Bratislava has unique geographical data: the city is located in Central Europe and borders simultaneously with Austria and Hungary, there is no other such capital in the world that would be adjacent to the two countries. For example, Kopchyanskaya Street in Bratislava turns into Alte Nordsud-Landesstrasse Street, which already belongs to the neighboring Austrian village of Kitsee. Until 1936, one could get from Bratislava to Vienna by city tram. In addition, the two cities are just 55 km from each other, easily traversed in less than an hour, and are the closest capitals in Europe.
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The country's security is another reason for the increased interest of citizens of other countries, primarily Russian-speaking ones. And this applies not only to the low crime rate, but also to the most pressing topic today. Slovakia was recognized as the best country in the European Union during the first wave of the virus - the strict quarantine measures and discipline of the Slovaks helped to avoid more cases. At the height of the pandemic, less than 10 new infections appeared here every day, while in other EU countries - hundreds and thousands. At the same time, the introduced anti-virus restrictions did not stop the growth of real estate prices in Bratislava and the interest of foreigners in it - even those who cannot yet come to Slovakia due to closed borders.
Current situation on the real estate market
Compared to the beginning of the year, the situation has changed in all segments of the real estate market in Bratislava. Experts note that the rental rate for residential properties has significantly decreased, and if the rental price exceeds 1000 euros per month, then this option practically drops out of the market due to low demand. However, in the sales segment, it can be noted that both Slovakia and Bratislava are steadily holding real estate prices. This is a direct consequence of the lack of a mass development program and the constant demand for housing - both from the citizens of the country and from the residents of Austria, where prices are much higher, and from Vienna to Bratislava you can go to work every day. The high cost of housing is supported by declining mortgage rates (in some cases less than 1% per annum).
Prices
Real estate prices in Bratislava have been constantly growing in recent years - this was influenced by the desire of Slovaks to acquire their own housing in the capital of the country, and the increased interest from foreigners, which was not even reduced by the strict restrictions associated with the coronavirus pandemic.
Today, the average price of an apartment in Bratislava is 208,000 euros. The most requested type of real estate in recent years has become two-room apartments. Their cost compared to the first and second quarters of 2020 increased by 4.3% and now stands at 161,000 euros. At the same time, experts predict that prices will continue to rise in the rest of the year. In general, the price for an apartment within the boundaries of Bratislava now ranges from 2,000 to 3,800 euros per sq.m., however, already 20 km from the city border, that is, 15 minutes by car, you can buy real estate for 1,600 euros per sq.m.
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Districts of Bratislava
The most popular areas of the city for home buying are Nov Mesto and Ruinov. There are other parts of the city in Bratislava, both with more expensive and cheaper real estate, but these are the most comfortable for living. It is also worth noting the active development of the eastern suburbs of Bratislava. This is due to the fact that the construction of a high-speed highway in this direction is nearing completion.
When it comes to buyers who buy real estate for the purpose of further leasing, they usually choose the Petralka area - there is very affordable housing, but this area is not very suitable for personal residence (especially when it comes to foreigners). Increasingly, buyers and investors are interested in land plots for construction, both for apartment buildings and for cottages.
The choice of an apartment in Bratislava has increasingly become dependent on the availability of a nearby parking space or garage. For example, the central district of Bratislava I is still in demand, but it has a big drawback - the lack of parking spaces, because every Slovak family has 1-3 cars. No new buildings with underground garages are being erected in the city center, so the townspeople are increasingly moving to other areas, where the construction of high-rise buildings with a developed parking zone is now flourishing. First of all, these are Bratislava II (Ruinov), Bratislava III (Nov Mesto), Bratislava V (Petralka). Those who want to live closer to nature choose Bratislava IV or the slopes of the Lesser Carpathians in the vicinity of Bratislava III.
Consequences of the pandemic
The lack of foreign tourists has become a big damage to the rental market in Bratislava, especially in its center, as in most cities in the world. After all, it was for them that numerous apartments for short-term rent were intended. Lack of demand and an extensive supply significantly lowered the cost of rent. Now a two-room apartment in the city center, and even with a parking space, can be rented in Bratislava for 500 euros per month. As for commercial real estate, the cost of renting premises in shopping centers and class A office premises remains at the same price level, prices for all other objects are gradually decreasing, be it rent or sale.
During a pandemic, the demand for houses has increased sharply, since they can comfortably and in the fresh air survive isolation. But houses in Bratislava itself have impressive prices - you cannot buy a good house for less than 500,000 euros. Therefore, bungalow houses in the suburbs of Bratislava are popular. These one-story, and more often two-story houses without basements with a plot of 3-4 acres, which can be purchased for 100,000-180,000 euros. Bungalows and ordinary houses on the border with Austria, Hungary, as well as in the Bratislava V region, in the suburban cottage settlements Rusovets, Yarovets, Chunovo are in great demand. They have a high price (over 300,000 euros), but they can be purchased at low mortgage rates of 0.5-1%. Buyers are actively using this - last August the country set a new total mortgage record of 32 billion euros.
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What foreigners buy in Bratislava
Foreigners most often prefer to buy housing in new buildings under construction in Bratislava. It is worth remembering that due to the fact that there is no mass construction in the city, all new housing within the city is sold out at the stage of the foundation pit, it is acquired, among other things, for investment purposes. Resale maintains a stable affordable price, but many properties require reconstruction to varying degrees. Along with new buildings, inexpensive secondary apartments on the outskirts of Bratislava and in its suburbs are in demand among foreigners.
How to buy an apartment in Bratislava with closed borders
The contract can be concluded without visiting Bratislava, by filling it out on the Internet. Almost all developers have switched to the same form of payment: the first payment is usually made at the start of construction and is 15-20% of the price of the apartment. The remaining 80-85% must be paid when the house is fully built and passes state acceptance (kolaudcia - colaudation, in Slovak). At this stage, you can resell your rights for the benefit of yourself to another buyer. While the house is being completed and it will take 1.5-2 years, the pandemic will be overcome, the borders will open, and foreign buyers will be able to come to their new apartments, which will increase in price by that time. The difference will be especially noticeable if you buy real estate directly from the developer.
Thank you for your help in preparing the material:
Oleg Kazankov, director of RUSKY SK sro Bratislava
Igor Mogilevsky, director of Ansvar s . r . o .
