Bratislava, Slovakia

Hello all following on from this topic last year I was hoping to find out if any posters had invested in bratislava. I am on my way over there in May and with so little concrete information around some real experiences over there might lead me the right way or rather save me the time on go down the wrong road when I go over there.

Looking at the two Irish developments as well as some apartments in the old town any information would be great.
 
Bratislava is a good town. It is safe. I have been there on business lots of times. It came through the war completely unscathed. then the communist government decided to demolish a lot of the old town and replace the buildings with Stalinist blocks. The entire Jewish district was demolished to make way for the highway.
The only case of a ghetto being liquidated after the end of the second world war.
I have not been there in over three years, but a lot of Czech and Slovakian colleagues believed that properties would get snapped up by Austrian commuters as it is only an hour from Vienna by train.
Your money might be better spent North of the border in Poland. Slovakia is doomed to be a bit of a peripheral country in Europe.
A population of only 5 million making it half the size of Hungary or Czech Republic with half a million Roma gypsies. Nevertheless the roads are good and the labour is cheap which has led to a number of international companies opening up factories there.
 
We have invested heavily in Bratislava in the past year and are very happy with our choice.
Our investment went up in value by 8% overnight one night last week when they revalued the currency and has gone up 10% since investing just on currency change alone. This is now to your disadvantage because it will cost you 10% more than last year.
Someone posted a link to population stats here last week.
http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-SF-07-028/EN/KS-SF-07-028-EN.PDF
This predicts a population growth in Slovakia.
Register with this site and get them to send you their newsletter. (I know that they have a vested interest but you will still pick up some info from them)
http://www.slovakiainvestmentproperty.com/whySlovakia.php
 
I was in Slovakia last week and have some contacts there now, banks etc, it definitely seems like a place worth investing in, currency and interest rates improving, high rents, lots of redevelopment etc etc
 
Thanks for all the comments, did read about the currency change and thought it might be the death kneel for the investment but I think I'll pop over there anyway and see whats going on, thinking more about slovak renters than the new blocks at this stage but will keep an open mind. I will make sure to post as soon as I get back.

Thanks again,

geer
 
Don`t miss a chance to invest in slovakia. I wanted invest to property in Bratislava but my bank agreed to me just 100k EUR so i bought property in second best area for investig to the properties (Hight Tatras).
 
Just back from bratislava, very positive place. Rents appear to be enough to cover mortgage repayments on a 100k apartment putting in 40k. Couldnt get any bank over there to consider interest only mortgages and they all seem to have a 70%ltv offer.

If Woods or any one else could let me know how they financed their properties i.e Irish V's Slovak mortgage it would be greatly appreciated.

Looked at three places in BA 1 this seems to be the most popular area, the outlying areas seem to be pot luck and are pretty expensive.

Legal representation is something I didnt get time to look into but I am planning a return visit within the next two months. So if anyone else has any ideas it would be great to hear them.
Met two other Irish lads over there and they seemed to come away from the place with positive thoughts as well.

Geer
 
We have not financed the purchase but will need to finance the build.
We have built up a good relationship with Tatra Bank and they are going to finance it.
 
well if you need any help or new ideas how to make money in Bratislava and Slovakia... I was reading the above messages and thougt we might be of help. We are Dutch and around in Slovakia for over 13 years! Experienced in real estate matters and a full local and dutch team at the spot. Please have a look on Regarding financing.... just arranged a mortgage for myself (i am dutch) and for some of our foreign clients, mostly up to 70% of value.

skproperty
 
Would you as a Slovakian buy an apartment to let in Bratislava to Slovakians. Can they afford it or am i throwing my cash into a black hole.

I would appreciate if you can help me.

Many Thanks,

Gerry
 
Well i live in Bratislava (British citizen) and the rental market is really bad. Slovaks are owner occupiers and the rising salaries do not seem to translate into rental yield but purchases of property for young professionals. It seems that Slovaks loiek to live in their own home in my opinion.

We are selling one of our flats to pay down the mortgage of the other one and then pay off the rest pretty much out of our own pocket.

There is going to be an influx of additional flats this year and next and because this town (at 500000 residents i wouldn't call it a city) buy to let is very volatile. The few enquiries we had are mostly from poor students and the yield from renting to them is truly pathetic. The bills especially for gas are becoming extortionate and most flats have fairly inefficient heating. Most of the tenants want the energies (utilities) to be covered by the landlord. ALso letting agents are very bad and unmotivated.. The lettings are usually done by the office junior and they just want to sell new flats in Ruzinov...

It probably makes sense in the long term but buy2let is not for Slovakia IMHO, there seems to be a mentality problem. Now up in the Tatra resorts that are booming it might be better.

disappointed
 
That's an interesting perspective, metagrafx. In Budapest, foreign professionals and students as well as local professionals make up most of the higher-end rental market. Is this not also the case in Bratislava? Based on statistics, it would appear that multinationals are setting up there and foreign workers in particular would have high expectations (and matching budgets) in relation to the property they rent.
 
I have just returned from Bratislava after picking up title deeds etc for my 2 bed apt. in Ruzinov. I am very happy with the apt. overall, build quality was very good and it rented easily within weeks of being advertised to locals (well slovaks at least) and apparently there is a waiting list of tenants for the remaining available apts. which are currently being furnished. The rent more than covers the mortgage (although was only 60% mortgage) and a similar apt. just sold for ~60% more than i paid.

Also had a good look around as thining of buying something else there, lots of buliding work going on but the prices are starting to look expensive, higher than prague or budapest both of which i also looked around. The credit crunch has not affected Slovakia too badly (yet anyway) as there is a low level of debt in the country unlike Ireland/UK although it will surely have some impact in terms of exports (cars, etc) and FDI. The irish offerings in the town are way too expensive IMO and cannot see how they could be a good BTL option as is also the case with river park.

Got some info on other developmets going on but will need to do more new research now to see if the figures are interesting. If anyone has any info. it would be appreciated.
 
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