Prices of flats growing this year

Prices of flats in Slovakia grew by 6.6% within the first eight months of 2019, according to Vladimír Kubrický, an analyst of the Slovak Real estate union. It is questionable whether the prices will continue to grow, as the National Bank of Slovakia introduced a new set of restrictions for providing mortgages as of July 2019. The demand for flats is fuelled by cheap interest rates. Some banks are offering mortgages with an interest rate even under 1%. If prices do continue to grow, the overall growth in 2019 could rise to a double-digit number. In Bratislava, 56% of flats on offer are old, whereas in other regions there are twice as many old flats on offer compared to the number of newly built ones. This fact reflects a long term interest of developers in the capital.