Prices of dwellings continued to become lower year-on-year, but there was a slight price increase compared to the summer

Prices of dwellings were slightly higher in the fall than in the summer, but compared to the situation in the corresponding period a year ago, they continued to decrease. At the regional level, prices were higher in a year-on-year comparison in only 1 out of the 8 regions of the SR.

In total, dwelling prices in Slovakia rose by 0.8% quarter-on-quarter in the 3rd quarter of 2023, halting the downward trend that began at the end of last year. This was primarily due to the over 1% growth in the existing dwellings¹⁾. New dwellings²⁾ continued to show a slight quarter-on-quarter decrease by 0.4%.

However, in the reference year-on-year comparison at the national level, prices of flats and apartment blocks decreased by 3.8% on average, which means that prices continued to drop, even doubling the rate of decline compared to last year. The prices of new dwellings decreased more significantly by 4.6%. Prices of the existing dwellings similarly dropped by 4.3% year-on-year, but the dynamics of their decline compared to the previous quarter recorded an almost threefold increase.

In a long-term comparison (compared to the average of 2010 - base index), the current dwelling prices were higher by 79.5%.

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Changes in dwelling prices in the SR regions

In the short term (compared to the summer), dwelling prices in five regions of Slovakia started to rise again during the 3rd quarter, more significantly in Nitriansky kraj. However, at the year-on-year level, up to seven regions maintained lower dwelling prices, both old and new, the price rise continued only in Trnavský kraj.

Prices of new dwellings slightly dropped in five SR regions, quarter-on-quarter. Prices rose in Košický and Trnavský kraj, more significantly in Nitriansky kraj, where they rose by 7.1% compared to the summer. Of the existing dwellings, the quarter-on-quarter price rise was evident in half of SR´s regions, the most dynamically again in Nitriansky kraj by 7.2%. Price reductions, albeit very moderate, continued to be recorded in Prešovský, Bratislavský, Trenčiansky and Košický kraj.

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Compared to prices a year ago, prices were higher only in Trnavský kraj, on average. A more dynamic development of dwelling prices at the regional level was reflected in prices of new flats and apartment blocks, where prices rose year-on-year in two regions - in Nitriansky by 5.2% and in Trnavský kraj by 3.8%. In Prešovský kraj, they were identical as a year ago. The price drop in the other five regions ranged from 14.9% in Žilinský kraj to 4.4% in Košický kraj. Prices of the existing dwellings rose in Trnavský kraj, where buyers only paid an extra 0.1%. The price drop in the other seven regions of Slovakia ranged from 13.4% in Žilinský kraj to 1.1% in Bratislavský kraj.