For four quarters, Slovakia’s housing market has seen small annual price gains, finally showing signs of a recovery, thanks to a strengthening economy. 

Average residential property prices in Slovakia rose by 1.2% to €1,229sqm during the year to Q3 2015. That is the country’s highest year-on-year increase since the housing market depression started in Q1 2009, based on the figures from the National Bank of Slovakia (NBS).

When adjusted for inflation, property prices rose by 1.5% over the same period. On a quarterly basis, property prices rose by 0.7% in Q3 2015.

The housing boom in Slovakia lasted from 2006 to 2008, with house price rises rising by 15-35% per annum. The surge stopped in late 2008 and since then prices have fallen continuously, until the past 12 months. Slovakia’s house prices are now 21% below their peak in Q2 2008.

The Bratislava region, which has the country’s highest house prices, led the price rises with a 3.2% price rise to €1,695sqm in the year to Q3 2015.