Demand for rental housing skyrocketing, spurred by students and limited mortgages
Prices growing significantly.
The new school year has caused a record demand for rental housing in Bratislava, reports SITA newswire.
The limited availability of mortgages and ongoing renovations of dormitories in Bratislava have caused the demand for rental housing to skyrocket, reaching a new record and causing prices to significantly grow. This follows from a report by the real estate company RE/MAX Slovensko.
"Despite slight adjustments in interest rates, owning a housing remains unattainable for many people," says the company.
This means that there is interest even in apartments located on higher floors, in unsatisfactory condition, without air conditioning, or with some other deficiency," explained the owner of the RE/MAX Vista real estate agency, Ján Hámorský. The reason, according to him, is that mortgages are still difficult to obtain. The demand was multiplied by the renovations of dormitories.
Since many dormitories in Bratislava are undergoing extensive renovations, students have put a significant pressure on the market. Since they lack affordable housing, they are pushed into private rentals, which further increases demand and prices alongside it.
According to the report, the tenant structure in Bratislava has changed as well, with more tenants primarily from Ukraine, Russia and Belarus. On the contrary, there are very few tenants from European Union countries.
For property owners, the current situation represents an opportunity for higher earnings; on the other hand, tenants must make quick decisions and accept higher housing costs.
In 2022, the average price per square metre was €13.02 in one-room apartments, €10.82 in two-room apartments and €10 in three-room apartments. In 2023, prices rose to €14.01, €11.84 and €10.75, respectively.
"This year, prices have risen even more; on average one square metre in a one-room apartment costs €15.45, in a two-room apartment €12.75, and in a three-room apartment €11.22," the company says.
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