Residential property prices decreased year-on-year at the end of the year, mainly due to lower prices of new houses and flats

In late 2023, residential property prices increased compared to the summer, but they still decreased year-on-year, mainly due to a fall in prices of new houses and flats. Fluctuating price developments were recorded in the SR regions, especially for older dwellings.

In the last quarter of 2023, residential property prices in Slovakia rose quarter-on-quarter by 2.1%, this growth rate applied to both new and existing dwellings. Prices of existing dwellings¹⁾ accelerated the growth from the previous quarter, prices of new dwellings²⁾ increased for the first time since the end of 2022.

In the reference year-on-year comparison at the national level, buyers still paid 1.1% lower amounts for houses and flats than in the same period of 2022. However, a decrease in prices slowed down significantly compared to the summer. On average, existing dwellings were sold for the same prices as a year ago, new dwellings for the third quarter in a row at prices about 4% lower than a year ago.

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In a long-term comparison (compared to the average of 2010 - base index), current property prices were higher by 83.2%.

Changes in residential property prices in the SR regions

From a regional perspective, residential property prices rose quarter-on-quarter in 7 out of 8 regions of the SR, most notably by 3.9% in Bratislavský kraj. They were sold at a lower price only in Nitriansky kraj.

In case of the existing dwellings, prices increased quarter-on-quarter in 6 out of 8 regions of the SR, the most dynamically in Banskobystrický kraj by almost 7%. The slight price reduction from the previous period continued in Prešovský and Trenčiansky kraj. Compared to the summer, prices of new dwellings rose in 5 regions, most significantly in Bratislavský kraj by 6%. The drop in prices of new houses and flats was reflected in Banskobystrický kraj, Trnavský kraj and the most by 7.5% in Nitriansky kraj.

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However, property prices in most regions were still lower than a year ago, except for Nitriansky and Trnavský kraj. More fundamental year-on-year declines were reflected especially in new dwellings, in as many as five regions it was by more than 5%. The most significant decrease of new houses and flats by 9% was in Banskobystrický kraj. New dwellings were also sold at a significantly lower price than a year ago in Trenčiansky, Žilinský, Nitriansky and Bratislavský kraj.

Despite the fact that prices of older dwellings remained unchanged year-on-year at the national level, the development in individual regions was quite dynamic and varied. However, the declines in prices of existing houses and flats in 5 regions completely overshadowed the faster growth in the remaining 3 regions. These dwellings were sold at a lower price (up to 4%) mainly in Trnavský and Banskobystrický kraj, slightly cheaper also in Bratislavský kraj. There was a completely opposite trend in a growth of prices for older houses and flats mainly in Nitriansky kraj, where prices rose year-on-year by 7.2% and in Trnavský kraj they increased by 4.8%. Žilinský kraj also recorded a slight growth.

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