Slovakia Info
Joined: 20 Apr 2007
Posts: 17
Home Country: slovakia
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 Posted: Fri May 25, 2007 7:27 am Post subject: HOUSING IN SLOVAKIA / SLOVAKIA HOUSING GUIDE |
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HOUSING IN SLOVAKIA
RENTING A PROPERTY
The standard of rental accommodation in Slovakia varies widely. It is not uncommon for foreigners to be asked to pay their rents in Euros, US dollars, pounds Sterling or other hard foreign currency. Rental rates for foreigners are generally higher than rental rates for local citizens.
It is advisable to employ a reputable real estate agent with experience in the foreign rental market. Generally the landlord will pay the agent's commission, but you should clarify this prior to going out and looking at property. The commission is usually equivalent to a month's rent.
The usual deposit is equivalent to one month's rent, and in addition, one to three month's rent may be requested in advance.
It is possible to rent a fully equipped house or apartment with washer/dryer, television, cable connection, refrigerator, etc, but obviously the amount of the monthly payment will depend upon location, amenities, overall condition of the property, age of the structure and so on. Most expatriates are concentrated in the capital, Bratislava.
Short-term lease of 3 to 6 months duration may be difficult to find. Most leases are contracted for a minimum period of one year. According to the Civil Code, three months' notice is mandatory to terminate a residential lease agreement. One month's advance notice is generally required to extend a lease. Utilities costs (gas, water, electricity, telephone) are generally not included in the lease.
BUYING A PROPERTY
Unlike the Czech Republic, foreign nationals are permitted (and encouraged) to purchase property in the Slovak Republic directly and in their own names. It is not necessary to establish a corporate entity in order to do so. As of May 2004 virtually all restrictions to the purchase of property by foreigners were abolished, with the exception of agricultural land and forest land.
Bratislava's real estate costs are still among the lowest in Europe but are increasing. Since it joined the European Union, Slovakia has seen a marked increase in the commute-to-work population as nearby Vienna is just 40 miles away. It is possible to buy a relatively inexpensive property in Bratislava while maintaining well-paid (by comparison) employment in Austria, and this trend is likely to increase substantially when border controls are relaxed as proposed in 2007 or 2008.
Some recent estimates (May 2005) suggest that property values are on the increase more rapidly than previously expected, at about EUR 1,400 per square meter, with yearly advances of almost 20%. A standard one-bedroom flat in a nicer Bratislava neighbourhood can be in the range of EUR 70,000, but they rarely make it to the market before being snapped up by investors. Returns on rentals can be as much as 10%. Financing is readily available through the larger Slovak banks, which are quite eager to lend foreigners money for real estate mortgages.
It is important to consult a reputable local attorney with experience in foreign real estate transactions in order to get all necessary documentation, surveys and government registrations completed properly. |
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