After a year, dwelling prices rose again, the prices of both new and older dwellings increased

The trend in the development of residential property prices in the Slovak Republic reversed in the spring of 2024, in total, prices rose both year-on-year and quarter-on-quarter. After four quarters of gradual price reduction, the prices of all dwellings rose by 4% year-on-year, older houses and flats were significantly more expensive than a year ago. As many as seven regions of the SR recorded higher dwelling prices, the price drop continued only in Prešovský kraj.

Residential property prices in Slovakia increased by an average of 3% quarter-on-quarter in the 2nd quarter of 2024. The growth followed a quarter of depreciation, but it was also the most significant quarter-on-quarter price increase in the last two years. Compared to the beginning of the year, the increase in prices was evident for both types of real estate, but the prices of new dwellings¹⁾ rose more dynamically by 3.5%. Prices of the existing dwellings²⁾ rose by 2.9%

The quarter-on-quarter increase in all dwelling prices was recorded in 7 SR regions. The most dynamic rise in dwelling prices at the level of 6% was recorded in three regions, namely in Žilinský kraj, Nitriansky kraj and Trenčiansky kraj. The prices of new houses and flats rose most significantly in Trenčiansky kraj by a record 7.1%, while the prices of older dwellings rose in Žilinský kraj by 6.7%. Nitriansky kraj recorded a price increase by over 6% for both older and new dwellings. Dwelling prices in Bratislavský kraj also rose, but not so significantly - new houses and flats were by 4.8% more expensive than a quarter ago, older ones rose by 3.1%.

Dwelling prices remained in a slight decline only in Banskobystrický kraj, due to a lower prices of older houses and flats by 1.3%. For new dwellings, prices dropped by less than one percent only in Prešovský kraj.

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Development of dwelling prices in year-on-year comparison

In the reference year-on-year comparison, the increase in the price of residential property was even more significant. On average for the SR, houses and flats were sold more than by more than 4%, while the increase occurred after four consecutive quarters of price declines. This result during the 2nd quarter was significantly influenced by the price increase of existing dwellings, which were currently by 4.4% more expensive than a year ago. The prices of new dwellings increased by 3% year-on-year.

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The development of property prices in 8 regions of the SR within the year-on-year comparison was similar in all categories. In 7 regions, prices for all residential properties increased, the price decline  remained only in Prešovský kraj, for older ones by 5.4%, for new houses and flats by 3.3%.

Dwelling prices rose most significantly in Žilinský kraj by 16.9%, especially for older dwellings, whose prices were higher by almost 20% than a year ago. The prices of new dwellings rose by 6.1%.  Košický kraj, with the second highest price growth by over 7%, was significantly behind in all categories. It was followed by Banskobystrický kraj, with dwellings becoming more expensive by 5.6% year-on-year – existing dwellings rose by over 6%, the increase in prices of new houses and flats also approached 6%.

The region with the highest growth in new dwellings prices was Nitriansky kraj, by 11.7%. The prices of existing dwellings rose by only 2.8%, so the overall increase in dwelling prices did not exceed 5%. The price increase in Trenčiansky kraj, as well as in Trnavský kraj, was around 3%, in both cases the prices of new dwellings rose significantly. 

The mildest rise in prices of residential properties was recorded in Bratislavský kraj by 0.6%, while the prices of older dwellings rose by 0.9% year-on-year, while new dwellings even continued to decline slightly.

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In a long-term comparison (compared to the average of 2010 - base index), dwelling prices were higher by 84.1% in the 2nd quarter of 2024.