Dwelling construction remained in slowdown in the 3^rd quarter as well, completion increased only slightly, the start of construction significantly dropped

Dwelling construction in the 3^rd quarter was characterized by stagnation in the number of completed dwellings, a slight decrease in construction and a significant slowdown in the start of construction. Compared to the average of the pre-pandemic years, the number of the completed dwellings and those under construction slightly accelerated, though the number of started dwellings dropped dynamically.

In July-September 2024, 4 251 new dwellings were approved, which was only by 0.4% more than in the 3^rd quarter of a year ago. Among the completed dwellings, more than half were dwellings in family houses. When compared in a long-term time series, the current number of completed dwellings lagged behind the average of the third quarters of the previous ten years (2014 to 2023) by 3.2%.

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The development of the completion of dwellings was very uneven in individual regions. Currently, the most dwellings among the regions of Slovakia were completed in Trnavský kraj, up to 992 dwellings, which corresponded to a year-on-year increase by 56%. More dwellings were completed in Trenčiansky and Prešovský kraj, but the growth of the approved dwellings did not exceed 10%. A total of 5 out of 8 SR regions recorded a year-on-year decrease in the completion of dwellings. The number of approvals dropped most significantly, by more than a fifth, in Bratislavský and Košický kraj. Nitriansky kraj also recorded a double-digit decline in the completion of dwellings.

The number of completed dwellings in the 3^rd quarter of 2024 reached higher values in 5 out of 8 SR regions than the average of the years before the Covid-19 pandemic2). In Trenčiansky, Trnavský and Banskobystrický kraj, completion was higher by more than 50%. On the contrary, it dropped by up to a third in Bratislavský kraj, by more than a quarter in Košický kraj and by 14% in Nitriansky kraj.

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Started dwellings in the 3^rd quarter of 2024

In total, 3 231 new dwellings started to be built3) in the 3rd quarter of 2024, which was by more than a fifth less than in the corresponding period last year. However, the issuance of building approvals slowed down by double digits even in the 3^rd quarters of the previous two years. This year's current values were also behind the five-year pre-pandemic average2) by more than 40%. Of the total number of dwellings started, dwellings in family houses represented 69%.

When looking at the SR regions, the number of started dwellings in family houses or apartment blocks decreased year-on-year in half of the regions, while in one region they increased more dynamically. The start of construction in Prešovský, Nitriansky and Bratislavský kraj dropped by more than a third, on the contrary, almost by a third more dwellings were built in Trenčiansky kraj. Compared to the pre-pandemic years, the start of construction in all regions was significantly slower, all regions reported a double-digit decrease in the number of started dwellings.

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At the same time, by the end of September 2024, 78 000 dwellings were under construction in Slovakia, which was almost by 3% less than a year ago and at the same time by 6% more than in the pre-pandemic years4). The number of dwellings and houses under construction rose slightly year-on-year only in Prešovský, Košický and Žilinský kraj, while they decreased in the other 5 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 three quarters of 2024, 12,732 new dwellings were completed in Slovakia, which represented a year-on-year decrease by 9%. At the same time, 11 700 dwellings were under construction, which was by 17% 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 Trnavský kraj.