2017 A Record Year For Slovenian Real Estate

By , 03 Aug 2018, 11:33 AM Business
Planina pri Cerknem, Municipality of Cerkno, Slovenia Planina pri Cerknem, Municipality of Cerkno, Slovenia Wikimedia - Doremo CC-by-SA 3.0

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STA, 2 August 2018 - Last year was a record year for the Slovenian real estate market, with some 36,000 deals being made, according to a report by the Surveying and Mapping Authority. Sales reached EUR 2.3bn in total, matching the record amount from 2007. 

The improving socio-economic situation, the continuing increase in lending activity and lower interest rates are driving the high demand for housing real estate, said the press release.

The value of flat sales reached EUR 975m, accounting for 42.3% of total turnover on the real estate market. House deals accounted for 24.4% of total turnover, reaching EUR 563m, while plots eligible for construction amounted to EUR 234m or 10.1% of total turnover.

The prices of flats went up by 18% in Ljubljana, by 17% in Koper and by 12% on the outskirts of Ljubljana. Average prices were highest in Ljubljana (EUR 2,400 per square metre), followed by the coastal region (EUR 2,100-2,400 per square metre).

Meanwhile, the lowest average prices were recorded in and around Murska Sobota, Krško and Brežice, where average price of flats was about EUR 950 per square metre.

A considerable increase in demand for plots (36%) and houses (33%) was recorded between 2015 and 2017, indicating that people became more interested in finding homes outside urban centres.

"The reason can be found in high prices of flats in some of the most dynamic real estate markets in the country. The supply of flats is not substantial because this demands time to complete new investment projects," the authority said in a press release.

The biggest increase in demand for houses was recorded on the outskirts of Ljubljana (35%) and in Maribor (18%). The price of houses went up the most in Ljubljana (19%), the coast (15%) and the outskirts of Ljubljana (9%).

Average house prices were the highest on the coast (EUR 300,000) and Ljubljana (EUR 250,000) and the lowest in Krško, Brežice and Murska Sobota (EUR 70,000-90,000).

As regards the sale of plots eligible for construction, the biggest increase was recorded on the outskirts of Ljubljana. "The sales of plots on the outskirts of Ljubljana jumped by more than 70% in the past three years," the authority said.

Average plot prices were highest in Ljubljana (EUR 230 per square metre), followed by the coast and Kranj (EUR 110) and Maribor (EUR 80 per square metre).

The lowest average plot prices were recorded in Slovenj Gradec, Postojna, Krško and Brežice (EUR 30 per square metre), while other areas recorded prices are near the national average: EUR 50-60 per square metre.

The lowest increase in turnover was recorded in commercial real estate (7%), the reason for which can be found in the growing leasing market for commercial real estate.

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