A few years ago, housing prices in Slovakia were falling, and it seemed the market would finally ease. But according to the National Bank of Slovakia, in the last quarter of 2024, housing prices rose in all eight regions (kraje) — by 3% per quarter and 6.7% year-on-year. For those saving for their own home or choosing a city to move to, the conclusion is simple: the “best moment” has not yet come, and waiting is increasingly risky.
The fresh housing affordability ranking by regions (kraje) this year also showed changes in the top three — and not for the better.
How affordability is calculated
The method is simple and clear: how many average annual gross salaries in a specific region (kraj) are needed to buy a 70 m² apartment. The higher the number, the less affordable the housing.
As of the end of 2024, the picture is as follows:
Bratislava region (kraj) — about 10 annual salaries, the least affordable region in the country;
Prešov and Košice regions (kraje) — 8.6 each;
Trnava and Žilina regions (kraje) — 7.3 each;
Banská Bystrica, Trenčín, and Nitra regions (kraje) — 6 each, the most affordable trio.
Compared to 2005, the situation has worsened almost everywhere: prices grew faster than salaries. The only exception is the Trnava region (kraj), where affordability has slightly improved over 20 years (down 2.7%).
Three Slovak cities among the worst in Europe
Slovakia looks even worse compared to neighbors. In the 14th edition of the Property Index by Deloitte, covering nearly 40 cities in 28 countries, three Slovak cities made the top seven European cities with the worst new housing affordability: Košice (14.2 annual salaries), Banská Bystrica (12.8), and Bratislava (12.3).
For contrast: in Turin or Danish Odense, a new apartment costs less than 5 annual salaries. The absolute anti-record is in Amsterdam.
The paradox of Košice and Banská Bystrica is in salaries: housing there is cheaper than in Bratislava, but incomes are lower, so saving takes longer.
How much a square meter costs
Average prices for 2024 by regions (kraje):
Bratislava — 3190 €/m²;
Košice — 2102 €/m², second most expensive;
Nitra — 1389 €/m², the cheapest.
The difference between the capital and Nitra is more than double. That is why more people are looking at smaller cities with good transport accessibility.
Why prices won’t fall soon
The main reason is that supply does not keep up with demand. In 2024, only about 15,000 apartments started construction in Slovakia — the lowest number in 11 years and 17% less than the previous year. While so little new housing enters the market, price pressure will remain.
What this means practically
If you plan to buy, realistically calculate your budget based on current prices, not on prices “that will soon fall.” If you rent and are just looking, it’s worth comparing regions: the difference in affordability between Bratislava and, say, Trenčín region (kraj) is four extra years of saving. And if your job allows remote work, moving from an expensive region (kraj) to a cheaper one is now mathematically justified like never before.
