Property in Slovakia
For a decade, Slovakia lived in the shadow of its former partner, the Czech Republic. But with EU membership under its belt, and economic and political reform under way, this Central European country is now famous for its fairytale ski stations, baroque cityscapes and superb property-buying opportunities
Prices for Slovakia Property £9,500 to £207,347
Key facts
- Population: 5,400,000
- Capital: Bratislava
- Approx. exchange rate: £1 = 44.7SKK (Slovakia koruna)
- Visas: Not required
- Time difference: +1 GMT
- Flight time from UK: 2 hours
- Major airports: Bratislava, Kosice, Poprad, Vienna (Austria), Krakow (Poland)
- Dialling code: 00 421
Property in Slovakia
The Market: Bullish Bratislava
Property prices in Slovakia have soared since EU accession in 2004, and low rental income tax combined with a flat tax rate of 19 per cent have made this country as attractive property-wise as it is scenically. Described in 2006 by the World Bank as the fastest transforming business environment in the world – the biggest change to come next will be when the country adopts the Euro in 2009. It’s no exaggeration to say that property prices have risen by well over 100 per cent since 2002.
Nowhere is this transformation more evident than in the capital city, which boasts a pretty 15th-century old town and sits on the Danube.
Bratislava’s proximity to Vienna has been a shot in the arm for its property market. Prices are still well below those in the Austrian capital but the two cities are just 30 minutes apart following the construction of a new motorway. With the lowest wages in the EU, large companies have arrived in Bratislava to take advantage of the cheap labour force; this has given rise to a shortage of housing and an estimated 45,000-50,000 new apartments – compared to the current 13,000 – will be needed annually for the foreseeable future. Apartments in the desirable Petrazalka – close to the station for trains to Vienna – and Nove Mesto districts are available for between £30,000-£70,000. Large detached character houses with a pool in the exclusive district of Stare Mesto are selling for around £250,000. Just 20 minutes from Bratislava is the university city of Trnava. This is tipped as a future rental hotspot, with rental values having risen by around 15 per cent in the last year. Move out of the cities and beautiful architecture gives way to equally appealing countryside and national park areas, with all types of outdoor pursuits.
Rural properties around the mountainous regions make tranquil second homes, close to the ski resorts such as Ruzomberok in the central Velka Fatra range, Jasna in the Low Tatras, Poprad in the High Tatras and the new five-star Snowparadise-Velka Raca near the city of Zilina, also in the High Tatras. Apartments in Ruzomberok with lake views are currently on the market for £45,000. Other attractions which will increase rental potential are the Aquapark Tatralandia near Liptovsky Mikulas, the Besenova Thermal Park, the AquaCity leisure park in Poprad and the natural beauty spot of the Slovak Paradise National Park near Kosice.
