Prices of dwellings stagnated in the short term, year-on-year increases slowed down

Realized prices of dwellings in the SR remained unchanged at the beginning of 2023, the quarter-on-quarter drop in the prices of new flats and apartment blocks was dampened by the increase in the prices of older dwellings. The year-on-year increase in prices slowed down significantly, in two out of eight regions, dwellings prices were lower on average than a year ago.

Realized prices of dwellings in Slovakia at the beginning of 2023 remained at the level of the previous quarter. The trend of lowering the actual sales prices of dwellings from the end of last year did not continue. However, the development trend changed, the prices of new dwellings dropped by 2.8% quarter-on-quarter. Last year, it was the prices of new dwellings that rose dynamically. At the same time, the prices of existing dwellings increased slightly by 0.9% quarter-on-quarter.

In a year-on-year comparison, flats and apartment block prices were higher by an average of 7.6%, but the pace of price growth slowed for the third consecutive quarter. A major factor in this situation was a significant slowdown in the growth of new dwelling prices, the prices of which were higher by only 4.2% than a year ago during the 1st quarter of 2023. The prices of existing dwellings were higher by almost 9% year-on-year.

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In a long-term comparison (compared to the average of 2010 - base index), the current prices of dwellings were higher by 85%.

Price changes in the SR regions

The development of dwellings prices in individual SR regions remained fluctuating at the beginning of 2023. Compared to the previous quarter, out of the 8 regions of the SR, the prices of all dwellings dropped on average in 5 regions, and increased in 3, but only very slightly. The development was mainly influenced by the quarter-on-quarter drop in the prices of new dwellings in all regions, except Žilinský kraj, and at the same time by the dynamic drop in the prices of older so-called of existing dwellings in three regions of the SR, while in Banskobystrický kraj they dropped by more than 12%.

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Dwellings prices in the regions were higher year-on-year in 6 out of 8 regions of the SR. The highest double-digit increase compared to the 1st quarter of 2022 persisted in Trnavský and Trenčiansky kraj. However, the dynamics of year-on-year growth slowed significantly, including Bratislavský kraj. The only exception was Nitriansky kraj, where the value of year-on-year price growth increased. A positive development was also the fact that in 2 regions of the SR, prices have already fallen slightly even in a year-on-year comparison, namely Žilinský and Banskobystrický kraj.

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