If you’ve decided to settle in Slovakia, you have several options. You can buy property, rent accommodation, or look for a property with the perspective of future renting. Let’s take a look at what it’s like to live in Slovakia.
Advantages of Living in Slovakia
Looking at the map, you’ll find that a large part of Slovakia’s territory is undeveloped and retains its natural character. This applies not only to rural areas but also to smaller towns. This means that nature, hiking trails, and cycling routes will always be close by. In a hectic, stress-filled time, living close to nature is desirable. According to the Dutch online travel agency TravelBird, Bratislava is even the third greenest city in the world. It owes this to its proximity to the Little Carpathians, which surround it. The share of greenery in Bratislava is around 333 m2 per inhabitant. That doesn’t sound bad, does it?
Disadvantages of Living in Slovakia
While Slovakia is developing, there are still economic and bureaucratic obstacles that can be frustrating for some. When buying property, it’s therefore recommended to entrust experienced real estate agents who will take on all responsibilities. This way, you can be sure you’re not buying overpriced property under unfavorable conditions. Another aspect to consider is the infrastructure and related accessibility by car or public transport to work. In more remote areas, transportation to school, work, or leisure activities via public transport can be complicated. Highways are not yet completed everywhere in Slovakia, and some sections are particularly known for frequent traffic collisions and jams.
Mortgage or Rent?
Regarding a mortgage, in the long term, investing in property in Slovakia can be advantageous. The value of property tends to rise. On the other hand, it entails a long-term financial commitment that can last for decades. Renting accommodation offers a high degree of flexibility. In this case, however, you have no control over the property and must respect the rules set by the owner. Another aspect is the uncertainty associated with the termination of the lease, which can come unexpectedly. The choice between a mortgage and renting in Slovakia depends on many factors, including your financial situation, lifestyle, and long-term goals.
Apartment Prices in Slovakia Average prices of three-bedroom apartments in Slovakia can vary significantly depending on location, standard, and size of the apartment. While in smaller towns or on the outskirts of larger cities, you can find a three-bedroom apartment for prices around 120,000 to 150,000 euros, in lucrative parts of the capital city Bratislava or in the historic centers of Košice or Banská Bystrica, prices can easily exceed 200,000 or 300,000 euros.
Where to Buy Recreational Property?
Slovakia offers beautiful locations for recreational properties. Mountainous areas like the High Tatras or the Low Tatras are especially popular. These locations are ideal for investing in a cottage or apartment that can serve as your getaway on weekends. You can rent out the property during the offseason and generate passive income. We mustn’t forget about wine regions like Tokaj, which are unique not only in their culture and traditions but also in their investment potential. When deciding which property to invest in, it’s important to consider not only the location but also the potential for future growth. Urban apartments offer stable demand and rental income opportunities, while recreational properties and wine regions are promising investments in terms of tourism.