Residential property prices also decreased on average at the beginning of 2024, but this was not recorded in some regions

Residential property prices in the SR have started the year 2024 both with a quarter-on-quarter and year-on-year decline. At the national level, older, i.e. existing dwellings recorded a more significant year-on-year decrease in prices. On average, prices of dwellings were lower than a year ago in half of the eight regions.

Residential property prices in Slovakia decreased quarter-on-quarter by an average of 1.7% in the 1st quarter of 2024, the decline was recorded after two quarters. Compared to the 4th quarter of 2023, a decrease in prices was recorded in both types of dwellings, while the more dynamic decline at the level of 2.1% was in new dwellings¹⁾. Prices of existing dwellings²⁾ fell by 1.7%.

The trend of quarter-on-quarter price reduction was reflected in most of the 8 Slovak regions, but the development in the regions differed considerably. In total, in 3 regions of Slovakia, prices decreased in both types of residential property - both existing and new dwellings. In another 3 regions, only prices of older dwellings were lower, and in 2 regions, on the contrary, prices rose in both types.

The most dynamic price reduction was recorded in Bratislavský kraj, where prices of older properties decreased by 6.7% and for new houses and flats even by 8.7% compared to the prices at the end of 2023. Trenčiansky and Prešovský kraj also recorded a decline in prices of both types, prices of new dwellings decreased more dynamically.

At the same time, in Trnavský, Nitriansky and Banskobystrický kraj, prices of older houses and flats fell, but prices of new ones rose. An interesting development was recorded in Nitriansky kraj, where older properties declined quarter-on-quarter by almost 11%, but prices of new properties increased by more than 5%.

The opposite trend continued in Žilinský and Košický kraj, where residential property prices increased in both older and new dwellings.

Download high resolution chart format PDF (168 kB) or PNG (504 kB).

Development of property prices in year-on-year comparison

The price reduction of residential property, i.e. the decrease in residential property prices, was also recorded in the reference year-on-year comparison. On average for the SR, prices of houses and flats were lower by 2.8%, the decline continued for the fourth consecutive quarter. This situation during the 1st quarter was significantly affected by the drop in prices of new properties, which were currently lower than a year ago by 3.6%. Prices of existing properties decreased year-on-year by 2.6%.

Download high resolution chart format PDF (123 kB) or PNG (295 kB).

In a long-term comparison (compared to the average of 2010 - basic index), residential property prices rose by 80% in the 1st quarter of 2024.

The development of residential property prices in 8 regions of the SR within the year-on-year comparison was fluctuating. In total, 4 regions reduced prices in both older and new dwellings year-on-year, in 1 region the price reduction affected only older dwellings, and in 3 regions the current prices for both types of residential property were higher.

Among the 4 regions with declines in all types, Bratislavský kraj recorded the most significant price decrease, where prices of older dwellings fell year-on-year by 8% and new ones by 9%. It is a region with a high share of the entire market of sales. Trnavský kraj also recorded a more significant decrease in prices, where prices of new residential properties decreased year-on-year by more than 11%. Even in Nitriansky and Prešovský kraj, prices of houses and flats were lower than a year ago, but it was true that more dynamic declines were recorded in older properties.

Žilinský kraj was the only region where contradictory year-on-year development trends were recorded in old and new dwellings. Prices of new dwellings were slightly lower (by almost -6%), but prices for existing properties rose by 6%.

Among the regions in which current sales prices were higher year-on-year in both monitored types of property, more dynamic price increases in new properties were recorded in Trnavský and Košický kraj. On the contrary, higher increases, especially for older (existing) properties, was registered in Banskobystrický kraj.

Download high resolution chart format PDF (167 kB) or PNG (506 kB).