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Buying a Property in Slovakia

Property investment potential

The growth and development of Slovakia as an independent state has been a little slower that that of some of its neighbours in Central Europe. However, this slower pace of development indicates only a more prudent approach in the management of the economy and the processes of transferring to a free market and a free political system.

Growth is strong, particularly against the backdrop of a general slowdown in recent years across Europe. The one major sticking point in the economy in Slovakia is that unemployment remains high. The government has taken some huge strides in this, as the rate was above 18 per cent in 2003 and in the last figures released in 2007 had dropped to 8.6 per cent. Although this is a huge improvement and a sign of the progress made by the country, it is still some way off an ideal situation.

Although there are some other markets in the region, and among the newest intake into the EU, that will have more impressive growth figures for the most serious of investors, property in Slovakia remains one of the most attractive options for the medium term. The expansion of new regions such as the Tatra Mountains is providing a spurt to the growth that was already happening, so there is plenty for investors to get their teeth into.

The introduction of the Euro as the official currency in Slovakia will likely add impetus to investment property and spur the market on further. Historically, other countries have seen a sharp rise in property prices as the single currency takes effect and makes trading with the rest of the continent even easier. Furthermore, the introduction of the Euro encourages foreign companies to set up in Slovakia, increasing demand for new properties for workers.

Health and education

Healthcare is provided free for all Slovak nationals, but the facilities are not yet up to the standards of the more developed countries of Western Europe. In this case, many visitors from the UK or other developed EU states may prefer to travel to Vienna for any major care that is needed. Private medical insurance will give you substantial peace of mind if you are spending long periods in Slovakia.

Education is again mostly state-controlled for the ten years of compulsory education that children receive. After this, there is a system of higher education allow professional and academic instruction. Institutions are either state-owned or privately-run.

Transport

Low-cost airlines have aided the development of the former Communist states in Europe immensely in allowing them to exploit their tourist potential and get visitors for see them as weekend destinations rather than huge trips to unknown lands. In the wake of the tourists, overseas property buyers have followed to make the market grow and develop, further reinforcing the value of the low-cost airline routes. This network of routes is set to expand further in the next few years, with flights from more regional UK airports.

Internally, there is a reasonable network of motorways and main roads connecting the major towns and cities. A national rail company was also set up in the wake of the end of Communism, taking over the track and rolling stock of the state-run operator. Both of these networks have survived relatively well from the ravages of Communism, which tended to run service down until beyond repair.

And finally...

Slovakia has taken its time to emerge from the shackles of Soviet rule. A split with the Czech Republic hastened the need to adapt to the new world, and with new influences and new opportunities coming from all sides, it has done well to make sure that the transition has been handled correctly and in the best interests of the country, not just individuals. As this development continues, the country is adapting well, bringing down unemployment, establishing new industries and strengthening ties with close and continental neighbours. As long as foreign investment continues to come into the country, a useful and genuine partner to Europe should emerge, which will be a great place to own a holiday home.

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Page 1: Why Slovakia?
Page 2: The buying process
Page 3: Property investment potential

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