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Buying Property

Slovakia - Buying Property


Unlike the Czech Republic, foreign nationals are permitted (and encouraged) to purchase property in the Slovak Republic directly and in their own names. It is not necessary to establish a corporate entity in order to do so. As of May 2004 virtually all restrictions to the purchase of property by foreigners were abolished, with the exception of agricultural land and forest land.

Bratislava's real estate costs are still among the lowest in Europe but are increasing. Since it joined the European Union, Slovakia has seen a marked increase in the commute-to-work population as nearby Vienna is just 40 miles away. It is possible to buy a relatively inexpensive property in Bratislava while maintaining well-paid (by comparison) employment in Austria, and this trend is likely to increase substantially when border controls are relaxed as proposed in 2007 or 2008.

According to a May 1, 2004 article in the British newspaper The Guardian, Bratislava's 1-bedroom older flats start at around GBP30,000, with newly-built 2-bedroom apartments priced at around GBP65,000. A 3-bedroom house in the Slovakian countryside can cost as little as GBP15,000. Read the full article here: http://www.guardian.co.uk/guardian_jobs_and_money/story/0,3605,1206897,00.html

Some recent estimates (May 2005) suggest that property values are on the increase more rapidly than previously expected, at about Euros 1,400 per square meter, with yearly advances of almost 20%. A standard one-bedroom flat in a nicer Bratislava neighborhood can be in the range of Euros 70,000, but they rarely make it to the market before being snapped up by investors. Returns on rentals can be as much as 10%.

Financing is readily available through the larger Slovak banks, who are quite eager to lend foreigners money for real estate mortgages.

It is important to consult a reputable local attorney with experience in foreign real estate transactions in order to get all necessary documentation, surveys and government registrations completed properly.


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Expat Health Insurance Partners


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