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Slovakia heads for Eurozone - 30 May 2008

Earlier this month, the European Commission approved Slovakia’s adoption of the Euro as its official currency that will take place on 1st January 2009, a move which experts predict will be followed by strong economic growth. Overseas property buyers should be well-placed to take advantage of this growth in the short and longer terms.

Following its accession to the European Union in 2004, Slovakia has been developing and adapting to independence and free-market trade. Joining the Euro will bring a higher degree of economic stability, increase trade with the rest of the continent, and should open up the property market further for overseas buyers.

Along with the growth in GDP and in foreign direct investment into the country, moving across to the Euro will bring down transaction costs for overseas buyers in the market, and should open up even more finance options in the fledgling mortgage industry.

Bratislava has been a popular destination for investment buyers since Slovakia joined the EU and with the added attraction of low-cost airline routes into the capital and prices have been growing rapidly with some observers quoting 15 per cent per year increases. Joining the Eurozone should see this growth continue and new destinations within Slovakia to develop and begin to attract foreign buyers.

Commenting on the potential effects on the Slovak property market, Petra Gajdosikova, managing director of Slovakia Investment Property, says, “The euro adoption will bring an increase in foreign direct investment which will further boost GDP growth and prosperity of the population. Joining the euro zone will also increase confidence of international investors in Slovakia. All of which is great news for the property market…this is an exciting time to invest in the Slovak property market.”

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