Bratislava reports a record: sales of new apartments increased by 116% year-on-year

• In the third quarter of 2024, 380 apartments were sold in new projects in Bratislava, representing a 116% increase compared to last year.
• Despite the positive sales figures, fewer apartments are being constructed than last year. 
• Rental prices in Bratislava have increased by over 20%, which is double the average in Slovakia.
• Experts expect that apartment prices will be significantly influenced by new tax legislation, which will come into effect next year.

During the third quarter of 2024, a record 380 apartments were sold in new projects in Bratislava. Compared to the same period last year, this represents an increase of over 116%. This was shown in the quarterly report by the real estate consulting company CBRE, which focused on the apartment market in our capital city.

Sales increase, apartment prices will be affected by new taxes next year

An increase is also evident when compared to the previous quarter, specifically by 16%. 'We see a clear growth in sales and greater demand in the market, even despite the persistently high mortgage interest rates. However, prices of new projects have been stagnant since mid-2022. The average price is only changing structurally due to the arrival of new supply, particularly in the higher segment. We expect that prices of new constructions will begin to change from next year, but not due to supply and demand; rather, it will be due to new tax legislation,' explains Peter Slovák, Senior Research Manager, CBRE Slovakia.

21% fewer new apartments were completed compared to last year

Despite the high sales figures, there was a year-on-year decrease of 21% in completed apartments in the Bratislava region in the first half of 2024. The decline in new constructions was even more significant, with nearly a 36% decrease compared to last year. 'Currently, there are 3,392 new residential units available for sale on the Bratislava market,' revealed Peter Slovák, Senior Research Manager, CBRE Slovakia.

Rental prices in Petržalka and Ružinov increased by 23% year-on-year

According to Eurostat data, rental prices in Slovakia increased by 10% year-on-year in the third quarter. 'In the capital city, this growth was even more pronounced. This was primarily caused by the declining number of apartments available for rent in connection with the start of the school year and an increase in demand from students. The number of rental apartments available has decreased by approximately 15% year-on-year, reaching a total of 1,503,' explains XY, position at CBRE. 'The average monthly rent in sought-after Bratislava neighborhoods such as Ružinov, Petržalka, and Nové Mesto currently stands at €16.90/m². Compared to the same period last year, this is an increase of 23%. In the Old Town, the average monthly rent is €17.30/m²,' he added.