Dwelling prices increased again year-on-year, in Zilinský kraj they rose by more than a fifth

After a period of decline, prices of houses and flats in Slovakia have been growing for the second consecutive quarter. During the summer, year-on-year growth accelerated to more than 6%, and quarter-on-quarter price increases reached almost 3%. Prices of older dwellings rose much faster than of the new ones. The price growth does not concerned only two of the eight SR regions.

Residential property prices in Slovakia increased by an average of 2.9% quarter-on-quarter in the 3rd quarter of 2024. The pace of price growths remained at approximately the same level as in the spring months (during the 2nd quarter of 2024). The current price increase was reflected in both types of dwellings. While the prices of new dwellings rose more dynamically in the spring¹⁾, the price increase of existing dwellings intensified in the summer²⁾. In the 3rd quarter, the prices of new buildings increased by only 0.8% compared to the second quarter, and existing dwellings by 3.3%.

An increase in the average prices of all dwellings was recorded in 6 out of 8 Slovak regions, only the prices of houses and flats in Nitriansky and Banskobystrický kraj remained in decline.

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The most dynamic price increase at the level of 7% was observed in Bratislavský kraj. In other regions, the average increase in prices of both types of real estate ranged from 0.2% in Trenčiansky kraj to a 4.2% increase in Prešovský kraj. The most dynamic regional price increase of the existing dwellings was observed in Bratislavský kraj (by 7.7%) and new dwellings became the most expensive in Trenčiansky kraj (by 4.9%).

In selected regions of the SR, prices also decreased compared to the previous quarter. For existing dwellings, this was the case in 3 regions - Nitriansky, Banskobystrický and Trenčiansky kraj, and new dwellings´ prices dropped in 2 regions - Nitriansky and Banskobystrický kraj.

Development of dwelling prices in year-on-year comparison

In the reference year-on-year comparison, the increase in dwelling prices has accelerated. On average, in the Slovak Republic, houses and flats were sold more expensive by 6.2% in the 3rd quarter of 2024. In the second quarter of this year, the increase was 4%. After a year of decline, dwelling prices have increased for the second consecutive quarter. The result was more significantly affected by the increase in prices of the existing dwellings, which were currently by 6.6% more expensive than a year ago, while new dwellings became more expensive by 4.1%.

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Prices of residential property increased year-on-year in 6 out of 8 regions of the SR. At the same time, houses and flats became cheaper on average in 2 regions, namely in Nitriansky and Banskobystrický kraj. In both of these regions, prices of existing and new dwellings decreased or remained almost unchanged.

In terms of regional development, the most significant increase, up to 21%, was recorded by  Žilinský kraj, primarily due to the increase in the price of older dwellings. Their prices were almost a by a quarter higher than a year ago. Prices of new dwellings in this region increased by 9%. The second place was taken by Košický kraj with a year-on-year price increase by 8.6%. The prices of older dwellings here increased year-on-year by over 9% and new dwellings by over 6%. The third place in terms of the pace of price growth was taken by the Bratislavský kraj with an average price increase by 6%. Existing and new dwellings in the region around the capital were sold more expensive than a year ago by more than 5%.

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In a long-term comparison (compared to the average of 2010 - base index), dwelling prices were higher by 89.5% in the 3^rd quarter of 2024.