The three regions with increasing prices, but only very slight, were Nitriansky, Banskobystrický and Prešovský kraj.

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Compared to the prices of a year ago, buyers still paid more on average in only 2 out of 8 SR regions. In case of new dwellings, the year-on-year price development ranged from a decrease by 13% in Banskobystrický kraj to an increase by +7.5% in Trnavský kraj. The drop in the prices of new dwellings was also reflected in Bratislavský kraj. On the contrary, year-on-year higher prices of new dwellings remained in Trnavský kraj and in Nitriansky and Prešovský kraj.

A more dynamic development of dwellings prices at the regional level was manifested in existing dwellings and houses, from a decrease by 20% in Žilinský kraj to an increase by 11.5% in Trnavský kraj. Higher prices of real estate older than 3 years were still in 4 regions, in addition to the mentioned Trnavský kraj, also in the Prešovský, Bratislavský and Trenčiansky kraj.