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The Economic Aspects of the Residential Market Development in the Post Crisis Period in Slovakia

Author

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  • Daniela Špirková

    (S³owacki Uniwersytet Techniczny w Bratys³awie, Instytut Zarz¹dzania, Wydzia³ In¿ynierii nieruchomoœci)

Abstract

The world economic crisis distinctly influenced also the real estate market in Slovakia. Since 2009 developer projects of all types have stagnated. But it is necessary to say that the residential real estate market is much more sensitive to negative turbulences on financial markets, as they have impact not only on developers but mainly on the income of households which are already repaying mortgages or they are interested in obtaining a housing via building credits or mortgages. Since the second half of 2010, the real estate market has started to revive slowly, and the market is slowly cleaned of older and often also problematic projects. According to a survey of Colliers International, all national economics in the region of Central and Eastern Europe, including Slovakia, are getting stable. Investors are searching for new opportunities in Slovakia. They are mainly interested in well rented office buildings in Bratislava and supermarkets in the regions. It stimulates positive development in the whole real estate market. Professionals estimate a long term increasing profit from rent and an increase in the priority of green buildings with economic activity. The article is focused on the current situation in the residential market in the Slovak Republic from the point of view of price development, offer and demand, as well as from the point of view of the crisis impact on the Slovak bank sector.

Suggested Citation

  • Daniela Špirková, 2013. "The Economic Aspects of the Residential Market Development in the Post Crisis Period in Slovakia," World of Real Estate Journal (Swiat Nieruchomosci), Fundacja Uniwersytetu Ekonomicznego w Krakowie, issue 86, pages 24-29, December.
    • Handle: RePEc:kra:journl:y:2013:i:86:p:24-29
    DOI: 10.14659/worej.2013.86.03
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