The supply of new housing in Bratislava has reached its highest level in nine years. At the end of September, nearly 4,300 apartments were available on the market, or about 400 more than at the end of the previous quarter. At the same time, sales exceeded 720 units.
The data is from BuiltMind and published by Property Forum. Over 1,000 residential units were added to the market during the quarter through new and existing projects. Among them are Project Q by Cresco Real Estate, Podzáhradná by ISMONT and Brenner Residence by STRABAG Real Estate. New supply has exceeded sales volume, increasing the total number of homes available to buyers.
“The combination of stable sales and wider choice is the most important theme of the quarter“, said Tomasz Kajuch, chief operating officer of BuiltMind.
Prices continue to rise
The average asking price of new apartments reached 5,740 euros per square meter. This is an increase of approximately 2% compared to the previous quarter and the highest average value in BuiltMind's data.
Two-bedroom apartments accounted for more than half of all transactions. Two- and three-bedroom apartments also occupy a leading place in the current supply. Among developers, Intrade Group realized the most sales, followed by Cresco Real Estate and PROFINAL. In terms of individual projects, Milrose is in the lead, ahead of Slnečnice and Slnečná Strana.
Mortgages are getting more expensive, but demand remains
The average mortgage interest rate increased from 3.4% at the beginning of the year to 3.9% at the end of the quarter. This did not lead to a significant slowdown in sales, although the choice for buyers has expanded significantly.
“Buyers have not withdrawn from the market despite the rise in mortgage rates“, said Lukas Brat, senior analyst at Cushman & Wakefield. According to him, approximately one in every six available apartments in Bratislava is sold per quarter. In comparison, in the larger Prague market, the ratio is about one in five.
The wider supply increases competition between projects and increases the role of the final price, along with location and quality. According to Tomasz Kajuch, more affordable housing in the low and mid-market segments is coming to the fore as buyers compare more carefully what they are getting for their budget.