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Why investing in Slovakia Property?
Why investing in Slovakia? Over the last decade many multinational companies discovered real estate investment opportunities in Western Europe. It is the opinion of many International Investment Banks that these markets are almost saturated thus diminishing the returns on investments. The time is therefore right to look at an alternative - the Real Estate Investment Market of Slovakia. Slovakia market continues to develop and reached a stable stage, The residential segment has seen the strengthening of sales versus leasing, fact motivated not only by the mortgage loans input but also by the stronger purchasing power of local individuals. Supply has remained constant, while the overall quality has improved considerably. Villa compounds or small blocks of flats brought on the market dwelling units with high standard finishing, large sunny rooms and modern layout. Villas have 200 to 300 square meters of usable space, with gardens that reach 100-300 square meters, while apartments usually provide around 100-150 square meters of usable space. The retail market has a big potential, since all the big retail chains present on the national market announced their plans of expansion in Slovakia and throughout the country. The real estate market in Slovakia, in general, and in the capital city of Bratislava, in particular, has been moving dynamically since the political change of 1989. Immediately after it, existing housing prices rose due to the lack of supply in certain segments of the market, especially for office space. Prices for residential properties in Bratislava vary between $2000 and $3000 US/sq.meter . In Bratislava, the real estate market is booming and there is high demand for new or renovated housing. The Czechs are purchasing single-family homes in the suburbs or new condominiums in the city while foreigners have become interested in villas and apartments in affluent central and inner-city areas. The supply of newly built apartments does not meet the demand for them, because the potential buyers are seeking more spacious and better equipped property. This is one of the reasons for which Bratislava is a very appealing option to the foreign investor. The local people are buying old properties to be renovated in order to rent them to Western expatriates at a later time. In central Bratislava the prices for residential properties are $700-800/sq.meter. In other areas of the capital and in Kosice the prices are around $300-400/sq.meter. The prices for luxurios homes can rise as high as $1500/sq.meter. Slovakia lifted all restrictions on real property acquisition on 1 May 2004. All foreign nationals can acquire real estate or land in Slovakia, without having to set up a company. When you found a Slovakian property you have to pay a deposit of 10%. A pre purchase agreement is signed by both parties. A surveyor will complete a report and provide this to the seller's solicitor who will then prepare a contract of sale. Real estate Agents' fees are between 1.5 and 3 percent.
