In Q3 2024, the Bratislava resi market recorded a more than threefold increase in sales compared to the third quarter of 2023, reports BuiltMind with Cushman & Wakefield.
During this period 482 units were publicly sold, which makes 7 sales more than in Q2 2024. The traditional summer slowdown in sales thus did not occur this year at all. On the contrary, there was a slight growth. Year-on-year, compared to the third quarter of 2023, sales increased by almost 3 and a half times. Thus, sales in Bratislava are growing for the fourth quarter in a row, when they reached their minimum in the third quarter of 2023 at the level of 146 public sales.
The list of the most successful developers starts with YIT Slovakia, which sold a total of 48 units publicly in the first quarter. Penta Real Estate took second place with 38 public sales. They were followed by Cresco, ITB, VI Group and JTRE with numbers ranging from 34 to 28 public sales.
"Public demand for new buildings increased by 50% compared to Q1. However, the supply of available units did not grow with sales, which fell to the level of 3194 units compared to the second quarter, which is more than 400 units less than in the second quarter of 2024," states Martin Decký, CEO at BuiltMind.
"Sales in residential projects are accelerating along with the gradual decline in mortgage interest rates. Even if, looking at nominal prices, the market with new buildings has not undergone a fundamental correction, after taking into account the inflation of the last three years, apartments are significantly cheaper than at the beginning of 2023, which makes them more attractive to potential buyers and will lead to a gradual revival of demand," states Tomáš Némethy, Managing Partner at Cushman & Wakefield Slovakia.
"We expect that the Bratislava residential market will continue to grow in units sold more significantly at the end of 2024 also due to the planned increase in VAT from 1 January 2025, to above the value of €5,500 per sqm in 2025. However, with the price the number of sold units will also grow, towards approximately 700 sold units per quarter," added Decký.
